All Forum Posts by: Curtis Lipsey

Quote from @John Underwood:

Do they ever decline an application for a STR permit? This location sounds risky for a STR due to current regulation. What if they tighten the screws more after your purchase? Will the number still more as a LTR?

I haven’t heard of declining applications, and the 6 mo. Timeframe comes straight from the city site. I feel very confident that they write that as a buffer to CYA for themselves. But still in theory it could take that long.

The numbers wouldn’t work as a LTR, but there is definitely potential for it to work as a MTR. 
thank you everyone for your thoughts. We’re wanting to make the most informed decision we can.

Quote from @Bruce Woodruff:

STRs are totally dependent upon location. MTRs not as much. 

A STR can always become a MTR, but a MTR cannot always become a STR.

I'd be careful with this strategy.......

Thanks for the comment. Are you saying that the location of a MTR doesn't necessarily mean it would be the best location for a STR?

The property I found is located in a popular neighborhood for STR and conveniently close to hospitals for MTR (travelling nurses would be my target tenant base).

Hey guys, I was curious if anyone has ever used mid-term rentals (MTR) starting and then later transitioned to short-term rentals (STR)?

My wife and I are at a place now where we feel comfortable to start making offers for potential properties. We found a property that we ran numbers for and we believe it would make for a successful STR. The process of applying through the city to be able to list your STR takes a bit of time (up to 6 months it said online) and I was wondering to myself if there might be any way to reduce the cost of maintaining the property, mortgage costs, etc. if we were to press forward and purchase the property.

I thought to myself that if the property's numbers could successfully stand as a MTR then this might be a good strategy in the mean time as we wait for the city to process our STR request. To the best of my knowledge a MTR wouldn't be subject to any applications or processing time with the city so my thought was that it could be a smart idea.

Has anyone had any experience with this as a strategy?  Do you have any tips/tricks that helped you in the process?

Thanks! 

@Rob Bergeron I was looking into the process myself trying to wrap my head around it. This may be a dumb question but I'm gathering you have to purchase the property in Louisville before you can start the application process for STR CUP right? Has Louisville been considered pretty stringent or average when it comes to investors interested in STRs and the process of getting them set up?

Originally posted by @Alex Benko:

I am also interested. I know a couple other folks that I could bring with me. How does saturday, Jan 22nd, 2022 at Java Loft coffee at 0900 sound? Hopefully everyone can see it by then.. I am just eager to get something going! And I know others are too.

I can make that!

Hi my name is Curtis Lipsey and I joined about a month or so ago as a pro member.  I'm 25 years old, from Louisville, KY and hope to invest in buy and hold small multi-family back in KY near Louisville, Lexington, and near Fort Knox.  I graduated from the University of Kentucky in 2018 and now I'm currently in the Air Force stationed in Clovis, NM where my wife and I just bought our first home.  We're currently solidifying our real estate plans and goals and using BP to learn as much as we can about investing.

Random fact about me is that I have dual citizenship with the US and France and hope that this may help toward potential investments in France later on in life.

I'm hoping to keep learning here on BP, reading, growing, and connecting to other members to soon buy our first investment property and begin building wealth for my wife and I and our family.  I see the rat race as like being a hamster on its hamster wheel, going a million miles a minute but getting no where.  I don't want that for myself, or for my family.  I watched my mother do that and she's still doing it and it sucks.

I want better for myself, and I want to be able to bless other people. So I'm going to, and I believe REI will help me achieve this.

Originally posted by @Doug Spence:

@Curtis Lipsey A mastermind is a group of like-minded individuals who help each other achieve their goals. The group I'm in is focused on real estate and is comprised of active duty military and veterans. We have monthly speakers who educate us on various topics, and we are broken down into smaller squads of 5-6 people who meet weekly to discuss goals, obstacles we're facing, and generally give advice to each other. It's a great way to network and surround yourself with people who have already achieved things you want to achieve! 

Thank you, that sounds like a really useful tool to use.

@Kiera Underwood Louisville is the market we want to invest in long term with buy and hold.  At least that's our game plan for now.

@Ben Scott At the moment we're hesitant to invest here in Clovis for a few reasons, but a big one is relocation with military and not knowing enough about Property Management here with rental properties.  But then part of me knows the base here is a hub that keeps people coming in so that pushes me closer to considering an investment here.  

@Doug Spence Thanks for the book recommendations! I finished up The Book on Rental Property Investing a few months ago and loved it. I'll have to give David Greene's book a go. Out of curiosity, what is a mastermind group? Is it a group that's more specific in strategy/audience of REI?

Thank you everyone for sharing your thoughts on the topic.  It's incredibly helpful to my wife and not to mention I now see why Brandon is always talking about getting involved with the community in the BP forums on the podcast!

Hey Tyler, welcome!  I just got started with Bigger Pockets myself but I've been studying up for about 8 months now.  I'm also 25 and active duty Air Force stationed at Cannon AFB in NM.  Goodluck with everything!