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Best places for Short Term Rental Purchases and High ROI?
I am seeing a larger number of people get into the Short Term Rental Space as they can cash flow their properties better than a LTR. For people who are looking into STRs, currently have them, or brokers whom have clients that are taking the step into looking into them more:
Where are you seeing the largest influx of STR purchases? Does a buyer need to shell out a large amount of funds in these areas and have to recoup it through Airbnb/VRBO listings? How have your STR experiences been overall?
I am curious as I will be starting my own real estate journey soon, and Airbnbs seem like the most profitable avenue at this moment! Would love to hear everyone's opinions.
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Quote from @Leslie Anne Morris:
Mostly in vacation markets. You’ll need cash to get in the game but originally I used retirement funds - basically robbed them. Overtime you could pay these funds back but it’s more fun to use the cash flow to scale.
Many retirement accounts will let you take out a loan against your IRA money. This isn't a taxable event and prevents you from robbing your IRA money.
Many times it makes more sense to use your IRA money to make way better returns with RE
I personally have 2 self directed ROTH IRA'S that own Real Estate. I paid the tax hit when I converted to a ROTH, but they now growing tax free for forever! As they keep making more money the IRA is able to keep buying more properties.