First STR purchase!!

[Wade Roberts]

Need some thoughts/advice on the purchase of our first STR.

We are looking at pretty much anywhere in North GA. We’d like to be close to Blue Ridge as this will be financed and used as a vacation home as well but the price point is the reason why we are looking at surrounding cities.

I have a friend I am partnering with and we feel comfortable in the 300k range which equates to a small 1000-1200 sq foot 2bed 2bath cabin. I also have another friend who would be interested in partnering which would put us close to the 450-500 range.

I’m wondering if it would be better to bring in a 3rd parter for the extra size and people a bigger cabin would accommodate although it means less of a share of the profits. Or just stick with the original partnership. TIA!

[Bruce Woodruff]

The less partners the better....even if all you guys are best buds. It just gets messier, too many moving parts and you dilute your profits so much more then it seems on paper.

Good luck, it is a great business....!