starting my str journey!

[Jacob Rocha]

Hello all, this is my first post here in the forum, i currently live in San Antonio and I'm currently serving in the USAF. I'm retiring in about 18 months and i would love to get into the STR business. I'm currently stuck on how to get started, i feel arbitrage is a good start to make some cash flow and use that money to eventually put money down on an ownership property. I'm just lacking the knowledge as far as starting the business off correctly as far as LLC's and being legally set up beforehand. I have looked into possibly paying for a mentorship course to help me through this process. Any advice would be greatly appreciated, thank you.

[Chris Watson]

Jacob,

Chaplain here. I retired last year.  I never paid for a course. There is so much info already out there. Listen to the BP podcasts on STRs Short Term Shop podcasts and go back to the beginning. Also listen to financing podcasts. As for markets you need to do some recon and gather Intel on different markets. Everyone will promote their market or if they are protective of their Intel, they will keep their market to themselves.  

Five years before retiring I bought my first STR and was astounded that the property had made me more profit than my retirement pay would give me. That have me the desire to go full throttle.

I heard I am mentioned in a popular book on short term rentals.  I am the one who was operating STRs and building STRs in the US while deployed in Afghanistan.

Here is some things to consider:

1. Try to buy before retiring.  You have W-2 income and it helps.

2. Get rid of all car loans. Don't pay off the loan...sell the car and buy a beater. This is a short term action for long term gain. I drove a 20 yr old car with rusted doors till I retired even though I could have paid cash for all the cars on commander's row.  That qualified me to buy/build more properties. I bought my dream car after retiring (Tundra) and use it for business.

3. Bounce any decision info off of me.  I am a chaplain by heart and will give you my honest assessment of the market or deal.

4. Partnerships are like marriages so tread carefully as you have seen alot of marriages end badly. Personally I do not do partnerships. 

5. PRO NOTE: VA loan has no cap now. If you currently do not have a VA loan there is no cap. The amount is determined by your DTI. I did a $2M VA loan for a beachfront home on the Emerald Coast before retiring. Imagine a $2M loan not requiring a down payment. I put 5% down because I wanted to remove the funding fee due previous use of a VA loan. We lived there for 2 years and just recently moved and are converting it to a STR.

Where are you wanting to retire to?

Will you work after retiring?

Are you looking to do Skillbridge?

AFSC?