Beginner looking to jump into the STR space! Tips, advice, suggestions?

Question

Hey everyone,Long time reader, first time poster. I’m looking to get into short-term rentals and wanted to reach out to those with more experience. I’m in the research/learning phase right now and trying to figure out the best way to get started. Any readings you suggest? Any calculators to play with?

For those already in the game:

• What do you wish you knew before starting?
• Any beginner-friendly tips for managing properties effectively?
• Are there markets you think are still worth exploring? We have been looking at Broken Bow OK, for a cabin type airbnb, due to proximity (located in DFW).
• That said, one of my concerns is property appreciation. From what I’ve seen, values in Broken Bow don’t seem to rise as fast as in other markets, so I want to make sure the numbers make sense long-term
• Any advice on common mistakes to avoid?

What do you wish you knew before starting?

Any beginner-friendly tips for managing properties effectively?

Are there markets you think are still worth exploring? We have been looking at Broken Bow OK, for a cabin type airbnb, due to proximity (located in DFW).

That said, one of my concerns is property appreciation. From what I’ve seen, values in Broken Bow don’t seem to rise as fast as in other markets, so I want to make sure the numbers make sense long-term

I focus cash flow, not appreciation

Any advice on common mistakes to avoid?

Really appreciate any insights you’re willing to share. Thanks in advance!

Rosston Smith · Answer

• What do you wish you knew before starting?-Don't overpay for arbitrage, OR don't arbitrage at all. 
• Any beginner-friendly tips for managing properties effectively?-Read & learn daily on new methods and compare & contrast processes
• Are there markets you think are still worth exploring? We have been 
looking at Broken Bow OK, for a cabin type airbnb, due to 
proximity (located in DFW).-Areas within 20-30 minutes of popular attractions, OR high population growth areas 
• That said, one of my concerns is property appreciation. From
 what I’ve seen, values in Broken Bow don’t seem to rise as fast as in 
other markets, so I want to make sure the numbers make sense long-termI focus cash flow, not appreciation 
• Any advice on common mistakes to avoid?-Cheap furniture, unprofessional photos, lack of amernities in the home

What do you wish you knew before starting?-Don't overpay for arbitrage, OR don't arbitrage at all.

Any beginner-friendly tips for managing properties effectively?-Read & learn daily on new methods and compare & contrast processes

Are there markets you think are still worth exploring? We have been 
looking at Broken Bow OK, for a cabin type airbnb, due to 
proximity (located in DFW).-Areas within 20-30 minutes of popular attractions, OR high population growth areas

Benjamin Louie · Answer

@Steven Chan

Hey Steven, welcome to the STR world!

A few quick tips from experience:

• Start with one property to learn the ropes before scaling.
• Use tools like AirDNA or Mashvisor to check cash flow and market trends.
• Automate where you can messaging, bookings, and cleaning schedules to save huge time.
• Tourist-heavy areas like Broken Bow can work, but focus on cash flow first, not just appreciation.
• Don’t underestimate expenses, maintenance, utilities, and supplies add up!

Start with one property to learn the ropes before scaling.

Use tools like AirDNA or Mashvisor to check cash flow and market trends.

Automate where you can messaging, bookings, and cleaning schedules to save huge time.

Tourist-heavy areas like Broken Bow can work, but focus on cash flow first, not just appreciation.

Don’t underestimate expenses, maintenance, utilities, and supplies add up!

Biggest takeaway: STRs are more about operations than just owning a property. Systems make all the difference.

Sameul Ahsan · Answer

There’s a good calculator on BiggerPockets you can play with. Also, are you planning to purchase properties yourself or just manage them? That’s probably the first thing to figure out. One tip: whether you buy or manage, keep in mind that utilities, supplies, and vendor fees are usually the biggest costs that can eat into your margins.

Aaron T. · Answer

been in the STR space for over 10 years. The one piece of advice we give is...if you do not plan on living in the property or needing to come stay at the property, then go long term rental.

STRs are a job. there is nothing passive about it. If you want to answers calls 24/7, be on a 24 hr satisfaction cycle, manage teams, then STR is for you.

Andrew Steffens · Answer

Hey Steven - best of luck with your endeavor! I would recommend, just like with any business, sketching out a business plan and going from beginning to end on paper.  You could even post it here.  Breaking down each part of the business will allow for scrutiny and analysis and a clear start point and end point.  I hope that helps.

Josh Ball · Answer

There are a lot of online tools available for researching markets. I personally use AirDNA but would suggestion starting there. This will give you an idea what to expect on revenue, occupancy, etc.

You're in a good spot to research, learn & ask questions. Do some searching in the STR forum & you'll likely find some other posts on the markets you're looking at.

Good luck with your search.

Beginner looking to jump into the STR space! Tips, advice, suggestions?

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