STR saturated? Changing strategy?
Hi all! We own one STR on the West Coast (just listed) and our strategy so far has been to acquire more STR's specifically on the East Coast since the buy in is a lot cheaper but I'm hearing conflicting opinions about the STR world and am considering switching strategies. Id love to get some thoughts….Do you feel that the STR industry is saturated? Should we keep moving forward or start to look at other investment strategies?? Newbie here getting a little nervous but still excited to create our investment portfolio somehow. Thank you!!
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I'll second @Dave Stokley - if you do some digging, you'll find markets that have terrible listings that are booked out like crazy. Find and go to a place where you don't have to be a rock star to beat the competition. Stalk airbnb/vrbo listings in a few markets until you find one or several good comps that are absolute hot garbage but are booked out and succeeding. They exist, but you're going to have to do your own research and get out of the markets that get discussed in these forums the most often.
It's also fun to buy a house down the street from one of those terrible but successful listings and absolutely crush them from day 1. It's more satisfying than it should be and honestly reveals some of the darkness in my heart that I take such joy in watching our calendar book up before theirs.