Advice for first STR?
I would love advice on purchasing my first STR in the Blue Ridge, GA area. I have a couple I am taking a hard look at, but this will be my first STR away from my comfort zone in LTR. Any advice from experienced STR investors?
#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
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Well, don't pay too much. Make sure it is in an area that allows STRs, get good STR insurance, etc.
Probably need to be a bit more specific on your question. If you want to know everything, then start at the top of the forum and work your way down. Everything you need to know is there.
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#3 Short-Term & Vacation Rental Discussions Contributor
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Drive for show, putt for dough.
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Hi Andrew! Exciting to hear that you're looking to get into short term renting.
The first step I would take is making sure that Blue Ridge is a STR friendly are. A few ways you can find that info: Search the internet, call the county, work with a STR friendly broker who has the information for you. I know 2 really great agents in GA that specialize in STR investing and own/ operate their own Airbnb's. Message me if you'd like their info (:
Once you are aware of the regulations use platforms like AirDNA, Mashvisor, and Airbnb, to see what your potential homes are projected to generate. You can also see how other STR's in your area are performing and what their reviews are to get a better understanding of the traffic. Again, having an investor/STR friendly agent on your side will make this a lot more smooth for you!
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#1 Short-Term & Vacation Rental Discussions Contributor
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Quote from @Michael Baum:
Well, don't pay too much. Make sure it is in an area that allows STRs, get good STR insurance, etc.
Probably need to be a bit more specific on your question. If you want to know everything, then start at the top of the forum and work your way down. Everything you need to know is there.
Michael knows all the answers and won't steer you wrong.
#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
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That is a secret @John Underwood! Now I will be flooded with PM's...
hehe
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Don't over pay for a property because the STR numbers are good. Make sure it cash flows even with LTR
Advice: don’t buy in Blue Ridge. I was super close to pulling the trigger in that market but got boots on the ground and learned what’s happening from local hosts. Some of the most beautiful cabins in the country that are mostly vacant outside peak weekends… This is why the prices look surprisingly low for high quality cabins.