All Forum Posts by: Priscilla Shu
Priscilla Shu has started 1 posts and replied 4 times.
Post: Looking for advice in scaling STR business - Got one running in Hyattsville, MD
- Jessup, MD
- Posts 4
- Votes 0
Quote from @Jena Vail:
Priscilla, sounds like great success on your first STR! Use AirDNA to help determine your next area & pick a city that is STR friendly. What do you think the #1 factor was in your solid bookings?
Thank you so much. I'm looking for more STR friendly cities. It's so hard to find. Please let me know if you know of any. I think what helped is offering what others don't; space for families, ample beds (but not crowding), nice outdoor space.
Post: Looking for advice in scaling STR business - Got one running in Hyattsville, MD
- Jessup, MD
- Posts 4
- Votes 0
Quote from @Ned Carey:
@Priscilla Shu it is OK to keep going if you are doing it in a legal way AND you have appropriate reseves to fund you past problems.
Depsite what you hear real estate is very risky and STR arbitrage is even more so.
100% legal always. It's not worth it to me if it's not. Yes, indeed. I've made and lost money investing in multi-unit properties, developments and partnerships. But it's my passion and I've made far more than I've lost. Thanks for the advice.
Post: Looking for advice in scaling STR business - Got one running in Hyattsville, MD
- Jessup, MD
- Posts 4
- Votes 0
RE: Russell Brazil You may be assuming that I'm doing this without cooperation from the owner. After the owner paid for the license application, I worked with the county to get the STR license approved under the owner's name with me as the manager. It was an easy process. I plan to switch to midterm renting after that.
Thanks for the response.
Post: Looking for advice in scaling STR business - Got one running in Hyattsville, MD
- Jessup, MD
- Posts 4
- Votes 0
In March I rented and furnished a 4 bedroom home in Hyattsville, MD for STR and it's doing well so far with 21 nights booked since listing on March 18. I'm looking to basically rinse and repeat. But I don't have the bandwidth to keep furnishing these properties and I also want to make sure I'm not moving too fast. Any experience in the DMV market or just with scaling in general? I have the option to go into other markets such as Pensacola, FL and Phoenix, AZ with already furnished rental arbitrage. Just need to hear someone say it's ok keep going, it's worth the risk (if it is) :)