Vancouver, WA · Member since 2021 · 7 posts · 3 votes
I am a relatively new real estate investor (purchased my first single-family last year and I am currently house hacking it) but I am looking to expand my portfolio. My current plan is to invest in buy and hold homes that can be used as short-term rentals. I have great credit, but I lack the cash to purchase my next property. What is the best path that I can take that will complement my current strategy? Thanks in advance for the advice!
Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
4y
Reduce expenses and make more money.
2 years of super frugal living and working 2-3 jobs will set you up for life long success. My wife and I love on about 1/2 of our income, but that 1/2 is getting to be pretty nice now.
Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
4y
Reduce expenses and make more money.
2 years of super frugal living and working 2-3 jobs will set you up for life long success. My wife and I love on about 1/2 of our income, but that 1/2 is getting to be pretty nice now.
Real Estate Broker · Fort Worth, TX · Member since 2015 · 221 posts · 125 votes
4y
So there are a lot of strategies you just need to think outside the box! SFR are expensive! First you can arbitrage: you lease the space (not buy it) and then make it into a STR. Obviously it has to be an area that you are going to make quite a bit more than your rent you are paying. But this is a great way to make income, build your STR business with little out of pocket expenses. Next STR people like experiences and will pay more for it. A SFR is not an experience. So you can buy a tiny house for less than $50k and find some place to put it. Maybe a cheap patch of land outside of town, maybe an RV park. I have 3 tiny houses and the most I have paid is $33k and I make on average $1200 a month NOI. You can buy RV's very inexpensive and make them really cute and again park it somewhere and rent it out. Or you can rent it out for people to take on the weekends. I paid $7k for an 18' trailer that is a nice size for anyone to pull. I spent less than $2000 fixing it up (painting, replacing some furniture, replaced mattresses) and putting linens, kitchen wear, etc inside it. It rents for $300 a night with a 3 night min. and rents just about every weekend. Buy a small patch of land outside of town and rent it out for camping or set up a cool glamping area. You can make a glamping area out of all kinds of cool stuff to sleep in and people will pay more the weirder it is! So it doesn't have to cost a lot of money to STR. I have a lot more ideas as well. You just have to be creative with your ideas and money. Happy Investing!