Short Term Rental, Long Term Wealth Book Feedback

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Short Term Rental, Long Term Wealth Book Feedback

Member since 2022 · 42 posts · 16 votes

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!

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Luke CarlPro Member

Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes

Quote from @Jayme B.:

Thanks for the insight!

Avery's husband here. Thanks for reading her book she'll be very happy to hear that!

The truth is. To get to the next property, or any property.... you need cash. Real estate is a wealthy persons game.

I would focus more on where the day to day dollar comes in rather than the money from the property. Is there a way to make a move in your W2 world to get some more money coming in to invest. Because at the end of the day it is called "investing" and you have to have the cash to invest to begin with.

If you're waiting for the first property to buy the second property, you'll be waiting a long time. Eventually you get enough properties that they can start buying themselves. Or better yet your properties can start paying off your properties.

Sometimes the internet can make us feel like all we have to do is buy a house or two and quit our job. That's just not true. I had 83 doors before I quit my job, and believe me, I was no doctor.

I would highly recommend the "Guns N Roses Method." PATIENCE. I know it's hard. It's very hard for me. Real estate is Get Rich Slow.

I was just a normal guy with a normal job and I went out there and did it. It can be done. But I have worked 10 times harder at this than I did at any job I've ever had.

Hope this helps! You can contact me any time I'm happy to talk your ear off.

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John Carbone
Realtor · Gatlinburg · Member since 2020 · 1k+ posts · 957 votes
3y
Quote from @Jayme B.:

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!
Good book and a lot of information. However, the book was written when home prices were close to half of what they are now, and interest rates were half of what they are now. Still good information in there, but the last 1-2 years have really changed the landscape.
5 Reply
Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
It is a great book @Jayme B., but it is all about the numbers. You can make things work. Leveraging equity is big part of buying the second then the third.
3 Reply
Ryan MoyerBusiness Member
Property Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 991 posts · 1k+ votes
3y
Debt service is way up, revenue is generally down, down payments are way up, financing terms and costs are much worse.

The time of fast scaling has passed, unless you're very creative.

It was easy to scale fast when a down payment was 15-30k on a property that cash flowed several thousand dollars per month. Not so much when down payment plus closing costs are 150k+ for properties with modest if any cash flow.

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4 Reply
Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
3y

Fantastic book and the author hangs out on this group very often. @Avery Carl

I'm her husband.

We'd be happy to answer any questions you have!
Podcast Guest on Show #30
3 Reply
Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
3y
Quote from @Jayme B.:

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!

Avery's husband here. Thanks for reading her book she'll be very happy to hear that!

The truth is. To get to the next property, or any property.... you need cash. Real estate is a wealthy persons game.

I would focus more on where the day to day dollar comes in rather than the money from the property. Is there a way to make a move in your W2 world to get some more money coming in to invest. Because at the end of the day it is called "investing" and you have to have the cash to invest to begin with.

If you're waiting for the first property to buy the second property, you'll be waiting a long time. Eventually you get enough properties that they can start buying themselves. Or better yet your properties can start paying off your properties.

Sometimes the internet can make us feel like all we have to do is buy a house or two and quit our job. That's just not true. I had 83 doors before I quit my job, and believe me, I was no doctor.

I would highly recommend the "Guns N Roses Method." PATIENCE. I know it's hard. It's very hard for me. Real estate is Get Rich Slow.

I was just a normal guy with a normal job and I went out there and did it. It can be done. But I have worked 10 times harder at this than I did at any job I've ever had.

Hope this helps! You can contact me any time I'm happy to talk your ear off.
Podcast Guest on Show #30
13 Reply
Terrell Garren
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
3y
@Luke Carl That is such solid advice you provided. It's taken me nearly 15 years to acquire 26 LTR SFHs and get to the point where the past investments will cash flow life and pay for one additional SFH per year. My experience is that a good W2 job jump started REI, REI wealth accumulation is slow and requires hard work. In the end, completely worth it.
6 Reply
Aaron Gardiner
Member since 2022 · 2 posts · 5 votes
3y
Quote from @Luke Carl:

Quote from @Jayme B.:

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!

