All Forum Posts by: Lance Turner

Be on the look out for our new friend we met yesterday morning during our beach walk (PCB) 🦈

STR/MTR host here.

1. Research and understand local legislation in your market regarding STRs, FIRST.

2. Have your systems and processes in place to have the business become increasingly more autonomous (cleaning, pricing, property management software, automation, etc). The less you have to think about, the better.

3. Take quality photos and market the property anywhere you possibly can. 

Of course there are many other tips I can offer, but those come top of mind. What I've found is that with STRs, you grow with experience. It is a process where every month you tweak things here and there to find out what really draws customers to your property and for them to have a great guest experience. 

This is a lot of land so also keep in mind the logistics of how guests will arrive to their respective sites, parking, guest interaction, etc. This sounds like a cool idea, just continue to see it through!  

Hey Lance, your property sounds like an incredible opportunity.. 20 acres with a lake and pool? That's a dream setup for creating a unique guest experience. I remeber when a close friend of mine took on a similar project outside of Phoenix. He transformed his land into a mix of STRs and even added some luxury yurt camping sites. It was a wild ride for him, especially in the first year, but seeing guests enjoy the space made it all worthwhile.

Given your engineering background and rehab experience, you're well-equipped to handle the complexities. My two cents would be to start with a solid business plan that accounts for phased development.

Also, even though you're outside city limits, keep an eye on county regulations. My friend ran into some unexpected zoning issues when he started adding RV spots, which set him back a few months.

Since this is your first STR venture, it might be helpful to connect with others who've walked this path. I've guided several investors through similar projects, and sometimes sharing stories over a cup of coffeeor virtual - can spark ideas you hadn't considered.

If you're up for it, this could really be one BIG idea that makes everything come true for you. Turning big dreams into reality is what makes this journey so exciting!

Jasper, the Pat Aboukhaled investor team,
Turning investment visions into reality in Phoenix, AZ - ranked #1 for residential real estate growth and opportunity by PwC.

I won't address your questions, just address the original statement of LTR with STR. I'm sure others points about STR legality, etc., all is taken into consideration. This is very hard to maneuver, and even harder to make work despite tenants agreeing. LTRs are not attractive with a STR unless there's a strict level of isolation.

I did attempt this in 3 of my units, and all have failed despite the original premise being no problem. I did not factor the math in as a LTR + STR but just a LTR so it did not impact me financially as it was just gravy.

That is not to say yours will, but I notice in the better neighborhoods tenants do not want guests coming in & out. They enjoy their privacy, and rightfully so. I even put the rent in a way to accommodate the headache, and just went back to market-based and eliminated the STR route for two of them. The other one I made both units a STR, and so far it's been really, really good.