Please does anyone know how to start a short term here
I am new to real estate investing and i am prepping a property for use as a short rental or a regular rental but don’t know where to start please any help with how to go about this will be appreciated
Clueless iffy
- Lender
- Austin, TX
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Hey Ifeanyi. Books, podcasts, articles, and BiggerPockets forums are all easy to consume accessible resources I would recommend starting with. Additionally, in person local real estate meet ups are great for meeting others in the space and asking them questions to learn from their experience's.
Check out the book "Optimize Your BNB" by Daniel V. Rusteen. He's a former Airbnb employee who has owned and managed short-term rentals. Lots of good information there.
Quote from @Ifeanyi Onyeonwu:Hi Iffy.
I am new to real estate investing and i am prepping a property for use as a short rental or a regular rental but don’t know where to start please any help with how to go about this will be appreciated
Clueless iffy
If you are willing to outsource the STR property management, then save yourself the hassle and have the property manager consult on the property.
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Real Estate Agent Arizona (#SA637448000 )
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There is a big difference between a STR and a LTR. I'd start asking questions here on the forum to help decide which way you want to go. Since you already have the property you need to decide if it is even suitable for STR use.
thank you
- Investor
- Austin, TX
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Depending on where in Austin the property is it may be tough for you to do this. Are you in Austin proper?
- Real Estate Agent
- The Short Term Shop / Florida Emerald and Forgotten Coasts
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Quote from @Ifeanyi Onyeonwu:
I am new to real estate investing and i am prepping a property for use as a short rental or a regular rental but don’t know where to start please any help with how to go about this will be appreciated
Clueless iffy
Iffy,
Grab a book called "Short Term Rental, Long Term Wealth" by Avery Carl. It's a great introduction and has a lot of information regarding STR properties!
This might not be what you want to hear, but its the truth coming from someone who lives in your market. The STR market is saturated here. And the city of Austin is really cracking down on illegal STRs. They only give out about 2000 STR permits and there are over 13,000 STR listings in Austin alone. So start with learning the rules for the city you want to launch your STR in. I suggest signing up for AirDna and doing some in-depth research about which areas are still seeing a solid amount of occupancy. To give you a reference, SXSW is going on right now and I have friends whose STRs are not booked. Thats how crowded the market is right now.
There are some outliers. Places like Killeen or Point Venture, Marble Falls and Fredericksburg or Wimberly. Again, youll have to do some research to determine which of those areas will give you the amount of traffic you need to keep your occupancy at a profitable level. STRs are not the easy money making strategy they were during the pandemic. Be sure to have another exit strategy in case your STR doesnt pan out.
Quote from @Ifeanyi Onyeonwu:
I am new to real estate investing and i am prepping a property for use as a short rental or a regular rental but don’t know where to start please any help with how to go about this will be appreciated
Clueless iffy
Not sure how far out you may be from having your STR ready for guests, but a great place to start would definitely be to binge some STR specific podcasts (there are several good ones I'd be happy to recommend) or finding a good mentor that isn't going to charge you just to tell you not to nickel and dime your furniture choices and amenities. Happy to discuss in more detail, feel free to reach out!
-Ben Scarborough