Avery's husband here. Thanks for reading her book she'll be very happy to hear that!

The truth is. To get to the next property, or any property.... you need cash. Real estate is a wealthy persons game.

I would focus more on where the day to day dollar comes in rather than the money from the property. Is there a way to make a move in your W2 world to get some more money coming in to invest. Because at the end of the day it is called "investing" and you have to have the cash to invest to begin with.

If you're waiting for the first property to buy the second property, you'll be waiting a long time. Eventually you get enough properties that they can start buying themselves. Or better yet your properties can start paying off your properties.

Sometimes the internet can make us feel like all we have to do is buy a house or two and quit our job. That's just not true. I had 83 doors before I quit my job, and believe me, I was no doctor.

I would highly recommend the "Guns N Roses Method." PATIENCE. I know it's hard. It's very hard for me. Real estate is Get Rich Slow.

I was just a normal guy with a normal job and I went out there and did it. It can be done. But I have worked 10 times harder at this than I did at any job I've ever had.

Hope this helps! You can contact me any time I'm happy to talk your ear off.
Bang on here! We have purchased two homes from the Short Term Shop and followed the principles shared in Avery’s book! It works but as Like states, it takes time. They are a great organization and highly recommend.
2 Reply
Avery CarlBusiness Member
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
3y
Thank you for reading it! The truth is, there is no road map. Your journey is going to look different from mine or anyone else’s. There are still sub-$300k markets out there. But at the end of the day, you have to keep using the same strategies you used to save for the first one once you have the first one. Keep the second jobs or the extra hours at your current job. @luke Carl sold his hot rod, I sold a bunch of guitars and a rare Marshall silver jubilee 25/50 amp (just like slash played on appetite for destruction while we’re talking about GnR. We Penny pinched ourselves to death. And add all that to the income from the first one and just keep grinding til there’s enough money for a second.
I wish the advice was more glamorous or slick like a lot of the gurus will tell you. But there’s your road map! Happy to chat if you ever want to!
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10 Reply
Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
3y
Quote from @Avery Carl:

Thank you for reading it! The truth is, there is no road map. Your journey is going to look different from mine or anyone else’s. There are still sub-$300k markets out there. But at the end of the day, you have to keep using the same strategies you used to save for the first one once you have the first one. Keep the second jobs or the extra hours at your current job. @luke Carl sold his hot rod, I sold a bunch of guitars and a rare Marshall silver jubilee 25/50 amp (just like slash played on appetite for destruction while we’re talking about GnR. We Penny pinched ourselves to death. And add all that to the income from the first one and just keep grinding til there’s enough money for a second.
I wish the advice was more glamorous or slick like a lot of the gurus will tell you. But there’s your road map! Happy to chat if you ever want to!

Yes back when we started buying Avery was in grad school at night and we both had jobs. I drove Uber with her car at night while she was at school because I didn’t have a car I only had a motorcycle. I also ran 7 full marathons in one year because she was putting in 18 hour days and I could only drive Uber for so many hours after work and needed something else too do. Uber was brand new at the time. I preferred Lyft. Their clients were cooler.
As you can tell we worked our tails off.

Lots of memories!

Podcast Guest on Show #30
4 Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
Quote from @John Carbone:

Quote from @Jayme B.:

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!
Good book and a lot of information. However, the book was written when home prices were close to half of what they are now, and interest rates were half of what they are now. Still good information in there, but the last 1-2 years have really changed the landscape.

Exactly what I was thinking.
Then add saturation in areas to the mix.
You have to work much harder on finding a property that will make the numbers work.
If you can find a deal where you have instant equity, you could get a HELOQ to use as a downpayment on the next property.
3 Reply
Jayme B.
OP
Member since 2022 · 42 posts · 16 votes
3y
@Avery Carl @Luke Carl thanks for reaching out. I really did love the book! Great job with it.
I guess it really does take additional revenue streams to get to that 2nd and 3rd property. I appreciate the clarification.
1 Reply
Aaron Gardiner
Member since 2021 · 3 posts · 0 votes
3y
Quote from @Aaron Gardiner:

Quote from @Luke Carl:

Quote from @Jayme B.:

I'm probably the only one on Bigger Pockets on a Saturday night, but was reading Avery Carl's "Short Term Rental, Long Term Wealth" and my mind is churning as usual. I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. I was hoping to see a roadmap on how to go from $100k invested on the 1st STR and the strategy on acquiring a 2nd STR and so forth. That's the part I'm struggling with. I keep reading how people snowball their investments in such a short amount of time, but I can't make the numbers work.

