This included installing new tile flooring at the front of the house to enhance curb appeal, upgrading the electrical panels for safety and efficiency, and putting on a new roof to ensure long-term durability.

Local Partnerships: Have you found success in partnering with local businesses or services to enhance your guests’ stay?

OKC (I always pick on this market) I might use 1-1.5% a year.Renovation Scope & Budget:Break down the renovation budget per unit and scope of work.Identify whether renovations are light ($5-10k per unit) or comprehensive ($15k+ per unit).

It should simply be treated as a means to enhance the diversity of your portfolio.

The outline was comprehensive and I will review a few apps to fully understand their features.  

For a more comprehensive look at the Las Vegas investment market, feel free to DM me for a link to our blog.

Yes they are more than others, but they have the most comprehensive coverage for STRs.

When financing a large-scale fix-and-flip project, assessing and managing risk is crucial for success.Risk Management StrategiesContingency Budgeting:Set aside a contingency fund (typically 10-20% of renovation costs) for unexpected expenses.Time Management:Develop a detailed project timeline to keep renovations on track and avoid extended holding costs.Partnerships:Collaborate with experienced contractors and real estate agents to mitigate risks associated with repairs and market positioning.Insurance:Obtain comprehensive insurance coverage, including builder’s risk insurance and general liability insurance, to protect against unforeseen events.Exit Strategy:Always have an exit strategy.

It sounds like you’re ready to dive into some out-of-state investment opportunities, and I’m excited to share some thoughts that could help you boost your cash flow.Here are a few markets that might catch your interest:Florida: Cities like Orlando and Tampa are booming with tourism and have no state income tax, which can really enhance your rental income.Texas: Austin and Dallas are hot right now.

Others choose to hold properties in their personal name and rely on umbrella insurance, which is simpler but may offer less comprehensive protection.