All Forum Posts by: Melissa Nash

What do you have time and money for? This will answer your what. If you have little time but $, I would look at out of state turnkey. If you have more time and little money then I would look at rehab projects to force equity and get your $ back and roll into the next! Best of luck! 

What time and money do you have to get started? That will answer a lot of your questions. And be open to markets outside where you live. The best deals are usally not in your own back yard.   Best of luck! 

Why are you buying real estate? Is it only for the cashflow? Sounds like the cashflow is decent to me.... the tax benefits might be more beneficial to you, and appreciation, and the guests are paying your mortgage down hedging inflation... etc, etc, etc. And the BEST part.... you get to use the property while creating true wealth! 

Location, location, location... then amenities. (you need a pool in Palm Springs, who is your guest avatar? You need the amenities they want and they expect to compete) Then you have to create the EXPERIENCE for them. Then you NEVER have to compete on price, or worry about not getting 5 stars. Best of luck! 

What do they have time and money for? that is always the first questions- if they have more time than money, then a rehab project... if they have more money than time... then I would recommend a turnkey property and get them 2 nice properties out of state. 

I own in the Cincinatti area and very happy with the team who did the rehab and the PM, he is great- a small company, but personal attention that I love. LMK if you want his info! 

Are you looking to self manage or have a property manager? The biggest difference is STR is considered active investing. Lots of benefits because of this for taxes.... but you will be busy daily. You can automate most of it, but you can't just set it and forget it. Expenses that most investors don't add it wear and tear on the property & products inside it. I generally spend at least $300+ a month for these. You are at the mercy of the guest for a 5 star review- so if they say the shower is slow, you send out a handyman immediately. The goal is getting that 5 star review so you can grow your reviews and get more bookings and then you can charge more, So you do need to do your homework as its very active in the beginning... then you automate over time, I have 5 properites and spend less than 20 min a day on all of them... but the automations work and I put in the work to make them the best! Best of luck! Melissa

where are you looking? You might have to give up your own back yard and invest where it makes sense. 

I have had good luck with Zillow, also there are insurance companies that love mid term for homes that have moved owners out for insurance claims. I have had a few reach out to me on that. 

 You know I do!! I will send to you