All Forum Posts by: Alexa Ferguson

Hey @Scot Evans! In addition to what Jonathan said, I believe short-term rentals are very successful in the Atlanta area. STRs generate more cash flow than any other real estate investing strategy, so your highest ROI may be to purchase a property and rent it as an Airbnb. With this strategy you will also see a return much more quickly than a flip. Hope that's helpful!

Hey @Matthew Balter, in addition to what @Ryan Moyer said, you can also purchase a STR property simply using conventional financing with at least 20% down. If you plan to buy another property after that, that's when you may need to get a bit creative since STR income is not counted by most lenders for 2 years. So if you need that STR income to get your DTI in a good place, a DSCR loan may be a good option until you hit that 2 year mark and can count your STR income. Hope that's helpful!

Many people want to get started in real estate investing but don't know the first step to take or are intimidated by the hot Denver market. The truth is, anyone can successfully invest in Denver with the right knowledge, tools, and team. In this 3-month series led by experienced investor-agents, you will learn the steps to take to get started on your real estate investing journey. The first class of the monthly series will discuss steps to get started in REI. Register today to network with fellow investors and launch your journey to financial freedom!

Register here: https://www.meetup.com/The-Hou...

Thanks all!

@Scott K. Awesome! TurnoverBnb also has a checklist feature which has been really helpful to our cleaners and given us more peace of mind knowing that our cleaners know exactly what is expected of them. Nice to learn of other tools that do the same thing!

@Luke Carl oh haha! No worries at all 👍🏽

@Luke Carl are you able to expand a bit? I actually learned of these tools from Avery's book and manage them all from my phone - if there's a better way I'm always down to learn!

My husband and I own a few STRs in the Denver area that we self-manage. While we live in the area, our goal is to make these STRs as self-sufficient as possible so that 1) the cash flow they generate becomes increasingly passive, and 2) we feel confident investing in STRs out of state, which we’d like to do in the near future. For us, the following softwares have proven useful in making our STRs more hands-off:

- Pricing Tool: PriceLabs - dynamic, data-driven pricing tool that auto-updates your listings, optimizing income and occupancy by adjusting prices based on market data and trends.

- Cleaner Scheduling Manager: TurnoverBnb - automates scheduling and paying cleaners at its core, but can also systematize guest check-out and reviews.

- Channel Manager: Guesty - allows you to list your STR on multiple platforms (Airbnb, VRBO, etc.) and manage it all from one place.

Hopefully this info is helpful to you, and I’m happy to answer any questions you may have on self-managing STRs.

I'm also curious - have you all had success with any other STR management tools/softwares?

@Long Dang I'm so glad it's helpful! We do not take security deposits. AirBnb has a great insurance product for hosts that protects us against most damages. You can find more info on AirCover at this link: https://www.airbnb.com/aircove...

Happy to answer any other questions as you consider STRs.

@Mora Clark and @Matthew Vance we usually do most of our shopping on Amazon - quick delivery and competitive prices. For couches, we usually find the best deals at American Furniture Warehouse in Denver (Mora, I'm not sure if there is a similar store in Boston, but it's a warehouse store that has cheaper options than other name brand furniture stores in town). We purchase towels, linens and kitchen items at Bed Bath & Beyond, which can actually be cost-effective if you have coupons (some are up to 20% off your entire purchase, and they never expire). 

Hope that's helpful!