All Forum Posts by: Marvin Harbour

@Louis Zameryka so some slightly different advice than what you were asking for. I would strongly encourage that you look at the STR comps before even purchasing that home. A 250k mortage is pretty substantial for a STR. For a 250k mortgage I personally would be expecting at least a $1,600 monthly cashflow. Which is very doable depending on what city the property is located. I am from and live in Michigan and homes that are worth 300k on average are grossing 100k yearly on the higher end. However these homes have 4 rooms and 2+ baths. The homes I am referring to are in an extremely desirable area. Whereas you can take that same home and locate about a hour away in Detroit and would be lucky to gross 60k.

Can you explain more? If this is your friends condo, how are you profiting? 

Investment Info:

Single-family residence other investment.

Purchase price: $700
Cash invested: $9,000

I currently lease two properties and sublease them as STR on Airbnb. I started with my first property in 2017. However, this property has been listed since June 2019. I am into my second year at this property. Comparing last year to this year, this property's cash flow has increased by 91.3%. I am projecting that next year will increase by at least another 60% due to house updates, nightly rate increases, and adding more beds. I absolutely love listing on Airbnb and am always excited to talk to people about it.

Investment Info:

Single-family residence other investment.

Purchase price: $700
Cash invested: $9,000

I currently lease two properties and sublease them as STR on Airbnb. I started with my first property in 2017. However, this property has been listed since June 2019. I am into my second year at this property. Comparing last year to this year, this property's cash flow has increased by 91.3%. I am projecting that next year will increase by at least another 60% due to house updates, nightly rate increases, and adding more beds. I absolutely love listing on Airbnb and am always excited to talk to people about it.