All Forum Posts by: Collin Chan

Start scouring FB marketplace, Craigslist, garage sales or even furniture clearance sales to pick up furniture for cheap if you are looking to start for less than $10k.  I've heard of new people starting out this way without a lot of cash or credit on hand.  It will take a lot longer to find furniture that might work with your design aesthetic.

Smaller properties can be much cheaper to set up as well if you can't start with a studio rental for arbitrage.

Great list!  I'm assuming there is also an 80/20 rule that could be useful here.

It might be interesting to see this list in terms of highest to lowest for generating booking flow.  Most of us know the top 2 or 3 but not the next 4-5 that could make sense to look into?

Is there a site that has this information?

Listen to the latest Bigger Pockets podcast. Try some newer areas in the midwest and see how those areas are doing. Some of these smaller undiscovered towns can still bring in higher revenue as they aren't as mass marketed as STR targets but locals know them very well.

Have you looked at DSCR loans to address the international and credit concerns? Many DSCR lenders don't factor that into the analysis. Just don't want you to make a decision to go all cash if there are other options for you.

Your first picture shows bars on the door.  This doesn't give an initial feeling of safe neighborhood.  If it is safe then maybe remove those from your property however I see other properties your attached to also have bars on doors so not sure how you can make it feel safer in the pics.  For your door maybe put on a storm door instead which has a glass look?

Also try Kai Andrew on Youtube who talks about land hacking and has built container homes on his property.

Try Rabbu (free again) and Pricelabs to cross compare.  Also check the calendars for properties that most closely resemble yours (enemy method) and use that data to see what your projected should be.

 Usually they will work for a broker that can provide someone with more senior experience and negotiating tactics to help your agent being that it's their first time.  See if they can ask around the office.  They might have to split some of the commission but they get to learn while you get the best advice.

Chiming in as an ex-SLO grad as well. :)

Pismo Beach seems to be a more attractive short term rental location although I haven't looked at the restrictions of owning one there.  Grover Beach I'm assuming does well also given the location and plethora of beach related activities (dune buggy's, etc.).  It's well within a reasonable distance of downtown SLO.

Collin

 My area would have quiet hours and sensitive neighbors.  Also Sedona is a dark sky community so no lights :)