Hey everyone, I am new to STR and about to pull the trigger on investing through STRsearch.com but they for some reason do NOT want to give me referrals or testimonies which is holding me back and I think that is sketchy.
Does anyone have experience using them? What was your experience like? And this 20-25k fee they say INCLUDES a year of Co-hosting, What does that actually mean and what hidden costs are they hiding from me that are going to make this a burden?
I want to invest in property mainly for some passive income to offset my fixed expenses, not for the tax saving benefits, all while growing equity but can't afford to drown in debt from a mortgage plus a 150k loan on renovations all while paying rent in NYC.
Any advice would be great and I would love to connect with anyone for 10 minutes of their time.
You are right to be cautious with this company. I have never heard of them until I came across your post, and seeing $20-25K in fees does not line up with what I would expect for a turn-key Airbnb.
You can find and agent and a lender on Bigger Pockets that are STR knowledgeable in your area. Either your realtor, or a local property management search can help you find a Co-hosting service (which is basically property management for STRs). Most Co-hosting services in my market charge 25-30% of the gross rent for the day-to-day management (messaging guests, managing the calendar, scheduling cleaners, completing maintenance), and have a separate fee schedule if you want them to help with decorating and furnishing.
You are right to be cautious with this company. I have never heard of them until I came across your post, and seeing $20-25K in fees does not line up with what I would expect for a turn-key Airbnb.
You can find and agent and a lender on Bigger Pockets that are STR knowledgeable in your area. Either your realtor, or a local property management search can help you find a Co-hosting service (which is basically property management for STRs). Most Co-hosting services in my market charge 25-30% of the gross rent for the day-to-day management (messaging guests, managing the calendar, scheduling cleaners, completing maintenance), and have a separate fee schedule if you want them to help with decorating and furnishing.
Agree with @Melissa Hartvigsen . Do some research and find a local, skilled Realtor to assist. What area are you interested in purchasing? Also important to understand that even with a PM brick and Mortar is far from passive investing.
100% agree with the posts above, you do not need to hire this company, most of the time they work with established STR specialized Realtors in your given market anyways. You can cut out the middleman and go right to a good agent. This is what I do for the greater Tampa market and have assisted 22 investors this year complete their goals here. Make sure whoever you hire can demonstrate their track record of experience. Good luck!
@Stephen Mcgowan, I have comments. A company that won't give references for a $20,000-plus fee is telling you something. I'd also be careful pairing a mortgage with a $150K renovation loan when the goal is passive income, since short-term rentals are rarely passive. I've been in real estate my whole life, so I'd be open to a conversation before you sign anything. Have you run the numbers without their projections? What other strategies have you looked at for passive income?