All Forum Posts by: Chelsea Price

Fair question, Micheal. I think I want to do this, so that I can STAY retired! 😅 If my husband were to die today, where would that leave me? Not stranded in debt but also with not a lot to live on, even if I sold our home. So I gotta get a plan together and I think STR would be something I would both enjoy and could build a little nest egg. I have no experience but I did used to be a house manager for a person on the legal team for Obama. I know how to run the inner workings of a home like a tight ship so I think this is right up my alley.

 LOL! Ok, so not exactly local local but my original post did allude to within 3 hours. I think up to 3 is a reasonable day trip if I wanted to check on my property in person. 

@Bruce Woodruff Gotcha. Glad I have you good folks to help remind me that I’m running a business here. I’m sure it’s not all glitter and hearts. I have a lot to learn, and I appreciate everybody’s input! 
And as a reply to my own original post, I’ve decided to find a home locally. West Virginia is within just a 2 hr drive from me and I’ll start my search there.

 I appreciate everyone’s replies, but not sure I understand them since I am completely new to investing. I don’t understand what you mean about a lawyer suing me. What lawyer? Sue me for what? Lol 

I also don't understand why I would want to go into debt to buy a rental if I'm already experiencing financial freedom in my life. Isn't the point of this to have financial freedom? Well, I'm already there in this stage of my life and have been since age 41, which is when I retired. I want a STR because I like meeting new people and offering my hospitality to them, not because I'm trying to amass wealth. Yes, I know it will be a headache and lots of hassle, but I am ready to tackle that head on.
I hope I’m not offending anybody. I just am trying to be honest with my situation. I would be scared to death to “make my debt work for me” knowing that I’m not smart about that kind of thing. I’m not a “veteran investor” nor is that my goal. Again, as background, I am retired with no W-2 so I doubt I could get a loan for a bigger house or two houses anyway. 

 Your advice lines up with everything I’ve read or seen online so far. I just have to cut the heart strings that are tied to the seashells and separate business from pleasure. 

For me, it’ll be one or the other straight cash. No loans, no high interest rates, no mortgage! I don’t even have a mortgage on my own residence. Lol

Hi! New to this site as well as investing. I recently inherited $200,000 cash and thinking about investing in a STR. I live 24 minutes from the White House and within a 3 hour radius from many viable tourist area options. However, beach towns down south that I would have to fly to if I wanted to check on my property are really pulling at my heart strings. What say you? Invest in my own backyard since I'm new at this or go grab my " cheeseburger in Paradise"?