I am trying to find Pro and Cos for Single family short term rental . I do believe there is lot of restriction for short term area in Newport areas unless the owner occupied or zoned as limited Business district . I am trying to figure out what are the pro and cons for Short term rental for single family in Newport areas . Also in terms of property management what are major difference with management as compare to multifamily ?
@Sachin Maskey I don’t know what Newport is but I’ll try to help.
If there are restrictions, you can’t short term rent. Couple google searches and a couple of phone calls to figure that out.
If you're planning to use a property manager STR is probably not for you. The beauty of STR is it's easily self managed from anywhere in the world which is why it's best to chose a market that makes money such as Branson or Coffeeville. Property managers generally charge 30-40% and leave you with nothing.
Feel free to ask more specific questions and we’ll try to help :)
Are you planning to AirBNB or do corporate rental? By the night or by the week/month?
@Sachin Maskey Why limit yourself to "Single Family" STRs? Two summers ago my town build an auxilliary gas fired backup power generation facility. There were about 30-40 people here from the same company to construct it. They were coming here from Iowa where they were finishing the work on an ethanol plant. I rented an apartment to a foreman and his girlfriend that he met and brought down from Iowa. He even got her a job managing the tool room for the job site. One day he called and said there was some minor problem at the apartment. I went in and fixed it in about 5 minutes, but I noticed a collection of porn movies (that were not the ones I provide) and some sex toys. It was so sweet and romantic.
Then one Friday the foreman called and he was frantic! Big emergency that day! He needed a place for his girlfriend to stay because his wife was coming down to make a surprise visit.
So I put the girlfriend in the apartment next door. The living rooms and bedrooms of the 2 places had a common wall. I'm sure the girlfriend had her ear to the wall the entire time.
Not sure which Newport you are referring to but if it's a metro area and not a vacation rental market it's very likely there are going to be some stringent STR regulations. Give the codes department a call and get up to speed on if they exist and what they are before you do anything else!
@Trey Knight it’s summer rental nightly