Long time listener of BiggerPockets and am just getting started posting on here. Any other advice other than what my title and description say on starting to do short term rentals in Des Moines, IA (population of 600,000). Also if anyone has links to excel sheets they use for costing AirBnBs that would be great. Thanks!
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
6y
Welcome @Austin Anfinson! Here is a spreadsheet below to help you think about revenue and expense calculations. If there are not many Airbnb's then I would first make sure it's even a good market to invest in first. That being said, I see 260 active rentals in the Des Moines area so that should be plenty to get some comps from just by looking at the sites or checking out other paid data services like AirDNA.
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
6y
Welcome @Austin Anfinson! Here is a spreadsheet below to help you think about revenue and expense calculations. If there are not many Airbnb's then I would first make sure it's even a good market to invest in first. That being said, I see 260 active rentals in the Des Moines area so that should be plenty to get some comps from just by looking at the sites or checking out other paid data services like AirDNA.
Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
6y
@Austin Anfinson, I’m a local realtor there and there are Units you can compare to! I also have a few connections To others in the space. Shot me a DM and we can chat in more detail!
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
6y
Look at local motels. There is no tourism in my town (the worst town to live in Kansas). There is a refinery. During normal times there are 50-200 people here for short term temporary jobs in maintainance and repairs at the refinery. They need a place to stay. Several motels cater just to this class of people. So do I with my STRs. A motel room with 2 beds is $400 a week. I charge $600 a week for a 3BR house with a washer/dryer full kitchen and decorated like Hefner's Mansion. I normally have more refinery contractors in my places than any one individual motel. The motels, when combined, have more contractors than me. 23 STRs, 83 beds.
Real Estate Agent · Austin, TX · Member since 2019 · 18 posts · 17 votes
6y
Look on FaceBook Market Place and Craigslist, those can give you an idea of similar properties. It'd be up to your discretion to see what is "comparable", good luck!