Hello BP community! I am an aspiring investor looking to start out in STRs managed remotely. After a friend turned me on to the BP a couple months ago I started listening to the Real Estate and Rookie podcasts interested in finding a way to eventually escape my W2 job. Then I heard the episode with Avery Carl, read Short Term Rental Long Term Wealth in one sitting and have become obsessed with STRs as my entry point.
I am reaching out to the community hoping to find specifically feedback from others who have successfully(or unsuccessfully) managed STRs remotely. Obviously Avery's podcast, book, and blogs on the Short Term Shop website have lots of valuable information and I have followed on researching the various softwares/processes/tools for automating and managing remotely, but would love to get some additional perspective or experiences before I jump in.
Thanks so much!
Yes many of us on here manage remotely.
If you set up the automation and systems you mentioned above, AND get your boots on the ground team of a housekeeper and a handy-person, you will have no problem managing completely remotely. I visit my STR one to two times per year when I am in the area... but I lived 3000 miles from it for 9 months and didn't skip a beat.
I manage 4 properties remotely, with no problem. Need to have reliable cleaners and a handyman. (Having a back up also recommended).Have a list of those you can call for appliance, ac, electrical and plumbing issues. Start by listing on sites like VRBO and Airbnb, then you can also set up direct bookings through sites like Houfy or set up your own website. You will learn as you set up your systems. You also have to want to be available at all times to answer questions, accept reservations and handle issues in a timely manner.
I live 1000 miles from my vacation home. I use it 2-4 weeks a year, otherwise it's a STR. Two blocks from the beach in the Florida Panhandle. I use VRBO mostly and a small amount on Airbnb. Cleaners and handyman are critical. All other things are 100% remote. Feel free to reach out if I can be of help.
Read @Avery Carl ’s new book.
Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties https://www.amazon.com/dp/1947200445/ref=cm_sw_r_cp_api_glt_fabc_0QBFWWP4SYQZ3KTXKSSV
Or I should say re read it!
We use IGMS and price labs.
List our properties on Airbnb and VrBO
We have a good cleaning company in pigeon forge and gulf shores.
Thanks for starting the thread James! I'm in the middle of reading Short Term Rental Long Term Wealth as well and can't wait to finish it. I currently own 1 STR that has been open for 5 months and then just closed on my 2nd STR a few days ago. My 1st STR has been managed by a STR PM since going live. While I love the hands-off approach and enjoy my PM, threads like this make me think I can totally manage it myself. Plus the cashflow is more important than the time commitment once I get it rolling from what I've read. Both of my properties are on the East Coast while I live on the West Coast (3000 miles away.) I have also have never been to my properties, bought site unseen. They are both not in a vacation spot, but close to a military base and has been going great. I have a property designer pick out all of my furnishings for me as well.
From what I have read and others have echoed, have a solid cleaning crew (back-ups when you need them) and a handyman. All other resources are all available at your fingertips. If PM's can manage 10,20,30 STR'S, I can surely do a few myself. Thanks everyone for your input!
@James Moen below are important points to know about self managing:
- Cross-reference Rabbu and Airdna to get an idea of what property can potentially earn, shooting for at least a 20% cash on cash return
- Research properties near yours on Airbnb to figure out what amenities sell and what you can add to stand out
- Hire a professional photographer
- Implement a pricing tool like Wheelhouse, Pricelabs, or Beyond Pricing. You’re leaving money on the table if you try to do pricing on your own
- Find a solid cleaner and handyman as they are the lifeblood of your business and will help you with any last-minute requests that you can’t do being far away
- Use a Property Management System (PMS) tool like Your Porter to automate messages and run your business more efficiently
Good luck and DM me if you have any further questions!