Early on, I wasted hours underwriting units that looked perfect financially, only to later discover short-term rental restrictions at the building level.
Now I reverse the process:
1. Building rules first
2. Landlord flexibility second
3. Numbers last
It’s cut my deal vetting time significantly. Thought I’d share in case it helps someone else avoid the same mistake.
Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
8mo
I recommend starting at the city level for restrictions, then going to HOA rules, then looking at the individual unit level. This is where I think working with a local agent with STR experience comes in handy. I know the city and most of the HOA's rules by memory and can save my clients time and potentially money.
Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
8mo
Maybe not exactly what you're saying, but I get STR investors here in Colorado that ask me "What market gets the best return?" And my response is always that first you need to know the Airbnb laws, because there are some areas that do really well ... but only people grandfathered in under old rules are allowed to do short-term rentals.
Maybe not exactly what you're saying, but I get STR investors here in Colorado that ask me "What market gets the best return?" And my response is always that first you need to know the Airbnb laws, because there are some areas that do really well ... but only people grandfathered in under old rules are allowed to do short-term rentals.
Maybe not exactly what you're saying, but I get STR investors here in Colorado that ask me "What market gets the best return?" And my response is always that first you need to know the Airbnb laws, because there are some areas that do really well ... but only people grandfathered in under old rules are allowed to do short-term rentals.
First Know Thy Laws!
you mean the STR laws right? =)
Yes, of course. And at least where I'm at in Colorado, they're changing all the time.
Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
8mo
I recommend starting at the city level for restrictions, then going to HOA rules, then looking at the individual unit level. This is where I think working with a local agent with STR experience comes in handy. I know the city and most of the HOA's rules by memory and can save my clients time and potentially money.
Property Manager · USA · Member since 2018 · 85 posts · 50 votes
8mo
Exactly right! I just had someone ask me to manage their home. Before even giving them an estimate, I asked them for the municipality. I said you will be shut down before you can say OMG. This happens all the time. It's the best time saver...