All Forum Posts by: Joseph Bafia

Paul - I'm in Raleigh and am also new to the RE game. I have 2 STR properties out in Western NC, but looking to do something closer to home like a BRRRR that I can better oversee. I have tried to get to a TREIA meeting as well, but work travel has kept me away the last several. Would love to connect at some point and share ideas.

Joe

We had the same dilemma/question.  We went from liquid to pods more for ease, cleanliness and volume of use.  I Lee felt like people were letting the liquid drip on a table that we store it on and I think they were using way more than the machine needed.  Pods are easier and we hadn’t had a an issue with theft. We leave about 5-10 out at any given time and housekeeping restocks from our guests owners closet.  

Just ran across this post and thought I'd chime in with my recent experience. We got into the STR game kinda by accident. We wanted a getaway home in western NC and had no intention to rent but after we realized we didn't use it very often, we thought we could make a few bucks. Completely self-taught and fumbled through the process of listing on VRBO, we found out that this was a great move. SO great that we just purchased a 2nd home a little over a month ago in the same area. Ours are located in Mars Hill, NC and we love the area (and the added revenue). At this time we self manage everything. Good luck with your search and let me know if I can help answer anything.

@Myka Artis

I was just browsing the forums on STR topics and saw your comments about a site called turnoverbnb.com that I had not heard of and figured I'd give it a try. I have a STR that I've been running for about a year and just picked up another and the manual process I use to keep turnover scheduled...is well....a manual process. Maybe this is the solution! Thanks for the idea.

Joe

Being new to REI and to BP, I'm thankful for all the resources and willingness to assist others!

Happy Thanksgiving!

Joe

I've quickly learned from these forums, my reading of books and what short amount of personal experience I've gained (about 2 years of REI) that every situation is unique and a blanket "that never works..." is not accurate. I was told to stay away from STR for the very reason of HOA, and although I agree that there is added costs and rules, its not always "they never work". We own in a NC mountain community (Wolf Laurel if you want to google it) and it has higher HOA as well, but we love it and our STR has done great! We just purchased a 2nd home 2 months ago in the same community. I did my research by looking at other listings, seeing their availability, rates, reviews, etc. and we found that the smaller homes offer the best return. Our community sounds like what you described with amenities like golf, skiing, pool, etc. that draw in vacationers. I think any opportunity is worth looking at, and then make your decision. I'm actively already looking for my next one in the same place. Good luck and interested to hear how it goes.

Brian -

STR = Short Term Rental

I rent on VRBO.

Joe

Brian -

I'm from Raleigh but travel the whole state for my "day" job. I'm also fairly new to REI and have started with some STR in the mountains. Just started reading the BP forums, some books and self-learning. Would love to connect at some point if our paths cross.

Joe

My first purchase last year was a 2nd home (cabin) for us to enjoy in the mountains in NC. Bought with no intention to rent, but after we saw we only used a few times per year, we thought we'd dabble in STR. Learned quite a bit and realized that we could save money and manage on our own. We've done fairly well and found a housekeeper in that area who is amazing along with a handyman who handles small issues. We do all ours through VRBO and managing one property hasn't been bad for us. I quickly learned how to use the VRBO tools, templates, etc. We charge the housekeeping fee as part of the rental so that just passes on to the housekeeping fee. I'm not an expert by any means, but can answer any questions as best as I can.

Good luck! We just bought our 2nd one in the same area, but haven't decided if we're going LTR or STR on the 2nd one.

thanks for the comments.  I am also definitely a newbie in the real estate business.  I'll do my best to answer your questions based on what i know.  

1) the cash invested is the down payment.  It was essentially money I saved up over the last 2 years.

2) on this new purchase, I plan to rent it 1/1/2020.  I'm currently having the flooring replaced and some very small updating and getting new appliances.  Since I don't live in the area where this home is, I have to count on someone out there to work on it.  I'll incur approx $5500 in costs before its rented as this will cover the floor, appliances and 2 months of mortgage.  

3) I'm renting for $1100 /month and based on my math, I'll cash flow about $250-300 month for a LTR. The first property we have does very well as a STR and i cashflow roughly $750/month...but it takes more work to manage as it constantly has new people coming in.

4) I'm currently listening to "Rental Property Investing" by Brandon Turner.. Amazingly informative for a newbie like me.  It broke things down for me a a very basic level.

Hope the above helps and hope to connect!  Good luck!

Joe