All Forum Posts by: Alyson Gordon

I would suggest joining FB groups for STRs. People that are selling are starting there first, and I see a lot of people off loading their furniture in preparation to sell or LTR. In markets where they're known for STRs like at the beach, homes are sold furnished but not heavily marketed that way because of what is considered "real estate" legally. FB is definitely going to be your friend on this! I would also network with real estate agents in the markets that you want to buy. Good luck!!

If you already have a VA I don't know why not! If you didn't have a VA I would say just continue to manage it yourself but as long as you know the business well enough to teach someone else how to manage it or respond to issues, etc. it will free you up to go after more business and reach more of your real estate goals.

If you're planning on taking STRs seriously to maximize cashflow, I would take the time up front to either 1. hire a professional to handhold you through the process or 2. join a mastermind. Either option will allow you to short cut the process and make sure you're buying the right property with eyes wide open. 

STRs are significantly different to evaluate compared to LTRs and your cash flow will be directly related to how well you purchase and furnish your property. I have been through a few boot camps and master minds and the best I've gone through is through STR Secrets with Michael Sjogren. He also has a podcast that is really good, but I would take my time before registering with a boot camp with hundreds of people vs the smaller groups where you get hands on, 1-on-1 help. Just my two cents ! :)

There of course is an investment up front to get the place furnished but after that if the cash flow is typically hard to ignore! I would look for a STR manager or cohost in your area and have them help you get data specific to your property. It could make a lot of sense for you but its also hard to know without projections :)

I personally am a STR manager and know two STR managers in AZ (websites below) and happy to answer question about the process or what to look for in a good manager if you'd like!

https://www.sojournaz.com/ 

https://allstrhospitality.com/about-us/

I have gotten some longer stays on airbnb (30+ days) and currently am hosting a family for at least 3 months through insurance displacement. this is my ideal and target guest profile for a mid-term rental.

Possibly! I don't want to discourage you but I think 20-25% for MTR management is more of a going rate for someone that will work to maximize revenue and occupancy. I also think that vacancy would likely be no more than 30 days in a year once you get your first guest moved it. But I think to run realistic #s I would be a little more conservative than what you initially shared. It also might mean you need to be pickier about the property you buy but the strategy is otherwise solid. 

I would try FB groups and see if you can get a second opinion from someone operating MTRs in your market because they'll have the best insight. Jesse Vasquez has an active MTR group that may be a good place to start.

Jamie, congrats on a phenomenal year! What advice would you have for growing your portfolio? 

I have a MTR in the Raleigh area and also work a W2 in healthcare. Traveling healthcare professionals will likely never go away but its not booming like it was 1-3 years ago. The home prices in the Triangle make it more challenging to target this audience as they're typically looking for something  smaller (1-2 BR) and affordable. Depending on your market it could still make a lot of sense! 

If you like the MTR model, there is a lot of opportunity in the 3-4 BR space with relocation and families displaced due to insurance. Check out https://experimentrealestate.com/ for more details, Ruben has a lot of great free info!

I think that an 8% management fee and 5% vacancy rate is too low for MTR. I have STRs and MTRs and have not seen anything this low. I also would consider that you'll need more than $15k to furnish a 3BR home, likely closer to $20k if you want to get the best pricing. 

I would try connecting with some local MTR operators / managers in Austin to get additional perspective before you move forward. As with anything, a lot of this will depend on your goals. If you're doing MTR short-term and plan on holding onto the property for a long time these numbers may matter a lot less to buy an investment property in a good market.