Looking to Invest in Short Term Rental in Cape Cod

[Nick Cancilla]

Hey BP, I'm a newbie investor looking to get into the STR space. My Wife and I live in California and are looking to buy an investment property in the Cape Cod region. We bought our 2nd home in Jan. 2021 (flipped our 1st home), renovated ourselves, and recently completed a cash-out refi in December. We're looking to take that cash and reinvest it into a STR.

After listening to the BP podcast and reading books on RE investing for the last year, we're finally ready to take action. That being said, any advise or connections would be greatly appreciated! 

Our Budget/Goals: 

~400k purchase price. 10% down with vacation/2nd home loan preferably.

~10-12k for reno/furnish.

~Self manage, coordinate with local contractor. 

~Set up local network for maintenance and upkeep of home. 

~Go live with the rental in time for Spring/Summer seasons. 

Looking for to hearing from the BP community and learning from everyone! Thanks for the help.