Purchasing first investment property

[Marc Shin]

Hello. I'm under contract for my first investment property. It's a duplex. The closing date is 10/04. My plan is to self-manage the property and rent out the duplex as an STR. Are there any books or articles that I can read on what next steps i need to take in being an STR property manager and also how to get the property rent ready? I will need to do some minor updates to the property (painting, updating bathroom tiling, updating trims, etc) in order to get the property rent ready. I have no idea where to start. Any suggestions would be appreciated!

[Nicholas L.]

@Marc Shin

I'd hire professional management...

If it's going to be an STR, you really need it to be top notch, appear top notch, and be managed top notch

"Minor updates" may not cut it

But I only have the limited information you posted

[Jonathan Greene]

I would connect with @James Hwang about this. He does more MTR, but has STR in multis and knows every strategy in the book for you to do this well and not botch it on your first one. He may even convince you MTR might be a better strategy in 1 of the units as a hedge. STR you will spend more on design and furniture than MTR.

[James Hwang]

Quote from @Jonathan Greene:

I would connect with @James Hwang about this. He does more MTR, but has STR in multis and knows every strategy in the book for you to do this well and not botch it on your first one. He may even convince you MTR might be a better strategy in 1 of the units as a hedge. STR you will spend more on design and furniture than MTR.

Happy to help, Marc! I've been in your shoes. 

 Thanks for the tag, @Jonathan Greene

[Eric DeNardo]

@Marc Shin,

check out Sean Rakidzich. He really helped me get started. you can easily do this on your own, but i highly recommend getting a cleaner. you can automate messeneging, pricing, and checkin/out process. You got this!

[Nathan Gesner]

There is a book in the BP bookstore that speaks specifically about short-term rentals. Be sure to read the forums and blogs on BP. You can also get a lot of information from YouTube, but be careful to cross-check their information.

[Rene Hosman]

I would highly recommend you connect with and follow @Garrett Brown he's got a wealth of knowledge about STRs! 

I'd also recommend these two books by Avery Carl

Smarter Short-Term Rentals

Short-Term Rentals, Long-Term Wealth

I've been doing a lot of the BiggerPockets books as audio books while I drive instead of just my usual podcasts when I really want to drill down and learn a specific topic and I'm loving it so far. Right now I'm listening to Start with Strategy by Dave Meyer which I also recommend to anyone!!

[Garrett Brown]

Hey @Marc Shin , you have gotten some great information about checking out the two Avery Carl books. They are amazing! Feel free to jump in the short-term rental forum section with any questions we can help with, you got this!