How many trips to plan for?

Question

Hi,For context, I am "pre-purchase" of my first STR.  As I am narrowing down markets I am trying to figure out how many trips are likely needed in a 'normal' scenario? I am trying to figure out how much the convenience factor (in terms of travel) should play into my thinking.  Unfortunately for me, my local area has very few viable options.  Instead I will be either driving multiple hours or flying.

From my unexperienced perspective I was assuming that I should expect at least 3 trips in the first few months:

* 1 Visit to get a feel for the area and look at some initial listings* 1 Visit for closing and initial assessment* 1 Visit for final prep and meet the 'team' (handyman / cleaners)

Curious if others experience differs significantly from this.

Thanks!

Andrew Steffens · Answer

Primarily I am a STR Property Manager but a few years ago I started offering brokering services and sell 2-3 houses in Tampa per month or so, mostly to out of state investors like yourself.  I have had some people literally come in 0 times and rely on me for the entire process, and I have had some come 3-4 times as a sort of maximum.  Personally I would be in the middle.  I saw you were looking at Florida, so flights from NY area are easy.  You should probably come down and familiarize yourself with the specific neighborhoods and houses at your price point.  From there showings really can be handled by a trusted Realtor.  I would come down during the inspection period to make sure you like it before your deposit goes effective.  The rest of the closing can be done remote, and whether you come post-closing I guess depends if you will be self managing and what if anything the property needs post closing.  I hope this info helps, good luck!

Jules Aton · Answer

Unless the property is turn key and/or you are comfortable paying someone to do entire set up it may take several trips after settlement. I walk through with 2 contractors to discuss renovation needs and obtain bids. Trip to check on renovation in person. Bring supplies and furnishings after reno is completed. Meet prospective property managers. Stay there overnight to ensure nothing was missed.

Marcus Auerbach · Answer

Three trips is the best case scenario. It seems like every other time I go to a rental property I have to turn arround, because I forgot something. LOL

Seriously, you have to be a very good planner AND you already have experience / know what you are doing AND it has to be a 100% turn key property to get away with 3-5 trips. That's a lot of ANDs!

Michael Baum · Answer

I agree that three is a good number.

I am going to guess that there will be more. You will find that not everything works out perfectly so you might need to make a few more trips to get things squared away.

You show that you are on Long Island. That means you are a reasonable drive to some fairly good STR areas. Where are you looking @Tiffany A.?

John Underwood · Answer

Three is the number I had in mind also.

Of course things come up that might require a special trip here or there.

Collin Hays · Answer

This sounds about right, and a couple of trips per year to inspect the place to ensure that it is not only presentable, but SAFE for guests. If you are self-managing, you are your own RISK MANAGER.

Josh Ball · Answer

If you already have the market you're interested in, get yourself a local STR realtor & have them assist with sourcing some properties to view. Make a trip to visit a few options. Writing up an offer, closing on property, that can all be done electronically. Setting the property up will take a good bit of time & visits if you don't plan on doing it all in one long trip. Can meet local contacts in the same visit. Seek some assistance from your local FB groups or your realtor on vendor recommendations.

Andrew Street · Answer

I’d agree with the consensus, three trips is the ideal target for a first STR: market validation, closing/inspection, and final setup with your local team.

That said, it’s not a perfect world. Even with good planning, you should expect the occasional extra trip due to unexpected issues early on. The goal is minimizing travel long-term by building a strong local team, not eliminating it entirely.

Michael Baum · Answer

Hey @Tiffany A., so there are a couple of places off the top of my head but you will need to drill down on the numbers and regs in order to make sure they will work.

The Poconos seen to come up here quite a bit. It appears to be saturated a bit but it could work. About 2.5 hours from Long Island.

https://www.monroecountypa.gov/getmedia/cb98bd0a-b729-4810-b...

The Finger Lakes region is about 6 hours away which is the distance that we are from our Lake House. The area encompasses several counties so you will need to look things up for each area.

Lake Winnipesaukee in New Hampshire might be good. It is also about 6 hours away so a doable drive for setup and checking in.

If you are thinking Florida @Andrew Steffens, has the lead on the Tampa area along with other areas nearby. He can help a ton.

Maybe looking at Orlando area, which has a lot of saturation but it can still work, @Shawn McCormick has the area wired almost down to the address. He can help there. With the opening of Universal Epic Universe open, there will be more tourists visiting.

Tiffany A. · Answer

Looking at some places in Florida and/or PA.  What areas are you thinking are good within a drive of Long Island?  Most things near me seem to have very poor STR regulations.

How many trips to plan for?

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