Los Angeles/Hollywood STR/Corporate Rentals
Hey all! I'm looking for anyone who has experience in the STR/Corporate rental space in Los Angeles, specifically in the Hollywood area - would love to get your first-hand opinions on the following:
I have a lead on a great house in the Hollywood Hills where the owner is willing to do a master lease agreement with me. It has three rentable units (1/2 + office, chef's kitchen, view; MIL suite - no kitchen; and 2/1 unit on the ground floor) with three parking spaces. There's one premium unit, the other two are fine but nothing fancy. Fantastic location in an upper-middle-class neighborhood with great accessibility to Hollywood, Universal City, Burbank, Studio City, etc.
I want to focus on traveling professionals for mid-term stays (entertainment professionals, medical professionals, other corporate-style travelers), but am open to short-term stays as well, as Hollywood is obviously a tourist-centric area. Do any of you have experience with occupancy rates etc. that would help me determine if this is a good investment? I'm looking at AirDNA but I don't fully trust their data - I'd rather have first-hand accounts. I'm also checking comparable properties on AirBNB and VRBO.
The amount I'd be leasing the property for is still under discussion, and obviously is a key factor, but I'm trying to assemble accurate numbers from my end. It will be a sizable financial commitment (I may bring in a partner), so due diligence is of utmost importance. :) Thank you!