Interior Decorator · Philadelphia, PA · Member since 2022 · 6 posts · 1 vote
From my experience in the STR market I have seen and heard of multiple ways to make this process easier on the investor.
To start, finding a management company that specializes in handling STR's is the best way to start this process. After offloading most of that heavy lifting comes begging the question, what else can you do?
Finding a team of professionals that specialize in finding the deals and closing on them can make acquiring deals that much easier. Also, the furnishing of your unit, if it is not already furnished, does pose an issue. Thankfully there are companies and people out there that provide these services as well. Although the costs associated with the services may dip further into your budget, it depends on how highly you value your time as an investor, and whether or not you can afford to spend time doing these things.
What are your thoughts? Any other services or companies you can think of that help making the acquisition, start up and maintenance of STR's?
Property Manager · Atlanta, GA · Member since 2020 · 34 posts · 25 votes
4y
I agree with a lot of what the other people are commenting, but one person can only handle so much volume of work. Eventually, if there is a desire to scale, a team is not only a good idea but necessary for growth. My fiancée's father (when he was younger) had something like 15 long term rentals and eventually took on too much and everything fell apart because he was a one man wrecking crew. He is one of the hardest working people I have ever known, but when you get to a certain point you have to learn to trust/work with others.