All Forum Posts by: Anand S.

I don't see why you wouldn't go for both. All my properties are equipped for the corporate crowd (WiFi, self-check-in, etc.) but I don't focus my marketing just to attract them. When I get them it's awesome because they're usually one guest per room and barely add wear and tear on the home. 

Thanks for the interest folks. Looks like there currently isn't a Mastermind focused on this niche, so forming one would make sense if we there's healthy interest. 

I believe this forum and the relevant podcasts provide a solid resource for the novice player entering or exploring this niche, and envision this Mastermind group as one encompassing seasoned players that can share their experiences and mutually benefit from others doing the same. I also see it as a sounding board for new ideas and ways to gain partnerships in geographies that would otherwise not be feasible. 

Let me know your thoughts?

Hi Folks,

Anyone familiar with a Mastermind group focused on Short-term rentals? It does not have to be local. I'd imagine having one with members located throughout the US would be more helpful so as to give a broader perspective. Again, looking for a Mastermind group with experienced investors focused on the STR niche.

They just didn't like the idea of having their home run like a hotel. The misconception they have is that it would have more wear and tear. I tried to overcome that objection by explaining that, unlike a LTR, STR's are professionally cleaned almost weekly and during that time they are inspected for damage and if any, repairs are made immediately. I've had many LTR's where after a year I have to repaint the entire home, replace appliances and do other repairs that easily exceed the security deposit.

The other outcome is you open their eyes to the opportunity and they want to do it themselves. 

We did this for a short period in FLL and most owners did not allow subleasing. You'd be hard pressed to find one here that would allow you to short-term rent their home while doing a long-term lease with them. The owner also needs to apply for the short-term rental license and you need to consider liability, damages and upkeep. All in all, you need the owner's consent and cooperation.

You can do well if you STR a SFH in Ft Lauderdale. I'd recommend purchasing East of US1 and close to downtown, this gives you close access to the beach (the main attraction) and restaurants/nightlife.

Following the history of this thread, it looks like you bought prior to the boom of other investors flocking in. If this is the case, you stand to make a good profit flipping it. I'd be seriously considering this.

What I've found is it's very important to be close to your short-term rentals. Folks think it's so easy to remote manage but that's not so easy unless you have trustworthy folks on the ground, and it's not easy to find them unless you're local. 

I'd sell if you have decent equity and chalk it up as a learning experience. 

FLL has well defined rules to allow you to get licensed so it's pretty straightforward. You can also generate good revenue if you are east of US-1 and close to Broward/Las Olas BLVD. Homes will be priced in the $500K - $1MM range in that locale. 

I'm not familiar with Palm Springs but a quick search on ABB showed a relatively low nightly rate compared to FLL. What revenue can one generate with a 3/2 SFH and what can one expect to pay for the home? What about a 5/4?

I wouldn't waste time with second tier channels. Stick to the top two and you'll cover 99.9% of the market. 

Yes, folks do that down here in South Florida. It also helps to have the boat docked in a marina that's close to the action (bars, restaurants, etc.). You can do pretty well with if it sleeps enough and is in a good location. Check ABB in Ft Lauderdale and you'll see a few with reviews.