All Forum Posts by: Kate Stoermer

Not a lender and I'm thinking that's a tough one... but man... I'd rent in Jacksonville for a minute and keep your current and run it as an STR vs. selling. I've working with folks living in rentals who own STR - its not unheard of.

Within the city limits, I believe STR are prohibited, so start with understanding the regulatory environment. Identify and work with a STR-knowledgeable realtor, and lean into understanding what it takes to succeed in STR. Its not just buy a place and toss it on Airbnb; its a business and it requires knowledge, resources, and recognizing that there are many different ways to have an STR business if you want the ROI. Spend some time to gain clarity about what you hope to achieve and what the path to achieve it; that will make the myraid of decisions easier.

I have a contact that is sort of like your builder - he manages the build, then he manages the property as well. He puts the deal together. Essentially, his partner (you, in that scenario) are providing the bank roll and you get interest and owner ship. I'll echo the idea I don't think its balanced as your propose it; you own the land and are already more involved than just as an "investor" it doesn't feel like a balance. You could just hire him to build; the PM piece shouldn't be tied to the JV - they get the business if they do a good job and it should be equitable fee's for the area. Good luck!

So, buried in this is a more important issue.  When you go to pick a new restaurant, you have some idea of what to expect based on the $ - $$$$  used. Those dollars signs tell us Beer and burger or steak oscar and champaign.  Now, those dollar signs and associated expectations are different be it New York City or Walla Walla, WA.  

We have the same in STR - people will have certain expectations based on the market and budget tier.

So, my recommendation is be clear on who you are serving in what budget tier and what kinds of amenities are expected.  I can assure you in in upscale and luxury, having a place to put clothing - be in nice closet organizers w drawers or a dresser, is likely a requirement to deliver on expectations in those price points.  While you are unlikely to get dinged for it if you don't offer it, there is a category called value that this type of issue can contribute to people marking down.  Maybe this is different in some markets, so you need to know yours, but just a point to consider.  

But again, it really depends on the expectations of those you are planning to serve. 

Take time to learn! STR are all about understanding the market - buy right, set up right, market right. Good luck!

Stacey St John's Female STR if you want a group option, there are lots of 1:1 mentors (I've been doing this work for 3 1/2 years). The things I would suggest is to understand your goals and pick a mentor who understands and has achieved similar who can guide you. Some people want an Aibnb biz, in which case the Airbnb Host Program might work. If you want to own a STR (vs just an Airbnb) and grow a portfolio, you want someone doing the same which is very different than just being an Airbnb. You can certainly learn through free resources and online forums like this but a mentor can help cut thru the noise, provide clarity specific to your goals, and provide support to achieving them without the trial and error. I personally have a very small portfolio and I help manage a few; I've focused more on the coaching, consulting, and education side, first as a coach in someone else's high end program and for the last 2 years on my own - building a life more reflective of my goals today in my post 9 to 5 corporate life. Good luck, happy to chat if it's helpful.

Good advice here but I'd like to take one step further... its a crowded market and buying the right property, setting it up right, and ensuring it is run well is key. STR success is understanding the nuances of the market, price drivers, and positioning in order to stay in demand. Out of state completely feasible.. I've had clients buy without ever seeing the place or seeing it hours before closing...the right boots on the ground is key but, while most realtors are ethical, no one has more invested in your long term success than you so don't rely on information from others who could profit from it. I've had clients come to me to figure our why they aren't netting what they thought they should be only to learn that revenue level was never going to happen for that particular house. Happy to chat if helpful, I do have some resources I can share. - Kate

AirDNA + a deep dive just looking at the market via the booking platforms to understand the nuances of what drives price