Based on the research I've done, a property purchased for $500k will generally cashflow $15k-25k in an ideal scenario (roughly 20% CoC). My question is how do most people make the jump to the 2nd STR property if you're generating $25k per year on the high end? It would take 4 years to save another $100k before I could make another purchase based solely on the cashflow. Are you cashing out the equity and using additional revenue streams to get the 2nd one? Seems there wouldn't be that much equity to be paid out after closing costs.

Thanks for the insight!

Avery's husband here. Thanks for reading her book she'll be very happy to hear that!

The truth is. To get to the next property, or any property.... you need cash. Real estate is a wealthy persons game.

I would focus more on where the day to day dollar comes in rather than the money from the property. Is there a way to make a move in your W2 world to get some more money coming in to invest. Because at the end of the day it is called "investing" and you have to have the cash to invest to begin with.

If you're waiting for the first property to buy the second property, you'll be waiting a long time. Eventually you get enough properties that they can start buying themselves. Or better yet your properties can start paying off your properties.

Sometimes the internet can make us feel like all we have to do is buy a house or two and quit our job. That's just not true. I had 83 doors before I quit my job, and believe me, I was no doctor.

I would highly recommend the "Guns N Roses Method." PATIENCE. I know it's hard. It's very hard for me. Real estate is Get Rich Slow.

I was just a normal guy with a normal job and I went out there and did it. It can be done. But I have worked 10 times harder at this than I did at any job I've ever had.

Hope this helps! You can contact me any time I'm happy to talk your ear off.
Bang on here! We have purchased two homes from the Short Term Shop and followed the principles shared in Avery’s book! It works but as Like states, it takes time. They are a great organization and highly recommend.

Agreed but the fundamentals remain the same
0 Reply
Sarah KensingerPro Member
Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
3y
That's why a lot of us do co-hosting or rental arbitrage as we purchase property. This refinancing property every other year to squeeze all the equity out, doesn't seem like a smart move!
[email protected]330-557-3021
0 Reply
Jon Martin
Member since 2022 · 1k+ posts · 1k+ votes
3y
Quote from @Sarah Kensinger:

That's why a lot of us do co-hosting or rental arbitrage as we purchase property. This refinancing property every other year to squeeze all the equity out, doesn't seem like a smart move!

If it is in a market where long term appreciation is expected, and conservative underwriting projects that the payment will likely be covered, then I think it is smart move.
1 Reply
Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
3y
Avery does a nice job with this book. Follow her basic guidelines and don’t make any investment decisions on hunches or emotions. Just the facts.
[email protected]806-672-7102
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1 Reply
January Johnson
Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
3y
I work for Avery and I want to chime in.

Don't worry about 10 (or 50!) steps down the line. Make your FIRST move and do that well, then make the next move and the next move. Acquiring your 2nd STR is predicated on your successful acquisition and management of your first, and there are a lot of practical skills to learn on #1.
Fortunately, the Short Term Shop teaches you all of these things once you are under contract and through the inspection period.
If you haven't already joined the social media sites (same name as the book), I highly recommend them. There are a lot of successful people sharing real-world examples and learning together.
Good luck to you!
0 Reply
Konstantin GinzburgPro Member
Member since 2021 · 376 posts · 242 votes
3y
@Jayme B.

