Mike McDevitt

"Mom and Pop" owners/operators with 7-8 local SFR LTRs. Latest acquisition (a 3/2 detached) in 1/23 was a needle in a haystack , and is the first that I'm thinking might play well as a STR. First acquisition was raw, mostly unimproved forested land on a creek. Beautiful place, but the worst investment decision of our lives! Net revenue is presently 66% of gross before taxes. The run-up in values has my LTV at 18% and has driven down our ROE. I'll retire from my W-2 gig in early '24. I've got a FT property manager in the forecast beginning in 2029, but I may pull that in to free up all my time.