introduction to the STR world.

[Samuel Kelly]

Hello! I'm Sam, 

I am completely new to this world and I am super eager to jump in and learn from the incredibly knowledgeable community in this forum. 

To give you a little backstory about myself, I grew up in Sevier County TN and lived in Knoxville for most of my adult life. For the past 4 years I have been in Colorado working a corporate job. My whole life so far have been to climb the ladder and invest in retirement but I recently read Rich Dad Poor Dad and Be Obsessed or Be Average and it has completely changed my mindset on money, wealth, and life in general. My wife and I currently own and operate a small 2br 1ba STR in Knoxville that does well. Our plan is to buy our next rental in the GSM market. I personally know the area very well as I grew up there but I haven't lived there for over a decade so I know a lot has changed. I have a realtor in the area but I'm not sure of her experience in the STR world. We have some liquid capitol, some other assets, and a good amount of equity in our Knoxville home. We have not even begun looking for a lender in the area yet and I am hoping to find the right one here. The plan is to get a second home loan or any kind of loan really that allows a 10% down.

 I have been listening to Avery Carl's podcast and really enjoy it. I have a few more books and podcasts on my list as well but I figured I would jump in here and introduce myself. Everyone in this industry so far has really been emphasizing building relationships and networking so here I am. I am excited to hear your words, stories and advice. thanks! 

[Collin H.]

I wouldn't worry about doing any networking. You just need to find a good deal, a good housekeeper, and a good handyman. My all-time favorite realtor in the Smokies is Darlene Derosia. I have worked with Darlene off and on for 20 years, so she has seen the highs and lows. I think that is important.

Your #1 (and #2,3,4, 5,6) challenge will be keeping reliable housekeeping and repairs/maintenance folks.  This is a huge challenge even for us, a medium-size Property Manager.  

Don't let anyone convince you that you will be "making" money in the first few years, particularly with a 90 percent mortgage. It not a realistic expectation. Unfortunately, we have several homeowner clients who bought with grand ideas of making lots of monthly income right away, who took the advice of a realtor wanting to make a quick commission. 

[Andrew Steffens]

I think what @Collin H. said is important about expectations.  This industry and real estate in general is a marathon not a sprint!

[Pierre Forsey]

Hey Sam,

Regarding the housekeeping and maintenance of STR apartments I've recently been using certified cleaners through Turno. I find their way of working very useful, as I can assign specific tasks to each cleaner and they must complete them in order to finish their job. Have been using it for the past year and i'm very pleased with the results

[Cory King]

Quote from @Samuel Kelly:

Hello! I'm Sam, 

I am completely new to this world and I am super eager to jump in and learn from the incredibly knowledgeable community in this forum. 

To give you a little backstory about myself, I grew up in Sevier County TN and lived in Knoxville for most of my adult life. For the past 4 years I have been in Colorado working a corporate job. My whole life so far have been to climb the ladder and invest in retirement but I recently read Rich Dad Poor Dad and Be Obsessed or Be Average and it has completely changed my mindset on money, wealth, and life in general. My wife and I currently own and operate a small 2br 1ba STR in Knoxville that does well. Our plan is to buy our next rental in the GSM market. I personally know the area very well as I grew up there but I haven't lived there for over a decade so I know a lot has changed. I have a realtor in the area but I'm not sure of her experience in the STR world. We have some liquid capitol, some other assets, and a good amount of equity in our Knoxville home. We have not even begun looking for a lender in the area yet and I am hoping to find the right one here. The plan is to get a second home loan or any kind of loan really that allows a 10% down.

 I have been listening to Avery Carl's podcast and really enjoy it. I have a few more books and podcasts on my list as well but I figured I would jump in here and introduce myself. Everyone in this industry so far has really been emphasizing building relationships and networking so here I am. I am excited to hear your words, stories and advice. thanks! 

 Happy to share some insights and connect you with anyone locally. While I can appreciate the spirit of what Collin said above, I would disagree on the not worrying about networking thing. There's lots of great local meetups with all the resources & connections you'd ever need. Also disagree with the 90 % mortgage line. There's still solid deals to be had in that market, people who bought in 2021/2022 and poorly manage are looking to exit and we've helped secure a few sub to deals in that market + we have some clients who've bought as a 2nd home recently and done extremely well. A good deal is a good deal. 

[Spencer Riche]

Hi Samuel,

I've been investing in short-term rentals (STRs) since 2019 and currently own over 50 units across 13 different markets in Canada and the United States. Additionally, I have over 30 rental arbitrage units and founded/operate a vaction rental property management company that oversees everything. Over the years, I've gained extensive experience with STRs, navigating regulations, building teams remotely in various markets and countries, and testing nearly every piece of relevant software. I’m happy to share any insights I have—feel free to send me a direct message!