All Forum Posts by: Troy Larson

@Jared Smith

There is a great book in the store on estimating rehab costs. It's free if you buy the book on flipping houses. They are both written by @J Scott .

I just finished both. They are very informative.

Flipping book

Troy Larson

LVP is subject to fading under direct sunlight. If installed in areas of high foundation movement you will have possible buckling and separation. It is semi-durable, easy to clean, easy to install and in-expensive. This makes LVP and good choice for the LTR investor.

Porcelain is highly durable, easy to clean ( if sealed properly) more expensive, and harder to install. It looks great and will hold up years. This makes porcelain good for flips and holds 

My last rehab, I put porcelain on the first floor concrete and LVT on the second floor wood. Both were a grey wood look plank and were easy to match in color and texture. It looked really good and was not hard to install.

Wow. Great discussion.

I understand the local government and lodging industry push back against STRs. With the advent of the one stop shopping sites and the rise in popularity of STRs, the big boys are waking up.

As far as governmental regulation, I think STRs owners and operators will have to build expenses into their fees and call it " the new norm". Hopefully they wont try to choke STRs out of their markets. I think STRs serve a niche in any market.

As far as lodging, I think after the shock of another player and the realization that STRs don't serious effect their room nights, they may back off a bit. A savvy Investor would possibly have G.M. s stay free for a weekend to try to draw off the hotels tight nights to fill empty beds.

Has anyone built a business around STRs? Does anyone have experience with a syndicate or LLC based around STRs?

Thanks Paul and Mike. 

I will be starting in Albuquerque. I do see a few potential markets there and would be able to manage locally.

It sounds like ( if I'm correct) that both of you are close to completing your stable of properties. If I can be a bit pesky...

How long did it take to scale to your current holdings?

Are you actually complete, or will you look for more properties?

Did you begin with a concrete plan to complete your holdings?

@Paul Sandhu thanks for the reply. Those suggestion were just off the top of my head. At the moment I am in Texas doing a flip before moving to New Mexico. I live close to the Eagle Ford shale, so I can see your market.

Do you think that you might look into long distance markets to pad your retirement plan or stay with market you know. Do you see or plan to scale?

Originally posted by @Paul Sandhu:

It's going to sound like I'm poking holes in your strategy, but that is because I am.  

School related events:  Not a consistent money maker.  

Cultural events:  Not a consistent money maker.

Military and other short term rentals:  probably a consistent money maker.  

There is a petrochemical facility in my town.  I have 24 STRs with 82 beds.  My renters are contractors.  They are the guys you see working on the large erections of steel at a refinery.  They can stay in a motel for a month or two during the job they are working.  Or they can stay with me and save money, cook their food, do their laundry, etc.

20 years from now, I'll probably make less money but my wife and I will have zero percent of work to do with the rentals.  She cleans, I do maintenance.  20 years from now we'll outsource that.

I am researching investment strategies and keep getting pulled back to STRs. I know many large tourist towns and cities have/are enacting regulations that may make STRs out of reach for a single investor or company.

Still, I can't help but to think that properly placed and finished STRs aimed and marketed to select guests could make for nice long term holds.

I.E...

Homes near schools for families during visits for athletic, arts or cultural event or graduation. Condos near military bases, or other large business concentration for short term business associates.

Where do you see your STR investment portfolio in ten or twenty years?

@Erin Wincomb thanks for a great post.

1 question, are there syndications that handle multiple strategy portfolios or should you normally expect specialty syndicates? 

I'm doing a 3 bedroom 2.5 bath in San Antoio, Texas.

Hi. My name is Troy Larson. I am currently flipping my primary in hope's of selling and moving to Albuquerque Once there I will obtain a G.C. and brokers license. I guess that is not technically my first flip. I began doing 'make ready' single family homes for my brother's company at 14. Now at 53, I have a wealth of knowledge in the industry and am ready to get my toes wet in real estate investment and flipping. I found B.C. through 123 Flip. Both have been very helpful in my education into the business. I hope to discuss and possibly do business with many members at Bigger Pockets.