All Forum Posts by: Avery Carl

Hey there! I own 55 doors, 8 of which are STR's. The STR's are more work than the LTR's, but I certainly wouldn't call them an "active job." Most everything can be automated. I don't recommend buying in metro markets. All of mine are in regional, drivable, vacation rental markets. To give some context, my 7 active STRs (one is being renovated), grossed over $100k in July alone. So if you want to generate the most cash flow as quickly as possible, so that you can scale your portfolio more quickly, STR is the way to go.

@Ryan Moyer as you know I don't recommend using any management company at all. Self management is the only way to maximize cash flow. 

I believe Azur requires you to use Vacasa management. Nothing necessarily wrong with Vacasa, but I try to steer clear of HOA's that force any ONE manager. If you don't have options and the forced manager is not performing, you have no leverage to fire them.

"Short Term Rental, Long Term Wealth" book on short term rental investing coming out on Bigger Pockets publishing in October!

I'll echo what @Dustin Allen said. Covid was a really good indicator of what can be expected of vacation rental markets in a downturn. I own in several regional, drivable vacation rental markets (G-Burg TN and The Emerald Coast of FL). We actually saw a surge in bookings after the shut downs were lifted because both markets are places where the majority of tourists, even in the best of times, drive to visit. The areas that were hit harder were the big fly-to vacation markets (Hawaii for example) and STR's in the big metro markets. Hope that helps!

They do just as well. Pay attention to the flood zones called CBRA as insurance is going to work a little differently. But Fort Morgan is an awesome place to invest in STR!

@Anthony Simoncini That's not typical, no. Not unless it is a FSBO or other unique situation where a commission is not being offered. But even then it should be discussed between buyer and agent on a case by case basis. Not a blanket agreement.

@Luke Carl you have me concerned 😂

@John Underwood John with the mic drop

@Mike S just to echo what everyone else has said:

You can’t utilize projected rent income to qualify for a second home loan, but you can (under current guidelines so definitely discuss and be transparent with your lender) you ARE allowed to rent out a second home out when you aren’t using it as long as you maintain control of the property (i.e. no lease and no property management contract that takes control away from you). The current guideline for the time you need to spend there is around 2 weeks a year. But again, discuss with your loan officer.