Hello, I am looking to get some feedback from some of investors in the Crestline area. We are looking to do an STR in the Crestline area or nearby areas (Lake Arrowhead and Twin Peaks). Big Bear is a bit out of my budget and inventory seems quite low. I am wondering what type of properties do well for STR. 1-br vs 2-br vs 3br? Also, do cabins do better than ranch style homes and cottage style? Do nice views do better vs wooded areas vs more dense neighborhoods. I am new to RE investing and BP so I'm trying to make the best educated decisions. Thanks in advance and I appreciate any feedback.
We closed on a 2b/1.5b a few months ago and have it up for STR in Crestline now. It's going well so far. Be aware the permit will take 6-8 weeks to get. That's information I couldn't find anywhere ahead of time. I think having some control over your "guests" is a smart idea and will be appreciated by your neighbors. It will cost you some bookings, but the goodwill generated is worth it. My neighbor has my cell phone number, and even has put my trash bins in the street for pickup if I'm not there and a guest doesn't do it. Be weary of locals who want to STR ~ that's either a party or a hookup. Accepting dogs is a good idea. Lots of dog people love Lake Gregory. Good luck and DM me if you have questions.
@Richard Del Rincon I am unfamiliar with that area, but I do believe views get good reviews. I did Airbnb in the past, and the one that had a great view off the balcony was booked instantly. I also look for good views when looking through Airbnb/VRBO when I vacation so this is coming from both sides. Location is everything as well! I would look at other STR in the area and see how booked up they are. You could even contact them and ask how it is going. Most will be very friendly and provide info. for you. Hope this helps!
A cabin with a view is going to do better than a ranch style house with no view. More bedrooms allows for more flexibility on small or larger groups and you can charge more per night.
Thanks for the feedback everyone. We have an offer that has been accepted. Hopefully it works out. We decided to go with a smaller property for both budget and manageability reasons. We also noticed vastly less available STRs in the area that are comparable. The property is only a 5 minute drive to Lake Arrowhead Village and is located on one of the main roads which is good during snow season as it will get plowed early and often. I'm a nervous wreck at this point as it is my first RE investment and I really don't know what I'm doing. All my knowledge is theoretical at this point. Ha!
Congratulations on the purchase. I don't know much about how STR's do in the area financially but, 5 minutes from the village tells me you will do just fine from what I have heard. I have lived in the area for a long time and have heard great things about STR's from the owners as long as you can be attentive to the guest. I have a LTR in the Crestline area and it has done very well over the years. Hope all works out and please let me know if you have any questions about the mountains.
We closed on a 2b/1.5b a few months ago and have it up for STR in Crestline now. It's going well so far. Be aware the permit will take 6-8 weeks to get. That's information I couldn't find anywhere ahead of time. I think having some control over your "guests" is a smart idea and will be appreciated by your neighbors. It will cost you some bookings, but the goodwill generated is worth it. My neighbor has my cell phone number, and even has put my trash bins in the street for pickup if I'm not there and a guest doesn't do it. Be weary of locals who want to STR ~ that's either a party or a hookup. Accepting dogs is a good idea. Lots of dog people love Lake Gregory. Good luck and DM me if you have questions.