What tools do you use to choose your next house?

Question

I'm curious what people end up doing for making a purchase. Having an STR nowdays is extremely competitive. If you're not in the top 10% then you're not making the correct ROI. AirDNA and Rabbu source from top competitors with a bedroom/bathroom count. They don't give you the road to joining that compset and being competitive and what it takes.

Curious what signals people use before investing into STRs.

Bruce Woodruff · Answer

No 'tools'...... Just old-fashioned research and drive by's....That will beat your tools every day.

John Underwood · Answer

That and I use Excel to analyze the numbers.

Mike Grudzien · Answer

P.S. Akash,Just curious, you've been on BiggerPockets for 5 years and have a blank profile.  What do you do in real estate...?

Mike Grudzien · Answer

I'm low-tech.  I use experience and common sense...

Collin Hays · Answer

Tools...my go-to is an inexpensive cordless drill I picked up at Harbor Freight with a 40% off coupon. I look for reasons to use it at my rentals.

Andrew Steffens · Answer

I use AirDNA and Rabbu but to find the appropriate range for the most similar properties to the subject property.  I then run it conservatively.  This combined with experience I know what works in today's market and what it takes to get it there.

Lisa Davis · Answer

AirDNA and Rabbu are good for benchmarking but they won't tell you how to break into that top tier

Supply growth rate matters more than current performanceA market that looks great today but has accelerating new supply is a different bet

Regulatory trajectory is the one most people skipI run every market through Lodge Compliance before committing capital, it's changed my mind on a few markets that looked good on paper

JD Martin · Answer

😅 . Although I highly recommend Hitachi's stuff (Metabo) - much better quality than HF, especially their battery life.

What tools do you use to choose your next house?

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