Rental Property Investor · Member since 2018 · 41 posts · 8 votes
Bought a second home/primary residence in Tierra Verde, FL about 3 months ago and was planning to do STR May-Oct (6 Months) and live in it myself Nov-April. HOA had no restrictions when I bought, which is one reason why I bought on Tierra Verde, but HOA is now in process of passing 30-day minimum for the community (it has passed vote, will be enacted in April). My goal with this property has always been #1 primary residence and #2 offset expenses with STR, it was not purchased as a straight investment. My question: should I even bother to list this at 30-days on VRBO or AirBnb? Or just look at the traveling nurses sector or maybe furnished corporate? Or simply attempt a 6-month furnished lease with 1 tenant? The house is a 4/2 with a pool/spa, great area, very close to beaches, great restaurants, a state park, and more.
Larkspur, CA · Member since 2015 · 46 posts · 43 votes
7y
I say YES! I had a client that recently had the same issue and she went the 30-day route and it has worked out VERY well for her. She has hosted some great clients. I think it is an untapped opportunity that is definitely worth looking into.
If you do go the 30-day route make sure that you require weekly cleaning so that you can be sure that the condo is being cared for.
Larkspur, CA · Member since 2015 · 46 posts · 43 votes
7y
I say YES! I had a client that recently had the same issue and she went the 30-day route and it has worked out VERY well for her. She has hosted some great clients. I think it is an untapped opportunity that is definitely worth looking into.
If you do go the 30-day route make sure that you require weekly cleaning so that you can be sure that the condo is being cared for.
Investor · Denver, CO · Member since 2016 · 533 posts · 433 votes
7y
HOA's are bad for the STR business and I'm jettisoning a unit of mine this spring because of this same "noise". Once this noise starts, it's like a rolling snowball in HOA communities. That said, I would work all avenues with a 30 day rental policy. It doesn't hurt to keep them listing on ABB and VRBO as well as the traveling nurse type websites.
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
7y
There is a lot of money to be made renting to travelling workers. You just have to be in the right market. There is a refinery in my town. Refinery contractors are 99% of the people I rent to. Pipefitters, welders, boilermakers and such. Scary looking guys with neck tats.
Rental Property Investor · La Place, LA · Member since 2014 · 109 posts · 82 votes
7y
@Bob Mueller Jr. I'm in the same boat as Paul. I rent to blue collar traveling workers getting per diem. My area is refineries but any construction project will require the contractors to be in town for greater than 30 days.
Rental Property Investor · Member since 2018 · 41 posts · 8 votes
7y
@Michael Greenberg It's frustrating, to say the least. Tierra Verde was one of the last "legal" spots to STR in St. Petersburg because it's unincorporated St. Pete. There was quite a few STRs operating here, but the extremely vocal Neighbor's finally got the HOA to cave in. I actually do respect both sides of the argument, and it will be interesting to see what happens to established STR properties here once this law hits.
HOA's are bad for the STR business and I'm jettisoning a unit of mine this spring because of this same "noise". Once this noise starts, it's like a rolling snowball in HOA communities. That said, I would work all avenues with a 30 day rental policy. It doesn't hurt to keep them listing on ABB and VRBO as well as the traveling nurse type websites.
Suggest to the community that they require Noiseaware for all units operating as a STR. It is a really simple solution.
@Michael Greenberg It's frustrating, to say the least. Tierra Verde was one of the last "legal" spots to STR in St. Petersburg because it's unincorporated St. Pete. There was quite a few STRs operating here, but the extremely vocal Neighbor's finally got the HOA to cave in. I actually do respect both sides of the argument, and it will be interesting to see what happens to established STR properties here once this law hits.
Ahh, I was wondering how Tierra Verde allowed it to begin with - I remember boating past those massive houses when I was a kid growing up in Tampa, gorgeous area.
I definitely say give the 30 day minimum a shot - in a market like that you may very well have some success.
Contractor · San Diego, CA · Member since 2018 · 432 posts · 221 votes
7y
@Bob Mueller Jr. is this your real name!? Couldn’t help but notice as the report is leaving America on edge.. Any relation? That’s almost like Donald Trump Jr. Ok, it seems to be a great model and requires much less maintenance and business. Probably increasing your criteria for vetting the tenants would be important and coming up with a good system that connects you with the best clientele.
Rental Property Investor · San Francisco, CA · Member since 2016 · 227 posts · 365 votes
7y
@Bob Mueller Jr. - 30+ day rentals can be profitable in the right market. I run a 30+ day furnished rental business in San Francisco and just south of SF, and have 90%+ occupancy year-round.
The core criteria to consider for your area include:
- number of well paying jobs in the area
- number of people moving to the area to take those well paying jobs (short-term assignments and indefinite)
- number of employers who move workers into the area to fill those jobs
- frequency of 30+ day vacationers
If the above economic criteria look good, then there are a few basic criteria for the unit itself:
- easy parking
- decent neighborhood
- kitchen or kitchenette
- low price per bedroom compared to an extended stay hotel
Longmont, CO · Member since 2018 · 105 posts · 79 votes
7y
I would shoot for the snowbird crowd. I have several who rent for 30+ and are repeats. They are easy on the property and tend to not be cheap. It has worked out well for me. There are some sites that target that demographic for STRs.
Rental Property Investor · Member since 2018 · 41 posts · 8 votes
7y
@Ethan Cooke @Sid Payne When booking for 30/60/90 days furnished, via AirBnb or VRBO, etc, do you guys do lease agreements? Or only bring a written lease in play for 6 months? What about getting a security deposit from a 30-90 day renter?
Rental Property Investor · San Francisco, CA · Member since 2016 · 227 posts · 365 votes
7y
@Bob Mueller Jr. - For 30-90 day AirBnB rentals, I usually don't set up a lease. The guests agree to all House Rules before booking (e.g. No Smoking, no parties, Quiet Hours 10pm-7am, etc.), and both AirBnB and HomeAway/VRBO have a $1M insurance policy. For 30+ day bookings off AirBnB/HomeAway, I set up rent through cozy.co, collect a $500 security deposit and I often set up a lease also.