All Forum Posts by: Corey Davis

You haven't mentioned the value of the property.

@Karen Margrave sounds like a wedding destination or yoga retreat?

@Ann Watkins you have the perfect mindset for successful short term rental marketing :) It's all about what you can do with the character of the property.

My two cents on short term rentals:

The closer in to urban centers you are, the less of a seasonal fluctuation you experience in vacancies.

Investors should know upfront that successful short term rentals are full time jobs. If an investor is looking for high cashflow on buy and hold properties, it is best to partner with someone who has experience in short term rentals instead of hiring property management. A property manager can walk away if things go south, and you lose all of the income spent on management.

Marketing is the key in cash flowing short term rentals. Properties on sites like airbnb are super competitive, and mediocre design and customer service will kill a short term rental quickly.

@Leo C. Yep, that's pretty much the name of the game when starting out. Best advice is to partner up with someone already in the business.

@William Strong vacancy rates are dependent on marketing tactics and management more than long term rentals. I get really high returns, and thus really high turnover (average stay is three nights) and still manage about 5% or less vacancy.

@John Meyers I know this post is old, but if you're still looking for help, I have plenty of experience in this and also know of investors interested in the shirt term rental business.

It's my experience that short term and vacation rentals give you the most ability to market for a much higher return than long term rentals, and therefore of course, requires more work. I think the key is either having a manager/partner, or being prepared to self manage, and expect it to feel like a part time job.

Per your OP asking about comparable properties, airbnb is also a great way to get a feel for a neighborhood.

there are two listings with that address, one is a 3/1, the other is a 2/1. Both at 998 sqft.

@Duncan Taylor Yeah, bigger pockets has taught me more than about five hundred dollars worth of books, and a college education. Real world experience seems like the ONLY solid source of info in the real estate world these days...

@J. Martin awesome! Thank you! Any advice as to how which of those two routes would be more desirable to banks?

@Bryan Hancock that's really great info! And I've been looking for reading material, I will check out the book!

@J. Martin Yes, that was the info I was given. Googling a ton of things right now, but can't seem to find anyone who has any actual experience with this.