All Forum Posts by: Ross Bowman

@Luke Carl @Avery Carl I like that mentality! Keeps it simple. I'll have to really dig into each, as one thing I'm learning about STRs is that it's a lot harder to really estimate the gross earnings since there's so much variance. 

Likewise Mark! Best of luck! 

Greetings all! I'm looking to get into the STR game, now that I picked up a few small single family, long term holds, to get my feet wet.

I'm torn between getting a lake house or beach house. I live in South Carolina so there are options for both of these. 

Does anyone have an opinion, or experience, on why one may be better than the other? Or just some things to be aware of that I may not have considered? 

Or would it be better to just be open to both options and see what deals I can find? 

Thanks in advance for any insight!

Hey Mark, welcome. I'm in SC as well (Charleston) and started my journey last year. I currently own 3 properties. 

Have you considered looking out of state? While I do agree with Brandon Turner that money can be made in any market, I couldn't really find the deals/numbers I was looking for in my immediate area so I looked elsewhere. I wound up getting 3 properties that cash flow in Oaklahoma and now I'm considering trying a vacation rental, which can work in SC. 

David Greene's book on out of state investing is actually really good for this. If you're looking for turnkey long term rentals out of state, there's a lot of options. Just note that the CF from one isnt going to be life changing the way it can be with a short term vacation rental or a BRR. But I'm glad I have mine just to get in the game.

Thanks for the info Colten! Thats good to know.

I have heard that Charleston is strict on airbnb and there's all sorts of nuance to it depending on where you live. Let us know which you have better luck with - LTR or STR??

Awesome - thanks for the heads up Buckley. If you don't mind me asking, what realtor and management team have you used for your vacation rentals out there?

Solid feedback, thanks Mark! 

And yeah COVID has created a serious sellers market here. I wanted to get an STR here and due to an inventory shortage they are selling for more than they even were before.

I may look in the Beaufort/Hilton Head area instead.

I am very torn between strategies for my next investment property. I currently own a couple small SFH long-term rentals in another state, but I am very interested in either Small Multifamily OR a vacation rental (Airbnb).

I was pretty set on a vacation rental and now the uncertainty of COVID is making me second guess that. Not to mention, COVID has caused a severe inventory shortage here in Charleston SC, where I planned to invest. 

Does anyone have an opinion, or experience, on how to pick the right strategy here? Or should I just be open to both and jump on whichever good deal comes my way? 

Alternatively, there is option C: wait a bit and see what happens with COVID, since we're still in uncharted territory here. Would love to hear your thoughts.

Hi Sarah, is this done over Zoom right now or somewhere in person? Interested! 

Awesome - thank you sir! Will look into that as well. Much appreciated.