All Forum Posts by: Kelvin Urena

That is some solid advice! I can attest to that, considering my STRs were in the same market (because all of the homework had been completed for the initial investment, so it didn't have to be conducted again).

I can attest to what Eric has mentioned here. I did the same for my STR Units in Austin. It does take a leap of faith that is done with the backing of solid analysis and knowledgeable members on your team to fulfill tasks you're either uncomfortable overseeing (like acquisitions, bookkeeping, etc) OR who can be consulted just for advice. 

I think that all of the other contributors here are providing some sound advice! I understand that California is a little more of an arduous state to invest in (due to increasing prices, LLC Fees, Tenant/Landlord Laws, etc.), yet have you thought about investing in an area that is a little more cost-effective? How about partnering with someone who has experience with the business strategy you want to engage in?

As someone who's from New York City, I completely understand how impossible a cost-efficient real estate investment may sound, yet I would suggest connecting with people here on the forums (& beyond) so you can get more comfortable with the steps necessary for investing in Real Estate. 

BEAUTIFUL! I love seeing hard work pay off in the long run! Congratulations! Here's to hoping for more fruitful endeavors in the near future🥂

Investment Info:

Condo buy & hold investment.

Purchase price: $283,320
Cash invested: $15,000

One bedroom, one bathroom unit in a great market experiencing growth at an accelerated rate. At 838 SF, this unit is roughly 15 minutes from Downtown Austin, as well as having a variety of amenities (ie. Two Community Pools, a Gym, an In-Unit Washer/Dryer, a Dog Park, & More). It makes for an incredible Short Term Rental for those looking to experience a great time!

What made you interested in investing in this type of deal?

While in military MOS school (that stands for "Military Occupational Specialties" for those who don't know), I was studying up on rental strategies I could use once my training was done.

After completing my military training, I chose to move to Austin, TX in search of more affordable investment opportunities (anyone else who resides in New York can understand...). Within two months of moving down, I managed to acquire two short-term rental units that were converted to Airbnbs.

How did you find this deal and how did you negotiate it?

Having drawn up a list of complexes that would allow their units to be sublet on Short Term Rental Platforms, I spent weeks contacting them one by one until I found one that was willing to negotiate with me. An agreement was drafted that allowed my team to sublet the property in exchange for an additional deposit.

How did you finance this deal?

I had spent over a month contacting prospective investors who would be interested in providing some of the capital required for the furniture/amenities required to prepare the property as a Short Term Rental. I found an investor that was willing to lend $15,000 in exchange for a 12% ROI, yet we were able to provide a 30% ROI just within the first year alone! As an added incentive, my partner also receives a portion of the Cash Flow associated with this unit.

What was the outcome?

Between all of our Short Term Rental Units, we were able to generate over 44 Positive Reviews (which are ALL above 4 Stars) from our amazing guests that have given us an opportunity to host them! We've also managed to make nearly $18,000 in income over the course of the last quarter of 2022!

Lessons learned? Challenges?

The biggest piece of advice I can provide for those stuck in the phase of Analysis Paralysis is to just jump on it! With enough determination, analysis, and purpose, anyone can set themselves on a path toward Financial Independence.