It’s a solid way to build experience and confidence without diving straight into heavy competition with big players.Question: What’s been your biggest challenge in deciding which market to focus on?

Currently we are seeing STR owners posting for sale due to reduction in prices they can get per night and the vacancy rate increasing. 

Slight Update: After speaking with more BP members, I’m increasingly leaning toward making my first purchase in New York—a 4-unit rental property where I’d be my own landlord.

This seemed to be the most reliable way to find someone that I feel confident is good and knows real estate. 

With no comps in the area for new construction and the highest rehab selling for 205k, building enough at the onset, 4-6 new construction homes, may be the only way to start a neighborhood turn.The city is looking to increase density in the area and add anchor points in near the area to cater to future investment. 

This shift will increase the pressure for transportation to and from job centers.

On the other hand, a detailed quote with a higher total may offer more transparency and reduce the risk of surprises as the project progresses.I specialize in consulting services for situations like this, where I help clients evaluate contractor quotes, ensure transparency, and navigate the renovation process with confidence.

I'm not sure by how much your rates are increasing but I have friends in NOLA who have seen a 2x increase per year.

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

In Portland for example we are not allowed to increase rent more than once in 12 months, and it must be less than 10% increase in "effective rent".