All Forum Posts by: Zach Strickland

I just checked my VRBO listing and they did the same. The good news is they still capture that we're waterfront, have a pool and outdoor bar in the image, but it's not my ideal choice. I'm working with my PM to see if we can revert back to what we had.

There's a lot of negativity around STR's, but if you do it right I think it's still a great opportunity. I started a new build on the canal in Texas in November 2021. Went live in February 2023 and did over $200k that year. This year we already have $110k in bookings and our summer months aren't even booked out. I'd estimate our $850k house will have around $250k in bookings this year. My expenses including PITI run around $6,500 a month.

My point: For anyone that's looking to get into STR's... do your homework, understand the market and push to be in the top 5% of properties.

Like others have mentioned, I think it's hard to define success since everyone has a different answer to what an average lifestyle is. 

My goal is to have the LEAST amount of properties that will get me between $200-$250k cashflow. I have taken a scalpel approach to meet this goal and it hasn't been extremely fast. The first property was a BRRRR that we left no money in and cashflows around $500 a month. I quickly understood that I would need about 10 properties like that completely paid off to get close to my goal. I pivoted and decided to build a STR in a premium location which came with its own challenges (interest rates, timeline, budget, etc...) This year that property will cashflow 6 figures after expenses.

I'm now hunting for the next deal, but not in a hurry with the market uncertainty. I may only do 1 more deal and then focus on paying everything off which I know goes against all the guru's strategy of "LEVERAGE."

 For the state of Texas you'll have to complete a Hotel Occupancy Tax Questionnaire to get a taxpayer number and webfile number. You'll then file on a quarterly basis at www.comptroller.texas.gov/taxes/file-pay/

State is 6% tax and I'm not sure for Houston since my STR is down in Jamaica Beach which has a 9% tax.

I personally collect the tax and send to the city and state separately. 

Here's where to go for the state: https://security.app.cpa.state.tx.us/Public/login

UPDATE: Saint Arnolds is closed today, we have switched the venue to 8th Wonder Brewery for the BRRRR's and Brews meetup. Sorry for the late notice. Hope to see you there!

 Great, I look forward to seeing you both out there!

This is the second BRRRR's and Brews meetup. The event was created for like minded people in the Houston area to meet up once a month to network and enjoy a brew.

The event will be August 28th from 12pm - 2pm at Saint Arnold Brewing Company. This is strictly an event to network, socialize and enjoy a drink.

I also created a FB group page if you'd like to join and stay up to date on the next event!

https://www.facebook.com/group...

 Yes, I will post the details up now.