And if you really want to diversify, invest into multiple replacement properties with the proceeds.

And answering your phone calls while watching the games does not turn your living room into a home office.

From what I’ve learned, focusing on properties with under-market rents can be a game-changer.

Property was sitting on market and needed light updates (roof, flooring, paint) but was in a great area that allows STRs giving me multiple options when deciding on rental strategy How did you find this deal and how did you negotiate it?

For example, I would place one in the game room if it is located on the opposite end of the hallway from the bathroom.

I’ve heard lots of professional investors bash LoopNet but I’ve had multiple home runs from deals I picked up there.

Negotiated price down 10K even with a multiple offer.

@Dave Hagen“Also a reminder to all investors with multiple LLCs, or even a single LLC.

Your nightly rate will be influenced by proximity to the beach, interior design and amenities (ex game options, fire pit, pool, etc).

Even with multiple units, with current interest rates and a competitive market (prices have continued to rise even with higher interest rates) think the Madison market is a stronger long term ownership strategy, where the bulk of your return will come when you sell from appreciation in rents and property value.