This is an answer for @Lucas Carl
That's your expert for remote (out of state) STRs.
Now if you want to manage your WRs that are within 3-30 minutes of your own residence, I would be the one to answer that. My 22 STRs are WR's.
Thanks for the kind words @Paul Sandhu
@Mark Tinawi I’m happy to hop on a call any time and teach you everything I know. Expert I may not be but I manage 6 VR that I also own, remotely, with a day job.
Mine are cabins in a very high traffic tourist area. 12 million visitors per year and we’re a 12 month market. Smoky Mountains in East TN. But a lot of what’s we do will apply to other markets.
DM me for my number happy to help!
@Mark Tinawi My favorite piece of advice is to pick some place you know, have visited, know people in, have a cousin in, etc. Basically, someone who can steer you away from the 'bad parts of town' which don't always materialize quite so quickly on a crime heat-map or in pictures of a subject property.
If you're looking for a "hot" area, good luck. Almost by definition, the area is hot *because* there have been big price jumps. So if it's hot now (read: Seattle, Austin, Nashville, etc.) you could still have room to run up but it's not like you're getting in on a secret ground floor.
As for vacation rentals or STRs, I'd stick with the beach areas if I were in your shoes. And I'd also beg @Lucas Carl for his time and see how he manages in properties. The major thing (outside of "wind insurance") that prevents me from pulling the trigger on a vacation rental is having to give up 25% of gross rents (ballparking) to a PM. It makes it really, really tough to pencil out. And it gets worse when you look at mountain/ski towns where PM fees are often higher with a shorter peak season...yikes. Again, if you can self manage that vastly changes the economics.
@Andrew Johnson nobody has to beg me for my time you’ll be more likely to say “how do I get this guy to shut up” LOL
I’m always looking for an ear to bend and I always learn something in the process!!
And yes your are correct typical PM fee in my market is 40 (yes -four zero) percent. I do everything from an iPhone for 100% :)
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