All Forum Posts by: Connor Cushman

I personally don't take profits year 1 and put everything into reserves and/or reinvest into my properties to make them stand out. Cash in the bank allows you to sleep at night as an STR owner.

Hey Nick! Welcome to BP. Your platform sounds cool. What's it called? 

Similar to what others said.. it will likely be difficult to get a conventional loan unless you have some really solid part-time income or a potential partner. While in college, focus on building skills and income as quickly as possible and you'll catch up in no time. Your timing may be good too because it appears that we're seeing prices come down and it may continue to go that direction for a little while.

Any opportunity in this business to shadow a successful agent is worth jumping at. Make sure they are doing multiple deals a month and are the kind of person you'd like to mirror your business after. If you can handle the short term financial situation and start to build your own brand while you learn, it's a great way to go.

I operate in Blue Ridge, Georgia with STR investors and in Alpharetta and Cumming area with long term rental investors. Both markets have also seen noticeable shifts over the last couple of weeks. Things are moving slower, sellers are spooked, and better terms are out there to be found by buyers.

(1) Find cities that are secondary to high growth areas like Nashville, Raleigh, Atlanta, Tampa etc. (2) Look at Zillow and find potential rentals (3) Plug them in to rentometer (4) Once you get a sense that rent to purchase price ratio looks pretty good, start diving deeper (5) Find an agent, learn more about population growth, job growth, and local legislation. Good luck!

Find a successful agent whose business you'd like to replicate and learn everything you can from them/do work for them :)

If you know you're going to move somewhere soon, I'd figure out where you're going and start working on the licensing process in that state now!

Not the end of the world though if you get licensed in your state now and have to start all over in another state. You will have learned a few things that will make it easier in your next location. And if there's reciprocity then even better. Good luck!

Great post, Scott!

I worry about a specific group of folks who have overleveraged themselves on short term rentals with thin margins because they weren't conservative enough in their revenue forecasts. Should these people be those that quit their jobs on the income or are relying heavily on the STR income, they could find themselves in a bad spot if they don't have proper reserves.

Will it cashflow as a rental?

Sounds like you could still access some of the capital through a HELOC if needed to help with the down payment and use the cashflow to pay that back down quickly or not touch the property at all and just buy your next place while you cashflow on the rental. I would hold on to it.

I'm north of ATL if you're looking to connect with people down here :) Good luck!