All Forum Posts by: Mindy Nicol

Hi there,

I'd like to know where are the best opportunities for STR investors in 2024. While much of the US is complaining of saturation, where would YOU put your money?

I have investors looking at building out portfolios and while I am based in St Augustine, Florida (tourist destination and many STRs), I would like to find out from the BP audience where you see the opportunities.  

What cities/destinations are growing, getting visitors and not already saturated? 

Thanks in advance!

Mindy

Thanks @Bruce Woodruff! I get fired up about this topic!

Hi Matthew, Thank you for posting.

Platforms like Airbnb are great for getting started and guest acquisition but the ULTIMATE goal for any business owner should be to own the customer.  Hosts have lost sight of how to run a business and are just an ancillary arm of Airbnb. Repeat guests should be a major focus and for that you need emails and phone numbers when they are willing to provide.

The goal should be to eventually wean off these sites.  Who knows they could get hacked any day.

I get that the Airbnb insurance policy is solid, but people need to run their business and not trust a third party like Airbnb to make decisions and run it for them.  As you mentioned, anything can happen with the algorithm. I agree with diversifying too.  Majorly important. Serious hosts that want to be in business for the long haul should be cultivating direct relationships where possible with a goal to OWN their business and not just be a listing on a booking site.

My 2 cents.

Mindy

Hi Joe!  I'd definitely copy and paste those old reviews and save them somewhere.  Ideally you have your own website as well for direct bookings and can put them on a Reviews page there.

These are so valuable in this competitive STR market and will sway a traveler to stay with you or somewhere.

For sure, start your own accounts on Airbnb etc and so you own them and this won't happen again.  

Mindy

Hi Maxwell, can you post the link again? This doesn’t seem to go anywhere.

Have you considered MTR? 30 day stays or more?  Disney staff or exec accommodations? 

How are you dealing with incidentals and additional pet, amenities fees?

What’s the occupancy rate? Is there an opportunity to package this in with Disney tix, events or concerts? 

Mindy 

Thanks so much @Conner Olsen 

Hi Kim,

I just tweaked a LT lease with a few extras.  I did also include a pet addendum and mold addendum standard here in Florida.  

Mindy

Hi Holly! 😊 For insurance, I love Cabrillo Coastal.  For handymen I'd be curious to see who is good  in Vilano, but I do have Dan Trantham who is good and will go there, or my property inspector Davey Compton who also does handyman items.  I will be finding out their cleaner too who is doing it now. I will send you the info!  Mindy

Thanks @Andrew Bosco !  I'll take a look.

Mindy

I am hosting my first MTR guest now and new at this.  I would love to hear from anyone who has done this for a while and would be willing to share tips. I run a monthly webinar for investors and this is our next topic!  It is not just Florida as they live all over the country.  I am reading the 30 Day Stay as well and it is full of tips which I am grateful for.  Thanks in advance.  Love this community! Mindy