All Forum Posts by: Account Closed

@Franklin Lucas, it might depend on your goals and strategies. Are you looking to favor cash flow or more interested in a stable market with possible appreciation. Do you want to self manage? Do you mean all of New York, because Manhattan is a very different prospect than up state? Do you know people in any of the markets you mention that might already start you on your way with connections?

@Tadan Cox, you're on a great site to start learning. Read lots, listen to podcasts, and start connecting with people in your area. You don't necessarily need a have people guiding you right off. You can read forum posts and when you start to come up with questions, look for the answers or post and let people chime in.

Also, consider attending some local REIA events. You'll meet people and start to become comfortable with the vocabulary.

@Dan H., that makes sense about San Diego. I've even communicated with some Big Bear STR operators who are seeing a dramatic surge in occupancy.

@Dan H., thanks for the thoughts and sharing what you've experienced with your own STRs. From what I read, it sounds like some markets have seen better occupancy rates than previous years once the restrictions were lifted, but I still suspect there were people that got into it just prior and were not prepared to handle a significant reduction in lost rents.

I am curious too about your point about supply and the effects once more inventory starts to come on the market.

@Dan H., any thoughts on STR investors that may have been overextended or not able to weather the COVID shutdown? Besides San Diego, I'd wondered if there would be newer investors who hadn't set aside reserves or just someone who had been aggressive and overextended and who would need to sell after not being able to handle the prolonged vacancy.

@Avery Carl, thanks for the response. Yeah, I feel pretty wary of Palm Springs. Realistically, I am really liking the idea of some of the OOS markets, specifically the Smokies, and if I do pick up an STR OOS, it would force me to jump in and develop the systems to manage remotely rather than clinging to some idea of going to the property.

I just talked to someone who your team helped this morning. He is very happy with the experience so far.

I get your point that sometimes you can't get hung up on what someone paid 2 years ago and instead need to confirm that #'s still work buying now and not worrying about that. 

@Avery Carl, from OP, you mention that there are a few of the markets named that you'd cross off the list right away due to changing regulations. Would that include Big Bear? I'm still in learning mode and like a lot about the Smokies. Got to chat with @Luke Carl a bit. I also live 2 hours from Big Bear, so local was in the back of my mind previously. Unless I learn something different, I prefer some of the OOS markets to those in CA that come up.

@Michael Conte, this is my first LLC. I own one duplex outside an LLC, and am creating the LLC for a current deal. I'll have to do more reading like the article @Eric Trostle linked to determine about having a separate LLC for each future project.

@Amit Desai, one last thought: you mention that rentals (I guess you mean long term) and Short term rentals are equally lucrative. From a cash flow perspective, the goal of STRs is to have much higher cash flow; however, they are more involved and take a totally different approach and skills to learn.

@Amit Desai, the best thing to do though would be to start to read some of the threads there before posting a question. There's a lot of great people there, but the same questions get asked a lot, so you can do a ton of learning to start just by reading, and then start filling in the gaps.