All Forum Posts by: Sheri Dell

Looks like there's some great advice here. I just want to throw in my 2 cents about short-term, vacation rentals. There are advantages and disadvantage to both long term and short term. Here are some reasons why short-term may be a good option to add to your portfolio:

Higher income potential
Flexibility & Personal Use
Lower Turn-Over Costs
Lower Collections & Holdover Costs
More Creative Opportunities

1 Vote

Quote from @Jerry Lucker:

Quote from @Richard Purdy:

I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas

Here's an idea. I've been flipping mobile homes in mobile home parks for over 20 years. The first one I did I was all in for purchase and repairs at $17K and sold for $37K. I did 8 flips the first year and netted $170K. The numbers have changed but the business hasn't. My most recent flip was all in at $100K and sold for $160K. It's hard to match those profit percentages with real estate. You'll find very few investors that understand this niche well enough to get involved in it. There's never been serious competition :)

Wow! I've never heard of flipping mobile homes before. Are they a lot easier than flipping houses since you're not dealing with stuff like foundation issues and dry rot?

0 Votes

Quote from @Theresa Harris:

If you want to grow your money that fast, you also risk losing it all. Can you use it to help buy a short term rental? That will give you the biggest bang for your buck without the risk of a flip. Use solid furniture from a thrift shop to furnish it...aside from stuff with fabric-I'd buy that new.

I agree with Theresa. I don't know if a short term rental will meet your goal of doubling your money in a year, but they have a high ROI if you know what you are doing. There are listing options like Airbnb and management companies that specialize in vacation rentals that can handle just about everything for you. You can also be an investor instead of buying a property on your own, or get a long term lease and sublet to short term renter. I think it's worth looking into.

0 Votes

All Forum Posts by: Sheri Dell

Sheri Dell has started 2 posts and replied 23 times.

Post: 30k a month net from other businesses (Where to start in Real Estate?)

Post: Just got 60k. How can I double/triple it?

Post: Just got 60k. How can I double/triple it?