STR Traverse City MI

[Bob Lett]

I'm changing gears and going to go all in on an STR to start. I eventually want to use the cash flow to buy another STR to then purchase some LTR's thanks to the recent BP podcast I was inspired to go this route as it makes most sense to me.

I'm looking to purchase a lake house in the Traverse City area. I have 2 lakes I am particularly interested in. I work in the building products industry and started to use my network to focus in on some key areas. It's about 2 hours from our current residence so it is not a bad drive for a first STR.

There are some other markets out of state that I am interested in for our second STR but want to get the first one up and going to gain some experience.

Some of the things I seem to have missed in the podcast and curious about are:

-are you looking to buy a home furnished?

-if not, are you furnishing with new, used, rented furniture?

-what about pots, pans, cooking utensils?

-grilles? (Insurance hazard)?

-how many bedrooms are typically the sweet spot 4-5bdrm?

-what kind of homeowners insurance policy do you take out for an STR?

-do you keep a closet and/or shed for cleaning/maintenance items?

-pet policy? Better to not have them?

Sorry for my random questions but just looking to place the pieces of the puzzle together but don’t want to get into “analysis by paralysis” mode. Cheers!