All Forum Posts by: Tanner Martillo

Hi BP Community,

I'm evaluating a potential investment property in Cincinnati, Ohio, and would love to get your insights! The numbers I've been running look really promising from a short-term rental (STR) perspective, and the area seems to have favorable STR regulations—or at least a lack thereof. However, I have some concerns and would appreciate advice from anyone familiar with the market or STRs in general.

My Key Concerns:

1. Lack of Comps: When looking at AirDNA, there aren’t a ton of comps in the area for properties like the one I’m considering. Is this a red flag, or could it just mean there’s an untapped market here? The comps that do exist seem to be performing at a high-level
2. Market Overvaluation?: I noticed a lot of similar properties (4-bedroom, 3-bathroom) were purchased as fix-and-flips for around $150k, but they’re now being listed at $450k. While the renovations look solid, this price jump seems steep. Could I be missing something, or is this typical for the market right now?
3. LTR Backup Plan: I want to ensure that if the STR route doesn't pan out, the property could sustain itself as a long-term rental (LTR). How do you evaluate whether a property would work as an LTR while planning to use it as an STR? Any key metrics or red flags I should look out for? Any insight in to the LTR market in Cincinnati?

Additional Details:

• The property is in a desirable area with good amenities nearby.
• STR data from AirDNA shows decent revenue potential, but the lack of comps makes me hesitant.
• I'm looking for a balanced approach that minimizes risk, even if STR performance doesn't hit expectations.

If anyone has experience investing in Cincinnati or navigating markets where STR data is sparse, I'd love to hear your thoughts. Any insights into pricing trends, STR regulations, or running dual-use scenarios (STR + LTR) would be incredibly helpful!

Hey BP Community!

I've been on an incredible journey over the past year, diving deep into real estate investing to build financial freedom. Even though I have a great corporate sales job with a W2 income over $200k annually, I've always known I didn’t want to rely on that income forever. Initially, I was hesitant about buying property due to the potential expenses, but I realized that approaching real estate as an investment could yield the financial freedom I’ve always aimed for.

The Start of My Journey

In December 2023, I decided to devote my spare time to real estate. I kicked things off by listening to the BiggerPockets podcast, where I heard an inspiring story from a woman who’d quit her W2 job within a few years of investing. That story got me hooked. I immediately signed up for a BP Pro membership, joined a live webinar on how to start in 2024, and absorbed everything I could about real estate.

At first, I was exploring the idea of investing in San Diego, where my girlfriend and I were living at the time. However, with the market booming and prices high, I felt it was too risky to put all my chips on the table for a single property. That’s when I realized out-of-state investing could be the best path forward, especially given our flexibility with remote work and plans to travel.

Venturing into Airbnb Arbitrage

Since I wasn’t quite ready to buy, I ventured into the Airbnb arbitrage space and purchased a master class to learn the ropes. While the arbitrage model didn’t work out as I’d hoped, it turned out to be a valuable learning experience. I walked away with a thorough understanding of what it takes to run a successful Airbnb, from setting up listings to managing guests and maximizing occupancy rates. That knowledge gave me the confidence to take on short-term rentals as part of my investment strategy moving forward.

The First Deal

In May 2024, while my girlfriend and I were traveling, she found a multi-family property in a city near us. Knowing my goal of house hacking and Airbnb, she encouraged me to connect with an investor-friendly agent I found on BiggerPockets. After several inspections and a few deals that didn’t pan out, I was able to lock down a duplex in a high-demand Airbnb area. Fortunately, we both work remotely, so we decided to move into one unit and renovate it for Airbnb while keeping tenants in the other. I currently use RentRedi (courtesy of BP Pro) to self-manage the tenants.

Where We Are Now

It’s been three months since we moved in, and while the renovations have been challenging, I couldn’t be happier with the decision. In January 2025, I’ll list the renovated unit on Airbnb and move into the other unit. I managed to secure owner financing for five years at 6% interest on half of the property cost, with a 7% rate on the remaining financing. To cover the down payment and closing costs, I took a 401k loan, which left me more capital for the renovation work. I'm also managing another Airbnb property, which has been instrumental in refining my property management skills, and I’m considering expanding into more property management. I’ve added a link to my website if anyone has any feedback.

Looking Ahead

I'm thrilled with how things have progressed so far, and I hope my story encourages those just starting out. For my next move, I’m looking for guidance from this community. My girlfriend and I are flexible and can live anywhere in the U.S., so we're open to owner-occupying and house hacking again in a high-demand area. We’re aiming to grow steadily, and any advice or insight on what might be a smart investment move for us next would be greatly appreciated.

Thanks for reading, and happy investing!

Hey Brittany, thanks for the reply! I meant 10% down based on SD multi-family real estate prices. I have about $110k to put down so OOS it wouldn’t be a problem to put at least 15-25% down

Hey everyone! 

I’m looking to get started on my real estate investing journey and am having trouble deciding which route to go. I currently live and rent in San Diego and would very much like to try to lockdown a property down here by end of year if possible. I’m sure a lot of you know the market is booming here and it has been difficult to decide which route I should take that would make financial sense and put me in a good spot to build my portfolio moving forward.

Here are the current options I’m considering: 

• Option 1 House Hack: Purchase a multi-family, live in one and rent out the others. Due to the high costs in San Diego and current interest rates, I would most likely only be able to put up to 10% down. I would likely try to make at least 1 unit an STR to try and get a bigger return but conservatively I would be increasing my monthly living expenses pretty significantly. My thought process is that this would be an equity play but am worried that I would be handcuffing myself for future investments.

Option 2 House Hack with Partner: My friend/ potential partner is looking to do the same thing. We are considering finding a 3-4 unit, I would live in one unit with my girlfriend, he would live in another unit with his wife and we would rent out the rest. This would require a high down payment and I would be splitting equity with my partner.

Option 3 Don't Buy in San Diego: I am open to investing out of state but would likely not house hack and instead would setup a LTR or STR. I like the idea of fix and flip for additional capital but I'm a rookie and not sure if it is too much of a risk for my first investment to be a flip.

Aside from wanting to get in to San Diego, my priority is to get in the game and set myself up to be able to grow my portfolio.

Any feedback or advice would be much appreciated!!