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All Forum Posts by: Joseph Bafia

Joseph Bafia has started 8 posts and replied 301 times.

Post: Choosing My RE Strategy

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

We have 6 STRs and 2 LTRs.  I think the advantage I had was that my "path" chose me, versus me choosing it.  We bought a vacation home for ourselves and after several months decided to see if we could rent it just to make a few bucks.  The rest was history.  In your case, you've analyzed various paths and strategies and maybe now its partially FOMO and its tough to decide.

Totally agree with @Andrew Frowiss in that you just need to pick one. Keep in mind, you can always change, pivot, etc. As an example, we bought a home specifically to STR and covid hit and we rented it out as an LTR.

You won't go wrong...just do something! 

Best of luck!

Post: Visiting Boston and STR Investments

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

My son and I are from NC and have 6 short term rentals in various locations. We're making up a trip up to Boston this weekend and outside of some skiing, we were going to explore MA, NH & VT and see what STR opportunities look like up there. Would love to connect with anyone interested in STRs to swap stories, share ideas, etc. We'll arrive to Boston early Saturday 1/15 and staying through Tuesday night.

Would love to network!

Post: STR in North Carolina

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

We're just north of Asheville with several properties and also at Kure Beach, NC.  Happy to connect!

Post: Pool heater remote app for rental property?

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

We use Gecko In Touch ...but it's for a Hot Tub.  Remote mobile app lets me turn filters on and off, adjust heat, and track filter changes.  Not sure if they are pool compatible, but we love ours!

Post: AirBnB Short term rentals

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

Congrats on wanting to jump into the STR game. Although I'm not investing in the 2 markets you mention, we do have several properties that range from the coast of NC to the Mountains of NC to California and we self manage all of them so have experience with long distance STRs. Happy to connect and answer any questions. I've also worked with someone who lives in CT but invests in STRs in VT.

like @Erik Stenbakken, we are also about 40%. We got to that number once we had our first one in western NC and after we had a solid year of history, we knew how to analyze future ones in that area. But as others have stated, it will depend on market. Some of our properties are in HOA communities so fees are higher there. Some of our properties run electric heat while others on propane (so utilities vary with those). One of our places has a hot tub, so we have added maintenance on that one. We have 2 Pelotons in another property and we pay the monthly subscription, so there's another fee. Firewood, landscaping. memberships to amenities, etc. can vary.

As you can tell, its case by case. Something I've started doing more is getting revenue and expense records from the seller (if they ran it as an STR). Otherwise reach out to a fellow STR owner in the area you are pursuing...most are helpful.

Post: Long Distance Investing

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

Glad to hear your interested in jumping into the Real Estate game.  I was where you are about 3 years ago and now we have 8 homes and its a combination of long term rentals, but mostly focus on Short Term Rentals for the increased cash flow.  Mine are in several states and nowhere near my hometown.  

Happy to help answer any questions and best of luck!

Post: What investment method should I use with $130k

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

If you're willing to be a bit more "active", then you can consider Short Term Rentals.  This can help increase and accelerate cashflow, but does require a bit more work on your end.  Happy to answer any questions or some great forums on this site to follow.

Post: I need some book recommendations

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

If you want to get a basic feel for Short Term Rental investing (Airbnb,VRBO,etc.), try :

STRATEGY: Start Up Guide to Short Term Rental Investing.

This is a very intro level book with the background of how to get into Short Term Rentals.  This could be beneficial if your initial interest is cash flow!

Post: Out of state Airbnb investing?

Joseph BafiaPosted
  • Investor
  • Raleigh, NC
  • Posts 313
  • Votes 280

We have several STRs and self-manage them all from a distance without a PM.  We live in NC and our furthest is in CA.  We have a great housekeeper & handyman and a system that allows us to navigate everything from home.  Agree with @Jimmy Woodard that you can keep much of the 25-40%.  

Now that's not to say you cant make money using a PM, but if you're just managing a couple of properties then whether they are 1 hour away or 20 hours away, the process is the same (at least for us)

Happy to help answer anything else.