Eager to hear about your Biggest STR Home Runs - which path did you take?

[Tom Dieringer]

I’d love to hear if your biggest home runs have been from:

a) buying an existing STR, tweaking it with your own unique skill set and applying your experience-proven enhancements to be a top performing property, or

b) converting a previously non-rental property into an STR?

Thanks!

[V.G Jason]

I bought distressed in a very, very good area. Rehabbed it and the equity gain after was significant. These properties in better areas make every dollar worth more. To add a bathroom in the hood versus the primo areas is about the same cost; the return is completely different.

I buy most STRs full cash, and re-fi out with under 30% in LTV. Take that money and buy another. I try to do it under 30, and closer to even 20 or 10%. If it has great LTR capabilities, I'll have a larger loan if it's strictly a seasonal/market related STR it's no leverage on it.

The money is where the work is needed. I do not buy rehabbed, flipped, or turnkey. The money is lost there.