Retirement with short term rentals??? How would you get there.?

[Brandon Stevens]

For people in this space, or in RE investing in general..how would you answer this question...

A couple wants to retire in 5 years, they would like to use short term rentals to supply them with 60-80k a year to live on. They have 300k they can begin investing with.....can they get there? 

They would be happy to live in the rentals in the off season if needed to facilitate the plan and Ideally would like to own a lake house, house by the ocean (in town), and a home in their midwest city. 

If not, would bringing another couple in with a similar nest egg be able to make it happen or would simply more money upfront be needed?

What are your thoughts, I didn't have an answer for them other than well most vacation rentals I think are considered a success if they just pay for themselves..... :) but maybe there is a strategy out there...

[Paul Sandhu]

@Jeff Kehl

You are the one posting crap, not me. I would tell you that most of my posts on this website are in the STR forum, the rest are in the DIY forum; and that you can find all the answers to you questions in my old posts. But to save you time, I'll answer the 5 questions.

1. It is $200/week per bedroom that I charge, not $200/month.  So a typical 2 bedroom house generates about $1700 in a month.

2. Bank foreclosures.  I'm in a town with a population of 10,000.  Amazon was the largest employer in the area until they closed the distribution center and moved away 3 years ago.  Lots of people moved away shortly afterwards.  If their home was on wheels, it went with them.  Otherwise their home stayed.

3. $1000 will pay for labor and materials for bring a fuse box up to code with a breaker box. They do it in 4 hours. It will also pay for enough roll roofing to replace a leaky section of another house, and there is some change left over.  It will also pay enough to replace dog urine soaked carpet and particle board in a master bedroom of another house and there is change left over.  I also have a dumptruck, dozer, and 40 acres to bury/burn waste.

4. Estate auctions in nice neighborhoods, no goodwill/garage sales/flea markets.  If the appliances and furniture were good enough for someone well off to live with in their own home, they are good enough for me. I have a 16' trailer and a 12' trailer.  My wife and I both drive 1/2 ton trucks.  The two of us can easily move the contents of a house in one trip. Estate auctions are Saturday morning.  It's actually quite fun to buy stuff to furnish a new house.  We've done it 22 times.  My best bargains: 5 piece bedroom set, $50. Fridge, $15. Whole house central air system, $200 plus installation. 2 sofa beds, $10, those beds alone generated about $2500 each.

5. Been doing this for 5-6 years.  Started with one house.  Now we have 22 houses with 82 beds.  2 local motels and a mobile home park with cabins are in the process of closing or selling, probably because I've taken all their customers.   Here is my ad from CL, posted it 12 days ago.

https://seks.craigslist.org/apa/d/refinery-contractors/6269418009.html