All Forum Posts by: Collin Chan

@Chad McMahan

Pricelabs has a more updated model for looking at other comparable listings with bookings and peak times (seasons, events) using their software in the same area.  I can share some details of our experience with Sedona and Flagstaff for STRs.

My advice is to find a STR knowledgeable realtor in those areas like Chad who can give you more specific information on changing policies, STR friendly neighborhoods, and current market conditions.

I have short term rental insurance without direct bookings. I don't think it impacts the rate but it's not a significant impact to my expenses ($1200-$1500/year/SFH property in AZ).

Have you looked at Airdna or other sites to see what occupancy looks like in your market and for other STR operators? I've used Rabbu as well to see properties with higher occupancy and see what they have/offer to try and get that market share.

If all other STRs are not booking weekdays then it's going to take creativity.

Hi, I noticed the meetup link is to an event on June 17th 2022.  Is there a new link for this new event?  Thanks

Short Term Rentals can be fun and exciting but also take more to start up.  I enjoy traveling so getting into the hospitality business has been a good way to do something different than my W2.

Each market is different so be sure to do some research into where the STR business model still works or could work.

This is a unique time compared to the previous 2 years.  While some are getting scared with the recession and local policies changing, you could possibly find some over fearful sellers to get into a good market.

Maybe, 
Hawaii (Maui) might be a good example where STRs have driven up prices where LTR don't work but that resulted in more restrictions to which areas good have STRs and which couldn't still creating areas that could work for LTRs.  Like everyone said, each market is different and you should find markets that tailor to your goals of LTR markets and even then, some just adjust by finding value add opportunities to add units or house hack.

Yes you should be able to do so as a part of the discolsures. Some specifically mention. Not allowing short term rentals nor rentals even for a certain amount of time so keep an eye out for that. 

I'm in the Sedona STR market. I did the analysis and it's just not even close to the STR revenue unless your property doesn't really do well. The incentive might not be enough to do anything to really shift the market much.

Other markets like Napa have just restricted the number of STRs with permits.  I feel like that is the future to balance increased tourism revenue and taxes but not letting real estate prices get too far beyond what locals can afford.

Hi Spencer. I'm looking at Midterm rentals but we have an HOA so may be more limited vs STRs. Will follow this more to see what people say. I'm curious to hear why Queen Creek though as we stayed there for a few weeks in our new construction but it's more of a family community. One thing I do know about is the baseball field is really popular for big tournaments and having teams stay at a house vs hotels make a lot of sense but that seems seasonal.

There are a number of credit cards with promos for no interest for a year.  Could get you the money you need for furniture you don't have and you can still get tax deductions just use your initial cash flow to pay it off before interest becomes due after the introductory period.

 Try looking at other markets as well.  I know you're doing well in your own market but many here have done well with out of state (or other parts of FL) investing which you could try as well.