Hey @Brenden Mitchum thanks so much for your insight. To answer your question the bigger unit is occupied with siblings & parents. So I would relocate to the bigger space and begin the STR in the apartment above the garage. The apartment is pretty outdated so I'm estimating renovations would be ~$10k. Mostly DIY with specific trade professionals.
My goal is to obtain cash flow to build up my portfolio and ultimately get time back from my W2 job. And to alleviate my reliance on just one source of income.
After doing some research of other STRs in my area I’ve seen the average nightly rate ~$180-$200 for the high season. And there aren’t many options on Airbnb/VRBO. so I feel that there is definitely a need. There are also some properties in my area coming up but the purchase price is way out of my budget for a first investment property upwards of +$400k. I’m aiming to invest in my first property at about $150k purchase price, less would be amazing. I have found a couple of markers that fit my criteria so its more of a timing issue at this point. Also to be frank, I do have some fear around jumping into a market where I don’t live.
Im also really interested in growing my portfolio with an small MF so maybe I can keep analyzing deals and then once I have some cash flow and more reserves jump into a market out of my state.
