All Forum Posts by: Greg Farmer

@Adam Serdula

I'd learn a trade, save as much money from it as possible, and house hack a new multi unit property every few years.

@Cody L.

This is something I've considered doing. I don't have 100...only 3 lol. But would you by chance be willing to share the agreement you sign with them for this purpose? Is it pretty much a traditional lease with some sublease verbiage added? Do you get more revenue than you would with a traditional LTR, or are they paying Market rent?

Welcome to Dallas! 

I'm only about 1.5 years in, so I'm still pretty new to it all. We have one STR downtown Dallas TX and we're about to launch another in North Dallas. I'm guessing our cash flow is not nearly as good as people in true vacation rental markets, but it is wayyyyy better than we'd get renting traditionally. We write our listings up with discounts and things in place to attract mid term renters (traveling nurses, contract workers, IT people, etc). We do get some people who are truly on vacation as well, but having most people book for 1 week to 2 months ensures we don't get the party crowd. We have strict rules against parties in our place. It's definitely more work than our traditional rental, but it's not crazy. We both work full time jobs and basically we clean the unit ourselves when we have time and hire cleaners when we don't have time.

Again, I'm pretty new to it all so not an expert! However, I think you can do well in urban markets if you find the right niche. 100% of our bookings have come from Airbnb in the last 1.5 years. Not really sure why that is... Maybe our price point or location. 

@Cheryl Vargas

I buy zinus beds. Under $200 for the frames and 300-400 for the foam mattress. Great quality, easy to assemble, last forever, guests rave about memory foam. The couches in each of those units were approx 650 each. Those are by far the biggest ticket items. After that l, everything I get is super reasonable. I'm shocked you have to pay $1000 for a bed?! That's insane lol... That's luxury by my definition.

Amazon is you friend Cheryl! Check it out... Links to a few examples below. Then I also get dishes at Walmart or Ikea for ridiculously cheap. They do break slightly more often, but for like $2 per plate its still a better option.

This zinus bed was on sale for 175 when I bought it

https://www.amazon.com/dp/B06ZZDBSDK/ref=cm_sw_r_cp_apa_i_yZgFDbBZRGVAJ

One of the couches I bought:

https://www.amazon.com/dp/B00S59IOMO/ref=cm_sw_r_cp_apa_i_l1gFDbD1Z2VR2

Mattress (King) https://www.amazon.com/dp/B0125QZSOY/ref=cm_sw_r_cp_apa_i_I2gFDb540B5KC

Wood Coffee Table

https://www.amazon.com/dp/B0765DSMPY/ref=cm_sw_r_cp_apa_i_d5gFDb5D7HZ3B

Desk

https://www.amazon.com/dp/B06XZV3F8F/ref=cm_sw_r_cp_apa_i_M5gFDbAPJ9JWE

3-piece Dining Set

https://www.amazon.com/dp/B0064CT1WG/ref=cm_sw_r_cp_apa_i_E6gFDbJJNA3E2

@Asan Dixon

Hey man, good luck with everything. I think the debate over how much it'll cost to furnish is pretty impossible, because everyone has a different definition of "luxury" and what's "nice". Here are my two Airbnbs and the approximate cost to furnish each. This is JUST the cost to furnish. Everything I bought NEW mostly from Amazon, Wayfare, and Homegoods. This includes all furniture, all linens, dishes, pots/pans, coffee maker, toaster, cooking utensils, wall hangings, fake flowers/plants, lamps, and the first "batch" of supplies like soap, TP, paper towel, etc.

Approx. $2.5K to furnish:

https://abnb.me/LiM3GS4FKZ

Approx. $4K to furnish:

https://abnb.me/LLBTxr7FKZ

... this is helpful!

@Josiah Sia

Just out of curiosity, where in Texas are you finding fourplexes for $150K? I'm based in the DFW area and currently looking at getting into fourplexes... Currently own 3 single family condos.

Good luck with your plan! I don't have any input that others here haven't already covered. I say use whatever strategy you feel comfortable with and that gets you excited.

I'm also interested in replacing my W2 salary eventually, and I've been using my units as Short Term Rentals or furnished mid term/Corp rentals as a way to get more cash flow and excellerate my goals. I'm still pretty new to it, but the initial results are promising. Might be something interesting for you to try within your plan assuming you live somewhere that has demand for STRs or mid term type rentals.

@amanda g. Thanks for the reply, I like your picture! What's the market like in Augusta GA? 

@Tarah Fernandes I'm currently near Galleria Mall in North Dallas... Moving to Plano near Legacy soon.

@Tarah Fernandes Hey, I am in north Dallas as well! Just recently joined BiggerPockets! Howdy neighbor