All Forum Posts by: Account Closed

Hello fellow BPs! I’ve worked and saved up about $30k. I want to get into real estate investing, but not sure if $30k is enough.

My long term goal is to have enough long term and short term rentals to quite my 9-5. I estimated that if I can generate $6k a month then I am FIRE! Although, I know it’s never free, you’ll always be working on your properties and you should.

So if I get 20 long term SFH all generating $300 a month in profit then I can achieve my goal. But how to get to there.

I don’t want to just dump all $30k into one rental. It would take forever to get to 20 homes.

Thoughts?

I see men constantly posting! Where are the women? That are investors and agents?

Hi everyone,

I'm evaluating a condo in Panama Beach City Florida for a short term rental.  Here are the numbers:

Purchase Price: 290k

ARV: 285k - 300k

No major renovation is required.  Here are the monthly expenses as I've researched so far:

Supplies $100.00
Electricity $400.00
Gas $50.00
Water/Sewer $50.00
Cable/Internet/Netflix $50.00
Pest Control $50.00
HOA $1,100.00
Property Tax $200.00
Insurance $100.00
Repairs $239.63
CapEx $239.63
Property Management $0.00
Booking Fee $143.78
Total Monthly Operating Expenses $2,723.03

A few questions arise for me:

1. $1100 in monthly HOA fees are A LOT. Is that common in Florida vacation condos? Is it wise to purchase a vacation rental condo with such high HOA fees? It seems that it would add significant additional pressure when the home is not rented. With such high HOA fees, I feel it would make it difficult to sell the home as well. I'm trying to think of a contingency plan in case the short term rental model does not work with this property.

2. Should I still plan for 5% capex and 5% maintenance with this property or condos in general? I supposed I'll need to research more closely what the HOA covers first?

3. @Avery Carl has some charts on her site with average occupancy rates, and average daily rates for this area.  Her figures indicate an average daily rate of $215/night and an occupancy rate of 70% for a 2 bed/2bath in PBC area over a full year.  Assuming these numbers are fairly accurate and acquiring a loan with 25% down, I'm looking at a monthly cashflow of around $600/month.  Do these numbers seem reasonable?  Am I being over optimistic here?  Any guidance would be greatly appreciated.  

Anything else that I'm missing. Would love any other feedback on this deal or STR in general.

Thanks in advance.

Majid

Hey BP, any recommendations on Airbnb management company in Charlotte NC? Thanks!

Hey everybody

I'm interested in purchasing a home or condo in St Martin / st barts / st croix / st Thomas and renting it out as a vacation rental. Not sure which is easiest or better. Anyone with any experience / success in the Virgin Islands ? Is vrbo and airbnb best? Or use a realtor etc?

Would love to discuss anyone with experience or any re attorneys down there etc.

Best

Hi All! I am a newbie investor looking to buy my first property in Austin, TX. Looking to do a househack with an FHA loan - hopefully live for free and cashflow once I move out. Realizing that in this market finding a cashflowing rental is difficult, I am looking to do the "rent by room" strategy that Craig Curelop describes in his recent book as well as considering airbnb options.

My  preference would be to start with a multi-family but also realize this could be difficult in the Austin market, so am also looking at single family with 5+ bedrooms in order to generate additional rent. I work in the domain area so I am interested in buying nearby - but am open to other areas closer to downtown as well (just don't know which). 

Does anyone have any recommendations for my overall strategy for my first property? Should I attempt to sign full year leases with roommates or go the short-term rental way with airbnb (or mix of both)? 

Any recommendations on good areas to buy? 

Thanks!

My wife and I are new to short term rentals. We have our eyes set on a property on a lake that we frequent, and want to know how to analyze it to make sense if we could purchase for us and our family to enjoy, while tenants pay for it when we aren’t there.

Do you all analyze short terms like you would a long term? We have been looking on AirDNA and comps on Airbnb and it appears the monthly average at 50% occupancy is 1200-1400$ to be conservative I would probably analyze at 1,000$.

Any advice?

I am new to the Idea of getting into Real Estate and I am thinking about House Flipping but I do not know any Real Estate Lingo. What Does Bigger Pockets have that that give information on understanding Real Estate for beginners.

Hi guys,

I am fairly new to BiggerPockets and the Real Estate world, planning to start investing on buy and hold properties in the Tampa Bay area, FL. Do you have any thoughts or best strategies for this market?.

Thanks in advance.

Hello :) hope you all are enjoying your day.

I’m in the process of hopefully renting out my guest house by the summer time. However, I wanted to ask if there are any recommended websites or real estate lawyers that you would recommend that can type up an excellent rental agreement?

Thank you in advance!