Updated 6 days ago on . Most recent reply
Book Recommendations for STR
I am new to the forum but am trying to learn as much as I can before making my first investment. I am wanting to buy a single family home in Lexington, KY and VRBO/AirBnB it. First question, is there any book you recommend reading on STR? Secondly, if you have any advice I would welcome it. Thanks I look forward to reading your responses and learning more.
Most Popular Reply
There are several STR books. Many recommend Avery Carl's books. You will find a lot of us on this forum recommend reading books and then reading years of posts in the forums. Very few of us will say hire someone to help you with your first STR. I am shooting to close on my 14th STR (self managed) in the next 6 months (started/built/flipped and sold 6 others) over the last 9 yrs and I have only seen horror stories of those who paid for "experts". Read the forums here and you will see the horror stories. My wife is good at interior design and if I didn't have her in my life, I might hire an expert for that. I hired an expert for taxes, CPA. STRs are not that hard, but doing proper underwriting is. For a property I thought had great potential I took an extra week to do research and gather data of what other properties in the area do directly from owners, because Airdna seemed to good to be true. Don't be in a rush, do your homework, do your math all the way to cost of setup including a bottle opener, iron and new smoke detectors. I did this while active duty military stationed in a war zone on the otherside of the world and before finding BP, so you definitely can do it.