All Forum Posts by: Pamela V.

Something that is very simple, but not addressed in any of the books or podcasts has me stumped: if you are investing out of state, do you apply in your home state, or at the location of the property? Thanks in advance! 

Hi,

My husband and I just returned from a vacation in the San Juan area, and immediately saw the potential in the abandoned homes in and around San Juan. A little bit of googling tells me that we need assistance finding those that may be ready for purchase, but not on Zillow, since squatting is not viable for us! 😉 We are leaning towards STR, but need to learn a bit more about the opportunities of the market. Brokers/agents and fellow investors, we would love to make connections!

Thanks,

p 

Quote from @Bonnie Low:

There's nothing wrong with B markets if they help you hit your numbers. I wouldn't dismiss them. There are a lot of people doing very well - as in able to retire early - focusing mostly on B markets. One podcast I recommend you listen to is Living off Rentals with Kirby Atwell. He's in one of those B markets, he's an experienced investor, and he's killing it. Everybody has their dream property. Sounds like yours is one on the beach. Mine is a lakefront property in a mountain town. I can't buy that yet, but I'm buying properties that are putting off good cash flow and will eventually get me there. 

I will definitely check out that podcast, thank you! So many good ideas in this woe-is-me post— this community is amazing, and it has me thinking of so many great alternative ways into the market. So grateful!!

Quote from @Michael Baum:

Hey @Pamela V.! So I think those areas would be pretty solid. I might have a preference for Jersey seeing as it much closer to you which is always nice for a first STR.

I was poking around the overall Jersey Shore area and there seems to be some decently priced places but you are still talking 750k.

 I totally agree about the seasonality of the Jersey Shore. It might make more sense to find a duplex locally and attempt to get more steady cash flow that way until we have more experience, if the shore is the only viable option. 

Quote from @Marcus R.:

Just a thought but see if you can find the next STR market. If you can't find the next STR market, see if you can find the next STR experience.

Just making this up but an example of this would be a beer themed STR in a great brewery city. Or a sports themed STR for a popular team (Ex: Dallas Cowboys). Airbnb often promotes a ton of unique homes or experiences. From here promote and advertise your STR to draw attention to your unique location or experience.

 Love this. Thank you!

Quote from @Michael Baum:

Hey @Pamela V., I agree with everyone else here. You might be aiming to high for your actual budget.

You don't list the areas you are looking so it is hard to help. It could be FL or it could be CA, or TX.

Where are you located? I get the distinct feeling you want to be able to use it from time to time. That will help us help you.

This isn't a sprint but a marathon. It took us about 10 years before we found the perfect first place. We had a lot of criteria to meet and got shot down a ton before we pulled the trigger.

Take a breath and relax!

Hi, I’m outside Philadelphia. I was looking along the Emerald Coast in Florida, and my “backup” is the Jersey Shore. Other than condos, everything on the market in Fl is a million, until you go further inland. I wasn’t looking for anything crazy, just a 2 or 3BR SFH so there would be a decent margin. Looks like we are in condo territory there. 


There are a few deals on the market in Jersey, I will have to catch them, but 95%+ are a million dollars. Again, just a 2 or 3BR. Patience seems more likely to pay off here. 

Because neither is local, it’s harder to make relationships, but I will put some of the tips here to use, along with things I already learned, and re-do the game-plan. 

 Any tips or tricks are appreciated for either place, I am here to learn. 

Quote from @Luke Carl:

Quote from @Pamela V.:

Hi, everyone. My husband and I have been saving for almost a year to invest in our first rental. To me, STR is the only thing that makes sense for us, as we are 40 with 2 kids, and looking for the highest cash flow possible to allow for quick scaling and then freedom from the 9-5. (I recognize that the halcyon days are behind us, and this may still be a 5-10 year process.)

I have been reading the books and listening to the podcasts, so I pulled a pricelabs market analysis on our first choice (dream) market, and then looked at the MLS to determine what price range we would be looking at. 🤯 Went to our more local second choice, driving distance market— 🤯. Million dollar and up for even modest properties, 2 or 3 BRs, no pool or beach front.

Silly me was proud of saving almost 30k this year, when it will likely not even get us close to our goal of 2024 purchase. How do you even get into these beach STR markets as an average person? We make decent money, but it sounds like off-market deals are slim pickings these days, and I doubt we would qualify for a 900k mortgage. A bit of quick math at second home mortgage rates also tells me that breaking even with MLS prices the way they are right now would be a stretch.

I’m happy to put the work in to find a deal, and be patient, but unless you already have a cash flowing property to provide substantial leverage, I can’t see how this is realistic for an average person. Am I relegated to B markets? LTRs in small cities? I am missing a piece of the puzzle I think. 

Help! 

TIA…. 

To comment on your title.... A buyer always thinks the price is too high. And a seller always thinks it's too low. 

As for the rest.... You are correct that real estate is very difficult. It's a wealthy persons game. If you've got a bunch of cash you can buy real estate until you get sick of it, and then you can go back to stocks.

However. DON'T Get Discouraged!  It is very difficult but it can be done. I've worked 10x harder at real estate than I ever worked at a day job, and it paid off. Stick with it. Consume more content. Join a mastermind. Eat the watermelon, spit out the seeds. Good things will happen! Keep going :)

 Thank you for this. I am too scrappy to give up, the replies here already have my wheels spinning. Back to the drawing board…. I will keep learning, for sure.  

Your wife’s book was sitting next to me while I posted, so thank you for taking the time to respond. 

Hi, everyone. My husband and I have been saving for almost a year to invest in our first rental. To me, STR is the only thing that makes sense for us, as we are 40 with 2 kids, and looking for the highest cash flow possible to allow for quick scaling and then freedom from the 9-5. (I recognize that the halcyon days are behind us, and this may still be a 5-10 year process.)

I have been reading the books and listening to the podcasts, so I pulled a pricelabs market analysis on our first choice (dream) market, and then looked at the MLS to determine what price range we would be looking at. 🤯 Went to our more local second choice, driving distance market— 🤯. Million dollar and up for even modest properties, 2 or 3 BRs, no pool or beach front.

Silly me was proud of saving almost 30k this year, when it will likely not even get us close to our goal of 2024 purchase. How do you even get into these beach STR markets as an average person? We make decent money, but it sounds like off-market deals are slim pickings these days, and I doubt we would qualify for a 900k mortgage. A bit of quick math at second home mortgage rates also tells me that breaking even with MLS prices the way they are right now would be a stretch.

I’m happy to put the work in to find a deal, and be patient, but unless you already have a cash flowing property to provide substantial leverage, I can’t see how this is realistic for an average person. Am I relegated to B markets? LTRs in small cities? I am missing a piece of the puzzle I think. 

Help! 

TIA….