All Forum Posts by: David N.

Yeah man. You nailed it! Now you just need to find the niche for you. Over the years I've done all of it. Interestingly enough, being a contractor, you'd think flipping would be my favorite. But it's the least. I prefer the long game of LTR. I also have 7 STR but realizing it's either a lot of work for yourself, or you'll pay a lot to the manager who'll do the work. Ultimately, mutlifamily buy and hold has been the best for Cashflow, Appreciation, and Tax Benefits. And the liquidity event does not have to wait for a sale - that occurs upon cash out refinancing.

Hi @David N.,

I was in your shoes 5-6 years ago. I was on bigger pockets everyday and listening to podcasts and trying to figure out my strategy for investing. I knew I loved real estate and there are so many ways to make money, I just had to figure out what I wanted to do. After listening to some pros talk about making $200/month pre door on a long term rental, I decided that I wanted to do some easy fix and flips to get started and get some quick cashflow. I made a few offers and didn't get a deal. Then I decided to get into the short term rental space. I met with an agent who specialized in Investing in oceanfront property and I got my first condo. I put it up on Airbnb and VRBO and went live. The first year, we learned a lot. Even though I'm a research junkie, I can tell you for sure that you don't know what you don't know. There are certain things you can't learn until you are in the middle of the process. Best advice I got was to have multiple exit strategies. With STR, you can use it as a primary residence, you can STR, you can MTR, you can LTR. If you own it for 2 or 3 years you can use the cash flow to purchase more. That was my plan.

I would say invest where you live, or someplace you want to visit so you can use your place on vacation. Meet up with an agent who also is an investor and start analyzing deals. Pull the trigger on one and work through a year of renting it so you can learn the fine details of the market and the property. Feel free to message me with any questions! Good luck!

You can absolutely negotiate a better deal on a fixer upper and put some sweat equity into it. That can include hiring out the work and buying the furnishing. 

Location, views and amenities will stand you apart from the competition. 

Buying turn key is convenient and convenience usually cost money.

@David N.

It's up to you. It also depends on how much cash you have upfront for the rehab, closing costs, and down payment. Is this your first time doing rehab? If so, I recommend finding something turn-key where you can update more cosmetic work like cabinets and flooring. It also depends on the location - where are you looking to buy a STR?

Either way will work...depends on your budget entirely. I always look for fixers because I am a Contr and can get onto the property cheaper....but it's quicker to buy turnkey, you just will take longer to get your ROI...