All Forum Posts by: John Rankin

I would like to hear opinions of experienced investors on what type of STR would be best to purchase going forward. I am about to purchase my first and/or second STR property in the Southeast. With the market changing and housing being expensive would you recommend purchasing one higher end luxury property around $700k or two mid level properties around $300-$350k? Running the numbers on a few properties they both have good COC and CapRates but the mid level properties are not as exciting or alluring as the nicer property (obviously).

I am having a hard time finding any worthy turnkey $300k properties that will allure to the public and am worried that the mid range may not cashflow in the long run as much, however it is a lower cost so my liabilities will not be as much. There seem to be more options for the $650k + properties but I won't be able to purchase multiple as my cash will be tied up for a longer period. Listening to podcasts it sounds like a lot of people are focusing on higher end but wanted to get opinions if that would be wise for my first STR.

My goals are to own 3-5 STR in the next 2 years and then transition into some LTR as well as Mulitfamily and want to know the best pathway to get there. Hope that makes sense, sorry for the long winded wording. Any input would be appreciated.

I am using a 1031 exchange to purchase 2 STR's and from what research I have found is I am not allowed to use those funds for furnishing a property. What is the best way to finance the purchase of furnishings. I have some cash to do it but that will run me dry of my cash reserves which I would like to keep on hand for any unforeseen situations. Also, I know the cost will vary based on style and location but what is a good estimate for a 4 bedroom 2500 sqft property on cost to furnish properly. I have read anywhere from 10-15k all the way to 40-50k. Any input would be appreciated.

Hello, I just sold my first investment property that was a LTR in SC. I am rolling over the profits of approx $130k into a 1031 exchange and would like some input as to best way to start investing and scaling my portfolio. My current plan is to buy 2 STR properties and then after year one save and take earnings to invest in additional BRRRR properties to grow my cash to buy mulitifamily units and additional LTR and/or STR properties. I am interested to hear if this is a good plan to start with STR's. I plan to use a 10% down second home loan for the properties. I also would like to know if it would be best to buy 1 property at a higher value with a larger cash flow or the 2 mid range properties with mid-range cash flow to start. I am looking in the Smokey Mountains, Blue Ridge Mountains in GA and properties in FL. Any other market inputs are welcome. My goal is to have 10-12 doors in the next 3-4 years. Any input would be appreciated.