All Forum Posts by: Garrett Brown

 I think the surprise for me is from the number of STRs there now and the rising home median price. I would have thought the data AirDNA is using (average yield) would have dropped dramatically based on the increase on both sides. 

@John Underwood , I was surprised as well by Joshua Tree's inclusion on the list based on its growth over the last few years. I think Pigeon Forge and Gatlinburg prices have lowered the average yield overall after the spike in 2021 would be the only reason. 

Congrats on the move! I am in the Houston market myself so if you ever need anything here, give me a shout.

Hey Eric! Welcome to the Forums! 

I don't invest in that area, but I have also heard it is hard to find a space that is zoned properly while hitting the metrics STR investors may want. I would work with a trusted, investor-friendly real estate agent who may be able to help identify which areas this could potentially be (as far as zoning). Ask them about their experience with STRs and if they own any themselves.

I have crunched many numbers on Provo recently, and it has some good metrics that you may want to look into on the STR side.
I don't think your fourplex idea is bad at all if you are struggling to find any potential investments on the STR side there. 

Welcome Lotus! You have gotten some great advice already in here but I will touch on the guest experience portion and local partnerships.

My tips for guest experience:

Have a digital guidebook explaining everything inside and near by places to visit.

Record a YouTube video of yourself touring the property and showing the details of working things. Send this video automatically when guests book. They will love seeing the owner explain things before they arrive.

Send auto messages the evening they check in and ask how things are going to get ahead of any problems. 

Provide a small welcome basket and "in case you forgot" basket. I do some popcorn, Rice Krispies, sleeping masks, ear plugs, toothbrush /toothpaste, etc. 

local partnerships: find restaurants you may be able to get a discount for sending guests over for. I partner with local coffee places for our coffee and also local boat/jet ski rentals to provide discounts to guests. I don't get any kickback from things but my guests love it and feel valued. I also like supporting local. 
My next one will be for my pet friendly place that has a new small dog park on it. I am partnering with a local animal shelter to do content one day promoting the puppies and my own place in one. 

Just a few quick ideas! 

I would sign up for BiggerPockets' STR-centered newsletter, BiggerStays, as well to stay up to date on all STR news and tips. You can sign up foril the direct link comes soon) by going into settings on your profile, going to notifications, then marketing emails, and clicking short-term rental newsletter. It's a great resource to stay on top of things (I also help write it, it for now (unt so I may be biased).

STR data expert AirDNA.co recently released their list of the top 10 National Parks to invest in for STRs.

This list uses an average yield percentage formula to elect the winners. AirDNA states: “Average yield is calculated by dividing the average annual revenue potential of short-term rentals in proximity to the national park by their average home prices obtained from Zillow. Data refers to national parks (NP) with at least 50 annual available listings in their submarkets. 

Did anyone check it out? Is anybody investing in these areas? We discussed this and tons of other STR topics in our weekly newsletter for BiggerStays (BiggerPockets STR segment). If you are not subscribed, go to your settings under your profile, then notifications, marketing emails, and turn on Short-Term Rental Newsletter for now.

1. New River Gorge NP, West Virginia (22.5% average yield)
2. Mammoth Cave NP, Kentucky (17.0% average yield)
3. Voyageurs NP, Minnesota (15.4% average yield)
4. Isle Royale NP, Michigan (14.8% average yield)
5. Joshua Tree NP, California (14.6% average yield)
6. Indiana Dunes NP, Indiana (15.5% average yield)
7. Hawaii Volcanoes NP, Hawaii (14.2% average yield)
8. Badlands & Wind Cave NP, South Dakota (14.1% average yield)
9. Hot Springs NP, Arkansas (14.0% average yield)
10. Kenai Fjords NP, Alaska (13.7% average yield)

 I will cosign this. Even for 1 property, I would use a PMS like Hospitable to automate as much of the process as you can. You can be on Airbnb, VRBO, booking.com, etc all at once. If you grow to more properties ever, it will be an easy transition. 

@Ben Freed , I think a theater room is overrated, but I would imagine game rooms and indoor pools would be a draw in NY. Water features are always winners. Hot Tub/Sauna combo is a must. I personally like outdoor bath /shower setups over hot tubs, but if you can handle both, I would. I'd say it depends on your price per night and budget to build it out. 

#2 for sure! Good luck! 

I do something like this (just not in any type of mountains lol) for most of my properties. Your market could be completely different but the top 3 things I have taken away as I build more cabins are

1. Multiple 4-6 person occupancy units will be booked the most. You still will hit couples as they won't be intimidated by bigger places. Most groups travel during the week in 3-5's, and people will rent units together if they have bigger groups. 

2. The amenities rule everything (especially outdoor). A unique place will make them stop scrolling but the amenities will be why they book/enjoy their time. 

3. You can save money by building similar structures but there is a bigger marketing advantage in each being unique. Having multiple of the same exact structure will limit repeat guests and your ability to engage more guests.