All Forum Posts by: Wayne Bolen

Just a word of caution, even though it has a Leander mailing address, it's well outside the city and ETJ limits, so either the listing is incorrect, or it falls within another city limit. Above ground pools are notoriously difficult to keep clear. It does looks like a decent STR possibility, LTR may be difficult to make work, but that depends on your numbers obviously.

 It was a new build, although we did not have it built. We bought from the contractor. Price was insanely high at $582/sq ft.

Tell the seller to pound sand, you'll get your own bookings.

This is for Fannie Mae and Freddie Mac correct? One more reason to start doing business with local banks who offer portfolio loans and service them in house.

Sounds like you did a major renovation year 1, eating up all your profits, so from that perspective, yes you should expect to retain more in year 2. That being said, like Ryan mentioned, the STR craze peaked at the end of last summer. I don't think this is due to a lack of travel, but the market has been absolutely saturated in the past couple of years. In order to be a high performer going forward, you really need to find a way to stand out above the crowd. I see posts all the time in STR groups where people are desperate because their properties are not booking. In most cases, these are very average properties and they are competing with hundreds or thousands of other properties. If you move forward, be sure to buy the best properties in the best areas that you can afford. Then looks for ways to incentivize potential customers to choose your property vs others in the same area and price point.

Never heard of it, but after looking at their website, I'm immediately suspicious of anyone claiming you can replace your 9 to 5 with this one simply hack. I tried to look at their course, but it's not available yet.

I'm fairly new to the STR world, however I have not seen the need for a manager. We use OwnerRez as our PMS, and it along with a few other integrations and it's been hassle free. Our 1/1 in Broken Bow has been at 83% occupancy since going live at the end of November.

For the mid-term question, I don't have an answer for you.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $525,000
Cash invested: $131,250

2nd row beach house. 3/2.

What made you interested in investing in this type of deal?

This property is in a booming STR.

How did you find this deal and how did you negotiate it?

Found on MLS.

How did you finance this deal?

DSCR loan

How did you add value to the deal?

Add bar downstairs and golf cart to increase occupancy rate.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $590,000
Cash invested: $118,000

1/1 cabin in Broken Bow, STR

What made you interested in investing in this type of deal?

This is located in a booming STR area of OK.

How did you find this deal and how did you negotiate it?

Found on MLS.

How did you finance this deal?

Traditional financing used.

What was the outcome?

Currently operating at 83% occupancy with $319 ADR

Investment Info:

Other buy & hold investment.

Purchase price: $200,000
Cash invested: $60

5,000 sq ft self storage facility. 43 units and 18 parking spots. 1.5 acres.

What made you interested in investing in this type of deal?

This is essentially a flip on a storage facility. We bought at bottom dollar and are increasing occupancy to sell at profit.

How did you find this deal and how did you negotiate it?

Bought directly from seller agent/owner. Found on MLS.

How did you finance this deal?

Traditional financing with a local credit union.

How did you add value to the deal?

Streamline operations, made capital improvements to property.

What was the outcome?

Property is still owned. We are learning the specifics of the storage industry and increasing occupancy.

Lessons learned? Challenges?

Small facilities in small towns are difficult to turn around. Many customers do not understand a facility that is ran via technology, versus someone on site they can stop by and talk with.