Hi all! A newbie here trying to get started in the RE investment with Arbitrage deals. I've been looking at some markets and around Charleston, SC and Asheville, NC have caught my attention. I work in a very demanding 9-5 job (more like 7-7 really) so the time I have to look for properties and contact owners is very limited. So looking into platforms like Lo Casa to get deals pre-approved by owner for arbitrage. Would love if you have recommendations of other alike platform or some other way to save sometime to find deals. Thank you!
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
1y
If you don't have time to look at/for properties you do not have time to run a successful STR. It has to be literally the most time intensive real estate investment there is. Not to mention the deadlines are often an hour from now instead of a day or a week.
If you have any amount of net worth avoid this like the plague. You could be held responsible for expenses and liabilities that could bankrupt your non-real estate life. If you're really successful you could make enough to payoff the furnishings and break even with zero return in a year. Then you hope the landlord doesn't want to sell, inhabit, or increase rent. Hope the city doesn't change their attitude towards STR leaving you on the hook for rent while unable to generate income. All so that you can yard sale the furnishings in a year or two.
It’s an all around horrible strategy. But it’s mostly for the unemployed with more time than money. Not the other way around. You’re better off trying to rent out part of your primary home. If it’s not suited for it. Buy a new primary and do it there.