All Forum Posts by: Account Closed

@Daniel Hyman Good call, I'll talk to one beforehand even if I decided to DIY. Thanks!

I recently purchased my first STR in the Florida panhandle, and have two close friends who would like to partner for a STR. We have a general idea of what we want (equal down payments, equal profit splits, management roles), but I feel like I don't know where to start. My friends will be active in management once it's acquired, but I will be doing the grunt work in terms of forming an agreement, LLC, finding the deal, working with the agent/lender etc.

I'm not opposed to just going to an attorney, but my current idea is to use a partnership agreement on lawdepot.com or similar, then create an LLC with a bank account and then start looking for deals/sending offers. Is this is the general order you would recommend? If a hot deal came on the market tomorrow we wanted, would it be too late to put in an offer before having this all set up?

I know spending the extra cash for an attorney is ideal, but I also know many people successfully do it themselves- are there any investors out there who have had success just forming an LLC online?

I realize this is a lot to unpack for one post, but I'd appreciate any personal experience the BP community has to offer. If there's any factors I haven't mentioned that should guide my decision, by all means I want to know about it!

@Villy Ellinger I'm an new owner at The Palms and don't use Compass, but my guests have access to the shuttle, bell hop, and all the other amenities that place offers.

@Patty Osborne I've only rented for a few months, but based on the strong rental demand down here and my revenue so far, I think 40k is very conservative, and 50k very achievable! A view helps, but my guests mostly just appreciate proximity to the beach and the onsite pool.

Kirsten, I just bought a property in Destin I'll be living in for the next year and renting out as a STR thereafter. I'm a new investor, but connected with a more experienced folks in this area that have done very well. This area seems to do a lot better than other areas in the panhandle (PCB, Pensacola, etc...), especially if you self manage.

@Matt "Roar" Gardner is a rockstar agent and the go to man for investing questions in the panhandle!