One thing to keep in mind is the shifting supply and demand trends for STRs. In a lot of markets, there was a large boom in STRs following Covid lockdowns going away. There was an influx of people who wanted to get out and travel after being cooped up in their house for the previous 2 years. This led to a boom in the travel industry as a whole. At the same time, many hosts and investors jumped into STRs during this same time period which created an excess of supply in many travel destinations that wound up saturating those markets. In the same since, travel has began normalizing back to 2019 levels. So demand for travel is lowering back to historic levels while the supply of STRs in many markets has increased by a lot. There are still opportunities to find a good investment for STRs but I think some precautions should be done. Don't rely entirely on revenue numbers from 2022 but instead make sure to look at STR numbers in 2019 and previous to get a more conservative revenue estimate to expect. Also do research into what the current occupancy rates are in your market. There is money to be made with STR now, but you may have to compete more now and find ways to make your specific STR standout from the competition in order to attract bookings. This is essentially the spot I am personally in now. I purchased an STR a little over a year ago and my goal is to make it the best STR in our area before I even consider purchasing a 2nd STR. Focus on one STR at a time. Also keep in mind that many of these vacation locations have began changing enforcement and regulations for STRs so make sure to research a lot about pending legal actions and public sentiment of STRs in any market you want to enter and formulate several exit strategies to protect yourself in case there is a shift in the market there.

@Avery Carl I haven't had a chance to read your book yet but it's one of the next books I have on my list to read. Congrats on the success of your book. I have heard great reviews about your book and can't wait to read it. I agree that everyone's journey is different. My wife and I heavily prioritized location when selecting our STR in New Orleans and it has made a big difference. We still have a long way to go before we reach our occupancy goals but are excited at the future possibilities.
One thing that we felt was important in selecting our property was to hedge our bets by ensuring the property would function as a long term rental since we know the current climate in New Orleans regarding STRs is not positive and there have been on-going regulations coming out because of this.
2 Reply
Jayme B.
OP
Member since 2022 · 42 posts · 16 votes
3y
Quote from @Konstantin Ginzburg:

@Jayme B.

One thing to keep in mind is the shifting supply and demand trends for STRs. In a lot of markets, there was a large boom in STRs following Covid lockdowns going away. There was an influx of people who wanted to get out and travel after being cooped up in their house for the previous 2 years. This led to a boom in the travel industry as a whole. At the same time, many hosts and investors jumped into STRs during this same time period which created an excess of supply in many travel destinations that wound up saturating those markets. In the same since, travel has began normalizing back to 2019 levels. So demand for travel is lowering back to historic levels while the supply of STRs in many markets has increased by a lot. There are still opportunities to find a good investment for STRs but I think some precautions should be done. Don't rely entirely on revenue numbers from 2022 but instead make sure to look at STR numbers in 2019 and previous to get a more conservative revenue estimate to expect. Also do research into what the current occupancy rates are in your market. There is money to be made with STR now, but you may have to compete more now and find ways to make your specific STR standout from the competition in order to attract bookings. This is essentially the spot I am personally in now. I purchased an STR a little over a year ago and my goal is to make it the best STR in our area before I even consider purchasing a 2nd STR. Focus on one STR at a time. Also keep in mind that many of these vacation locations have began changing enforcement and regulations for STRs so make sure to research a lot about pending legal actions and public sentiment of STRs in any market you want to enter and formulate several exit strategies to protect yourself in case there is a shift in the market there.

@Avery Carl I haven't had a chance to read your book yet but it's one of the next books I have on my list to read. Congrats on the success of your book. I have heard great reviews about your book and can't wait to read it. I agree that everyone's journey is different. My wife and I heavily prioritized location when selecting our STR in New Orleans and it has made a big difference. We still have a long way to go before we reach our occupancy goals but are excited at the future possibilities.
One thing that we felt was important in selecting our property was to hedge our bets by ensuring the property would function as a long term rental since we know the current climate in New Orleans regarding STRs is not positive and there have been on-going regulations coming out because of this.

Thanks Konstantin, great advice there! It is definitely a STR bubble situation it seems.
1 Reply
Peo Haggstrom
Los Angeles, CA-California · Member since 2015 · 4 posts · 0 votes
1y
Does anyone else have any newer books that are written for how the current market is in STR now to recommend?
0 Reply
Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
1y
Quote from @Peo Haggstrom:

Does anyone else have any newer books that are written for how the current market is in STR now to recommend?

