STRs, Regulations, Pivoting, Advice Welcome!

[Leah Walbourne]

Hey BP Fam! 

I hope everyone had a great NYE! 

Here's what I've got:

I'm planning to sell my home that houses three small STR studio rentals, located in New Orleans. Due to regualtions in my area renting has become a nightmare and prices are low now. This was my first house hack and it has provided me with a lot of cash over the past 6 years. I turned the one house into three apartments with a full renovation and as I said, did great. I really poured my heart and soul into that business. It also enabled me to save up the downpayment on my second property which is an MTR on the CO/NM border that is doing well too. I suppose I am just launching all of this into the online void because I've been wracking my brain for a year as to how I want to pivot. I'm unsure if I want to invest the home sale money into another STR. I really should start a consulting business or my own property management company. The problem there is, I have no clue where I want to move to! So many decisions, I know!

Side note: I also manage 40 beach vacation rentals in the Flordia Panhandle. I am severly underpaid at that job and I am good at what I do. This company is getting a screamin' deal by having me as their employee. I do it all for the W2 though, and it keeps me relevant in the industry. I guess you could say STRs are my life. Anyway, I'm a little down regarding the enevitible crushing of my STR business in New Orleans. I want to keep the momentum going becasue I know I've nailed it over the past 6 years. I suppose I am seeking a pep talk from anyone willing to push me to keep going.

Also, I do not want to invest where I live and work in FL. Beach rentals are taking a huge hit right now. I'm watching all my owners tighten their belts due to insurance costs/low rates. I can't afford a luxuary condo in the Smokies so I am not sure if pivoting out of the STR world is the right move at this point. It seems luxury is the only thing that works now. Lordy! I have thought so hard about what to do. I feel stuck! Well, that's my morning ramble. Off for some coffee and to work my *** off for little reward. Any ideas are welcome.

Have a wonderful day fam! 

[Jon Martin]

Quote from @Allen Duan:

If starting a business, as opposed to investing in purchasing real estate, is of interest to you, it looks like you already have the chops to start your own property management business. I own a MTR and STR management business in Los Angeles and I'm planning on creating a course this year teaching others how to get started. If you're interested, let's talk and maybe there's a way I can provide value :)

I thought the same thing. Start your own company with a % based model that way you get a piece of the action and succeed in step with your clients. Win/win