Just got my second flip under contract with my third in process. Now that I've got some more cash, I want to invest in a cash flowing short term rental in a vacation town. My aunt and uncle live there and their STR is their primary income source.
Any book, app, or other resources anyone can point me to on short term vacation rentals?
I am a big fan of Vacation Rental Success Podcast by Heather Bayer.
On youtube, the channel STR University has some good videos.
Thanks Patrick. I’ll check those out.
This is a good read that seems to cover all the bases:
How To Rent Vacation Properties by Owner Third Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment
Amazon link - https://amzn.to/3ss9MO1
Study this forum, from start to finish. Great selection of diverse owners and experiences to really give you an education. Everything from smart locks, automation, thermostats, sheets and toilet paper. Details you might miss out on.
There are a few select STR experts on these forums.
After searching for some topics, you will start to see these people show up all the time. Go on their profile and see all their replies OR read their blogs if they have any.
I think BP is a treasure trove for stuff like this.
Hi Daniel! There's a ton of great advice on these forums from folks like us who invest in and manage vacation rentals. If you're looking for free resources, searching the forums is a great route to go, searching YouTube, and Podcasts are helping as well. I also offer some tips on my FB page and website. I'll be doing a free webinar in a couple of weeks. If that's of interest to you, message me and I'll send you details.
People are definitely willing to help if you have questions. I haven't found a book that really nails it on all fronts quite yet. It may be because this is a mainstreaming industry with some ever-changing and new concepts. For example like regulations. I think the most important piece at the very beginning of your research is finding out the regulatory environment for where you want to purchase. That is the main hurdle for a vacation rental investment off the bat. But regulations are also constantly in flux so there's not like free database that you can find out the exact up to date regulations for every vacation rental market out there. AirDNA is decent for pure data, but they even put top cities to invest on their "top places to buy" list that have AWFUL regulatory environments. Just chat with someone who knows what's up and they can help guide you along the way!
Thanks William. Regulations are what concern me the most. Would like to do a long distance STR in a town that's only about 2.5 hours from me. Have some resources there but the lack of knowledge on regulations a big concern. We'll see what I can dig up. Thanks!
Hi @Daniel Leader - we can certainly help with "a cash flowing short term rental in a vacation town" - Orlando! Happy to provide advice, data and analytics on various Orlando vacation rental communities, home types, revenue and occupancy to expect. Reach out and LMK how we can help!