Short-Term & Vacation Rental Discussions

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Jason Toudt
  • Real Estate Agent
  • Charlotte, NC
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New Investors' STR Buying Checklist - (work in progress)

Jason Toudt
  • Real Estate Agent
  • Charlotte, NC
Posted Jun 24 2022, 13:17
Hi everyone,

I recently searched the forums for something like this that can be used as a mental "aid" for new investors to understand the steps that need to be taken before, during, and after purchasing a short-term rental. I couldn't find a good one, so I decided to make one myself.

** DISCLAIMER: I'M NOT A PROFESSIONAL INVESTOR AND THIS DOCUMENT IS NOT COMPLETE **

Sorry for the caps, just wanted to make that clear. I made this to use as an aid for myself, and will continue to add to it overtime. So, since it's on Google Docs, it'll constantly update and be useful to anyone who sees it here. ALSO, if you have any useful/beneficial suggestions for things to add or take away, please make them in the comments below!

I hope this is beneficial to others, as much as I hope it will benefit me. I just like having a checklist when tackling a complicated situation, and I know other people likely feel the same way!

Link to Document:

https://docs.google.com/docume...
Charlotte, North Carolina

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Replied Jun 24 2022, 16:46

Hi,

Under "Identifing your Market", I suggest you add a bunch of steps about researching the legalites of running an STR in that area. Do not rely on Real Estate Agents for this. Does the city allow STRs? Does the County? Does the state? Is there an HOA? Are there convanants? Read them. Get that STRs are aloowed in writing from HOA. What are the lincening obligations? Tourism Tax? Any community talk about limiting or banning them?

I don't want to overwhelm you, but it is very important. It should be done sooner rather than later, so that you do not waste time in unfriendly areas.

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Replied Jun 24 2022, 16:47

Sorry about all my typos....

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Glenna Wood
  • So MD
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Glenna Wood
  • So MD
Replied Jun 25 2022, 04:22

Suggest adding a "Stage the property" section to deep clean the unit, furnish and set up supplies for the house, etc; "Set up utilizes."; "Prep the neighbors"; "Plan access and security control" lockbox or keyless? Ring door cam? Noise monitor?; "Research and buy insurance"; "Organize your record keeping"; "Plan for guest or PM communications."