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Updated over 3 years ago on . Most recent reply
Starting out in my STR journey
Hi Everyone! I'm completely new to REI and am looking to start the journey with a few STR properties. I have an area in mind for my first two and have yet to find a property that works out yet. We don't have a lot of money to invest with, enough to get us into our first property.
Questions:
1 - After getting your first STR, how do you go about getting your second? Can you BRRR your way through a 2nd property? Buy with the idea of fixing up to add more value, refinancing and using that equity to get into your next property?
2 - What is considered a good occupancy rate for a profitable STR? The area I'm looking in is seasonal. There's more demand in the months May - October.
Thank you for any and all information!!!
-Shannon
Questions:
1 - After getting your first STR, how do you go about getting your second? Can you BRRR your way through a 2nd property? Buy with the idea of fixing up to add more value, refinancing and using that equity to get into your next property?
2 - What is considered a good occupancy rate for a profitable STR? The area I'm looking in is seasonal. There's more demand in the months May - October.
Thank you for any and all information!!!
-Shannon