All Forum Posts by: Tom Dean

Quote from @Share Ross:

@Tom Dean - While it isn't realistic for SFH - you could certainly invest in STR condos in Branson MO. HUGE market and right in your price range. If you need a recommendation .. I know a fantastic agent there. (i was researching this for a long time.) Good luck!

Could you share the name of the agent also in Branson? Thanks

Quote from @Share Ross:

@Tom Dean - While it isn't realistic for SFH - you could certainly invest in STR condos in Branson MO. HUGE market and right in your price range. If you need a recommendation .. I know a fantastic agent there. (i was researching this for a long time.) Good luck!

 Thanks yes I've been to Branson, nice area, I'll look into that. 

Quote from @Jonathan Greene:

Quote from @Tom Dean:

Quote from @Jonathan Greene:

I don't think that's a realistic price point for doing what you want. If you can spend 250-325k, you should think MTR, not STR, because that is more likely to scale in any area because of all of the different types of renters for MTR compared to STR, which is more location-based and amenities-driven. You can do MTR anywhere, but you can not do STR anywhere.

Thanks for the straightforward reply, I don't have an interest in MTR's as I would prefer to buy more LTR's at a lower price point instead. Wondering if you, or anyone else, has an idea of a minimum viable price point and city for doing a truly viable STR? I have been doing research into this but so far have not been able to be fully sure of this. Thanks.

Why are you more interested in STR than MTR? MTR is less spend on furniture, less guests, and at that price point for a buy, will likely make more money and have less upkeep and management. For LTR, your price point is fine for SFH in the Midwest in many states, but you would be better sticking with LTR and not trying to STR. To do short-term rental, you need locational amenities and house amenities to win and that price point won't get there.

Because with an STR I can write off  expenses against my W-2 income ( I expect a loss the first year) if it's an average 7 day stay or less. MTR is treated like an LTR from what I understand and I already own a couple LTR's so would rather do more of those than an MTR and avoid the extra hassle of furnishing, etc.

Quote from @Jonathan Greene:

I don't think that's a realistic price point for doing what you want. If you can spend 250-325k, you should think MTR, not STR, because that is more likely to scale in any area because of all of the different types of renters for MTR compared to STR, which is more location-based and amenities-driven. You can do MTR anywhere, but you can not do STR anywhere.

Thanks for the straightforward reply, I don't have an interest in MTR's as I would prefer to buy more LTR's at a lower price point instead. Wondering if you, or anyone else, has an idea of a minimum viable price point and city for doing a truly viable STR? I have been doing research into this but so far have not been able to be fully sure of this. Thanks.

Would appreciate any advice, I would like to invest somewhere in the southeastern quadarant of US (for example I'm open to somewhere like Missouri that isn't traditionally part of the "southeast"), looking for somewhere where I could acquire a SFH STR between $250k - 325k.

So far I've looked mainly in Texas, Dallas seems too high for this, seems you need to be around at least $400k there to really get something decent for an STR. San Antonio seems it may potentially work as it's a bit cheaper than Dallas. I looked at OKC a bit but I'm just not sure the demand for STR's there is sufficient.

I'm looking to get a property with short term stays, 7 days or less. Would like decent occupancy, around 50%+, not too seasonal where it just sits empty half the year also. I would say I lean more towards cities, in case it ever needs to be turned into an LTR, but am open to more vacation-centric destinations.

Any advice is much appreciated, thanks!

thanks for the replies, to clarify a bit more, I'm mainly looking for an agent who can be my eyes and ears in the case I'm not able to be there in person to view the property. In my past experience, agents have glossed over things that, as soon as I was at the property, I realized were serious issues. When I'm at a property myself I'm experienced enough to do a thorough visual inspection but it can sometimes be difficult for me to be there as I live out of town but I suppose perhaps the answer is that I do need to make sure I can be there in person.

In my opinion in regards to the OKC metro overall, you probably want to be under 200k to find good cash flow deals, the higher end homes wont' cash flow as well. I think OKC is more suited to SFH than multifamily as it's a lower density metro area.

I've found that what I value most in regards to real estate investing are the people who know about actual home repair and can approach a sale from that perspective. Most realtors are too quick to try to gloss over various issues thinking that by making it seem like there are less problems the sale is more likely to occur faster, maybe that's true but it'll just anger a savvy buyer if things are missed. I'm wondering if anyone knows of any realtors in the Oklahoma City area who have a background in home construction or repair and are able to approach it through that lens to help identify all problems as early as possible to help with negotiations? 

Moore is an area you can get that, Edmon would be too I think but maybe a bit higher even, not certain, for that range I would recommend looking at areas that have good schools as I think people expect that for that price range.

I would go by school district as well, Edmond and Moore for example have good school districts.