Ventura, CA · Member since 2017 · 13 posts · 0 votes
In the area of my property the city has zoned out any STR under 30 days, but I did a little research and there are a few operating in the larger "no STR zones" but have a min occupancy stipulation of 30 day minimum stay- does anyone have any experience with this? Location is Santa Barbara Ca, walking distance to the historic Old Mission and a 2-5 minute drive to State Street. Thanks everyone!!!
Flipper · Huntington Beach, CA · Member since 2016 · 83 posts · 40 votes
7y
Your income likely wont be as high as an STR, few key niches to fill would be either corporate if you have a lot of business excursions in your area or traveling nurses. More than likely it would make more sense to just go back to long term though
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
7y
You'll likely only get business travelers like traveling nurses or the like. Would be difficult to break even unless you are close to something that hires short term work.
Rental Property Investor · San Francisco, CA · Member since 2016 · 227 posts · 365 votes
7y
@Malia Domingo - I agree with @Jake Miller and @John Underwood that your income won't be as high and you will need to market to traveling professionals. But there's also much less work than an STR!
How frequently do traveling professionals come to the area for work assignments between 1-12 months? I imagine that UCSB visiting professors, graduate residencies, research fellowships etc. might be good markets for you if you are close enough to campus. Also tech and medical workers. Summer will probably be easy to rent since people like to vacation in Santa Barbara. If you target 6+ month work assignments and find the right market, you can do very well. Post your place on Zillow/Trulia/Hotpads (one posting will go to all 3 websites). Consider craigslist, but you will need to screen out a lot of unqualified tenants. Do a background check with emphasis on credit score. And as @Luke Carl said, have them sign a lease.
I manage 12+ furnished rentals in San Francisco and just south, and most are 30+ days. All units are profitable, but some are not worth the work and others are very profitable.
Ventura, CA · Member since 2017 · 13 posts · 0 votes
7y
@Ethan Cooke wow thank you! I truly appreciate your response! This is all very helpful! This property is special to me as it is my family’s and I fee a responsibility to my grandfather to grow what he started so many years ago buying real estate and hustling harder than anyone... I’m determined to learn this game! Thank you again for your response