All Forum Posts by: Mitchel Foster

@Tyler D. I'm from South Dakota so this cracks me up. I grew up in a town that you'd definitely consider a Mayberry haha! My girlfriend and I just moved full-time to the Phoenix area a little over a year ago. Some partners and I run a STR property management company and also have a wholesaling business, along with syndicating multifamily deals in South Dakota and the Phoenix area. I like a mix of both world here and both have treated us well, and I'm confident we'll see the same for a while. Other markets may be better over 30 years, but this path fits my lifestyle. I think fitting my lifestyle goals will be the most important 30 years from now

Hi BP, 

I am fairly new to the real estate industry in general but for the past year I have ran a STR management company that operates here in the greater Phoenix area and Sioux Falls, SD.

My partners and I formed the company about a year ago and absolutely love it. I think it's because we've made the operations so smooth. I am a little confused as to why December was tough to fill up, especially when Jan-Mar are almost filled up. I imagine it's due to the strange 2020 times and less travelers right now? Is anyone else seeing the same thing?

I personally grew up without any background in business or real estate. Just a small town South Dakota kid with teachers for parents and a dream to do something more. During my average D1 college baseball career, I took a huge interest in investing in stocks/real estate and acquired a couple degrees in Economics and Entrepreneurial Studies with a minor in Marketing.

I also love to golf down here in Arizona so let's meet up on the course if anyone wants to connect!

reach out to @Austin Kost 

Some interesting stats I came across the other day on short-term rentals across the United States. These were updated at the end of August and it's great to see the industry growing in many areas, even through a year like 2020 😅.

There are of course more properties being listed in the green areas, but I believe there's a real shift in travel mindset. I already preferred the space and contactless aspect of a professionally run AirBNB, and I think this will be preferred by many more post-Pandemic. 

How long will social distancing last? Because I think it may just become the norm. 

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Hey all, this is my first December having STR's in the Phoenix area. I'm a little surprised that we aren't fully booked for the most part. Is anyone else seeing some slowness in the market or would have some ideas as to why bookings might be slow right now?

I currently run a STR company and up until now, we have only partnered with property owners (aka co-hosting). I rent where I live and I recently moved to a new place and was coming across great rental prices. Since I know my local market, I know what type of profit margin could be achieved with rental arbitrage and it got me thinking about it.

I am curious to hear from someone who does arbitrage on what you offer landlords in your lease agreement or how you set up your lease agreement? Looking forward to reading the comments. 

Wow I actually may know someone. She has STR management company in FL, but I don't remember where they operate. Message me and I can put you in touch!

Welcome Zeke! If I were in your position, I would sit down and consider what my goals are. Running STR's can be a funny hobby, but it can take some busy work and will take a LOT of head space. You'll spend most of your time putting out fires.

If I were you and wanted to invest without investing my time and energy, then I'd invest in a high potential market within my budget. Wherever you decide, you HAVE to hvae someone on the ground. You could post a job to find someone local or there are plenty of phenomenal property managers everywhere that specialize in STRs. 

You may not be looking here, but I live in the Phoenix area and this has been a great market and is only growing. Send me a PM to connect!

Haha you are right that SD isn't a top destination vacation, but that's I refer to them as short-term rentals. Sioux Falls and the Black Hills accommodates people from all over the state that travel to a city with more to offer (medical, business, etc.). So Sioux Falls does pretty well actually. Which is why I agree with your last statement.

I am from South Dakota and live in Scottsdale, AZ now. Since I own a STR management company that operates in both areas, my girlfriend (also from South Dakota) and I are always on the lookout for STR investments for ourselves and clients/friends. Our business plan is to focus on on our current markets of course, but since we have the system and love to travel to different parts of the country throughout the year, I'm interested in what locations or hidden gem areas I could be looking into.

I want to get some opinions on the best specific places to look at investing in STRs in the coming years, and of course why you think so. I think I'd be able to find a local contact in just about any area to take care of day to day ops, if the investment made sense of course. So please share where and why!