Yes her new book came out this week actually.

Smarter Short Term Rentals
Podcast Guest on Show #30
1 Reply
Peo Haggstrom
Los Angeles, CA-California · Member since 2015 · 4 posts · 0 votes
1y
Quote from @Luke Carl:
Yes her new book came out this week actually.

Smarter Short Term Rentals
Yes, but it confused me, isn't the book from 2021?
Or is there a new book with a different name?
0 Reply
January Johnson
Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
1y
Quote from @Peo Haggstrom:

Quote from @Luke Carl:
Yes her new book came out this week actually.

Smarter Short Term Rentals
Yes, but it confused me, isn't the book from 2021?
Or is there a new book with a different name?

The 2021 book is Short Term Rental, Long Term Wealth.

The new book is Smarter Short Term Rentals.

Both are published by BP.
0 Reply
Sarah Kerchner
Member since 2024 · 2 posts · 0 votes
1y
@Peo Haggstrom I just am almost done with reading Avery's latest book. It is phenomenal. I highly recommend it!

0 Reply
V.G JasonPro Member
Investor · Member since 2022 · 3k+ posts · 3k+ votes
1y
A new book cause the old methods don't work no more?
0 Reply
- Collin HaysBusiness Member
  Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
  1y
  Quote from @V.G Jason:
  
  A new book cause the old methods don't work no more?
  
  As you have pointed out, there was a brief window of market imbalance which allowed some fortunes to be made. Things went parabolic, and when you asked the experts when it would end, the answer was “never…it’s different this time.”
  When you hear that phrase, it’s time to do something else.
  [email protected]806-672-7102
  SMOKY MOUNTAIN FALLS INC.51 Review
  Website View Page
  1 Reply
- V.G JasonPro Member
  Investor · Member since 2022 · 3k+ posts · 3k+ votes
  1y
  Quote from @Collin Hays:
  
  Quote from @V.G Jason:
  
  A new book cause the old methods don't work no more?
  
  As you have pointed out, there was a brief window of market imbalance which allowed some fortunes to be made. Things went parabolic, and when you asked the experts when it would end, the answer was “never…it’s different this time.”
  When you hear that phrase, it’s time to do something else.
  I would pause if they were considered the "experts".
  
  You are absolutely right. To add to it, books are written in a period of time. They don't evolve, for something to need to be re-written in 3-4 years or under though, really questions the credibility of the angle. Re-written every 8-10 years is more about right. 12 + definitely needs it.
  
  Food for thought for people that want "expert" opinions.
  0 Reply
- Collin HaysBusiness Member
  Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
  1y
  Quote from @V.G Jason:
  
  Quote from @Collin Hays:
  
  Quote from @V.G Jason:
  
  A new book cause the old methods don't work no more?
  
  As you have pointed out, there was a brief window of market imbalance which allowed some fortunes to be made. Things went parabolic, and when you asked the experts when it would end, the answer was “never…it’s different this time.”
  When you hear that phrase, it’s time to do something else.
  I would pause if they were considered the "experts".
  
  You are absolutely right. To add to it, books are written in a period of time. They don't evolve, for something to need to be re-written in 3-4 years or under though, really questions the credibility of the angle. Re-written every 8-10 years is more about right. 12 + definitely needs it.
  
  Food for thought for people that want "expert" opinions.
  There is only one book that I consider my expert opinion.
  [email protected]806-672-7102
  SMOKY MOUNTAIN FALLS INC.51 Review
  Website View Page
  0 Reply
Jon Martin
Member since 2022 · 1k+ posts · 1k+ votes
1y
One way is the BRRRR method, where you pull out equity from your property to roll into the next one. Problem with that is that you have to purchase a property with value add potential and then slog your way through a rehab where you burn cash on fixes and holding costs. Plus there is no guarantee that the market and appraisal will recognize the value added and allow you to pull that cash back out, especially in this interest rate environment.
The other way is with partnerships. Better to own 1/4 of a watermelon than all of a grape.
Beyond that, yeah, it can take a while to save up that kind of cash again.
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