Looking to increase cashflow with Short Term Rentals

[David Klaff]

I have been wanting to get into short term rentals for along time. I always felt I needed to be close to my future STR and living in Denver with real estate prices so high it has felt/feels out of reach. In the last year I have bought 5 out of state long term rentals and am ready to try an out of state STR.

I have read short term rental long term wealth and watched a ton of content on you tube and it seems that STR's will help me reach my cash flow goals faster then the LTR model I am currently using. I am having problems figuring out where to go. I feel comfortable with the Twentynine palms area and Joshua Tree area as they seem to have good established regulations in place and being close to my home town of Las Vegas I am used to desert styles of properties and have contacts at lease kind of close. I am also looking at Galveston area, smokey mountains area, and parts of FL.

I am hesitant on the Joshua Tree even though it is the area I am most comfortable because it seems there are a lot of properties out there and CA does have high taxes and cost of business. If anyone has advise on their occupancy rates or information on the ups and downs of that area that would be helpful. My price range is under 325K and I feel the area's I have chosen offer over 33% cash on cash options. Anyway I am new to the STR and feel I'm in a state of analysis paralysis trying to figure out where to go. Any advice on this topic would be helpful.

Thank you for your time!