All Forum Posts by: Stefanie Johnson Sykes

Hey Estrella, I'm in your market and have consistent bookings for this time of year. Our STR typically stays booked on the weekends which I would like to change this year. I advertise on my Social media, change prices if unit is still vacant, use discount rates. Are you on all platforms? Possibly sending emails to prior guests with a discount could also drive some traffic. Also depending on your location you can look at events in that area and promote that with your STR. I'm not super technical so those are some things I do. Hope that helps!

Getting started early is the key! You are off to a great start! One thing to look into is jobs that will provide some type of SL debt paydown. Possibly negotiate that into your first salary if at all possible. 

Network, research and take action. Learn the market you're, like Ray mentioned, study the market; know the particulars of an area for example where you want to buy, what makes it a good purchase. Hang around people that have the same goals. They will push you to get started now and support your successes. This is definitely a long game so early entry is a plus!

 Hello Tyler, 

Speak with an Attorney for sure, maybe speak to the tenant and find out what the situation is. You could possibly offer cash for keys depending on the situation and your bottom line. Let the tenant know that you don't want an eviction to affect their future and that you would like to work it out amicably. Worth a try!

Investment Info:

Single-family residence buy & hold investment.

Hello BP community,

I am so very grateful for this community and the community of REI! Today, we closed on our 1st of many investment properties!! It is a fix and hold. We were able to use a HML to obtain the funds needed to do the fix, we will hold and LTR or STR. We have a friend/mentor @Rickpozos who has guided, nurtured and supported us through the last 5 years to now. We are so grateful for his friendship and expertise and mostly his patience while the mindset shift was taking place.

What made you interested in investing in this type of deal?

The area is a solid area for the type of return we are looking for. We wanted to do something local and get comfortable before moving out of a market we already know

How did you find this deal and how did you negotiate it?

Mentor/Friend

How did you finance this deal?

HML

How did you add value to the deal?

Will be fixing up property

What was the outcome?

It will be good but we have not completed yet.

Lessons learned? Challenges?

TBC

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Corridor Funding

@Dennis Meints check out the Real Estate Rookie Podcast #35. Some good insights there.

@Randy Sherer I'm doing the same now and have researched the county or city STR zoning, permit requirements by going to Google or the city website. If you have already done this please pardon my suggestion. You could also call the city and ask where to find this info online. Hope this helps!

@Michael Craven I'm looking into STR, do you mind sharing what you used to project your income and expenses as well as vacancies and the local market?
Airdna is what I have used so far. I have also signed up with pricelabs. Any others that you would recommend?

Thank you for your input!

Thank you so much @Sara Abernethy!! I owe you dinner when I am up that way once I get some properties!! Thank you again!

Hello BP friends, 

I am looking for a RE attorney in the Geneva NY area. If anyone has any recommendations, please share with me!

Thank you in advance!!

90 days going strong!

Great job @Mike Hoffman! Thank you for the inspiration and also the down and dirty of a deal and stewing put into the unknown and sharing your story! It’s all about determination, networking and mindset!