Start Up Advice Looking for Rental Cash Flow

[Brian Sego]

Cheers, BP’ers! I have been listening to the podcasts for some time now and finally looking to execute our first deal within the next 1-2 months. As my wife steps away from her job to raise our two kids we are looking to replace a portion of her income with cash flow from short or longer term rentals. We are looking at Chicago, Nashville, and Dallas given we have warm contacts in real estate in these areas and our initial analyses seem to suggest we can generate reasonable cash returns. Specifically city of Chicago and looking more metro in Nash/Dallas. We are open to putting in up to 70k as a down payment. Currently thinking Short-term rentals given the more favorable returns and fact my wife would like to dedicate some time to managing the bookings/platforms/furnishing in the near term. What is your advice? Are there tools like AirDNA we need to use for pre-purchase analysis? Should we be looking beyond these areas for better returns if we are not afraid of remote management? Any general advice? Look forward to hearing advice and contributing our own through the journey.