Agents in Waco with STR expertise
I'm interested in investing in a STR in Waco. Looking for an agent that knows the area and market well. I am just learning about STR investing and don't currently have any properties so I need someone who can help navigate the process for me. Please let me know any recommendations you may have. Thanks.
You want Donnie Hall. You can google him.
Check your connection requests James! Happy to assist!
Check your connection requests James! Happy to assist!
Hey @James Hoffman there is a very hot market for STRs here in Waco this passed year. One of the main contributors to their desirability is the fact that the city restricted the STRs to certain zones and created new plans to curb the amount of single family residences being converted into Air BnB's in our neighborhoods.
The first thing I would recommend doing is go to the city of Waco website regarding the rule changes (https://www.waco-texas.com/pla...)
On there you will see what zoning allows STRs and what factors contribute to it being permitted for use (R-2, O-2, etc.) You will also find a map that displays registered STRs in Waco which will help you identify where you cannot purchase one due to its proximity to others (R-2 500 feet restriction).
For questions regarding cash flow, I would look at Air DNA. Donnie Hall is the go-to STR property manager here in Waco. If you decide to hire a PM, He is your best choice and does a fantastic job.
Be prepared to spend roughly $250-400 a sqft for a turnkey rental that is allowed to retain its Air BnB status. Generally these are zoned O-2 and near Magnolia. If you find an R-2 that can be permitted, you better hope that the bank and appraiser used in the transaction agree with the price and use as a STR, otherwise the deal will not fund.