All Forum Posts by: Steve Redd

Congratulations Cody! That sounds like an awesome flip. How did you meet your partners? Did you meet them in the REI community, or did you know them before (family or friends)? Also, how did you break down roles and profit sharing? I'm curious since I am partnering with my brother. He is bringing the cash, and I'll bring the deal and all the rehab work. I'd like to hear how others break down their partnerships.

Daniel - I bought my first investment in Branson 1 year ago. We’ve been really happy with it. The only mistake I made was doing all the rehab myself (I live and work 4 hrs away in Kansas City, so driving every weekend got old fast…and we took longer than planned to finish the rehab), but it has been going well since then. 
Wat types of connections do you need? My realtor was excellent. He lives and invests in Branson STR, and was very responsive when we needed his support. I didn't shop around much for my lender and property manager. I used the companies referred by a friend. I have no major complaints about either. DM me if you would like more info.

@Scott Goulet Thanks for starting this discussion. I'm anxious to see other responses because I am looking at a smaller multi-family deal (in a small town just East of KC). I am getting a Cap rate closer to 7. Full disclosure, this is my first time really digging into a multi-family deal, so I'm not confident in my analysis at this point. I don't know if the ARV should drive the cap rate, or if the cap rate should drive the ARV. I should clarify that the one I am looking at doesn't have much room to support adding equity through rehab. I'm using the list price as the ARV for now.

Congratulations Luther! I’m excited to see how this one turns out!

Congratulations Kerry! The place looks great. Are you self managing, or did you find a property manager? Our first investment was a STR in Branson as well. We just went live at the end of May. So far it's making money, but I'm anxious to see how we do in the slower season.

Tyler (and the whole BP community),

Thanks for sharing your report. I am trying to move into long term rentals, and I am probably overly conservative in my numbers. You listed 3% for vacancy. What did you base that on? I usually use 8%…but as I mentioned, that could be way too conservative? I’m interested in knowing how other investors determine these assumptions. 

Congratulations Keith! I’m inspired when I see local people having success. So…what’s next?

@Sarah Watson the STar in Branson is doing well. It is still early (it has only been active for about 6-7 weeks), so I’m hesitant to say it is or is not successful yet. We have friends that invest in Branson, and they are doing very well with STRs. We love visiting Branson too. You guys are only a couple hours from there right? I’m not familiar with your area in MO. Are there many STRs to give you a good sense are marketability there? I wish you the best of luck. I am super excited to see others advancing toward their Investing goals. It motivates me to keep grinding. I’m cheering for you!!

@Sarah Watson these are great questions. Thanks for asking them! I can't advise on anything, but these are probably the questions I should have asked before I did my Branson MO STR! You have definitely got me thinking…

I’m anxious to see how you handle this, and scale your business in the future! Best of luck to you!

These are excellent points. Our goals for this first property were not all about the money. We do pay a chunk in HOA and POA…and don't forget the Golf Assoc. dues. It's crazy, but we love the location. By the way @Gary Nelson, you wind the day for best company Logo! Well done!