All Forum Posts by: Sara Levy-Lambert

1. Research your market: It's important to understand the local demand for short-term rentals and the competition in your area. Look at Airbnb data and other online platforms to see what types of properties are popular, how much they're renting for, and how often they're booked. You can also talk to other STR owners or local real estate agents to get a sense of the market.
2. Determine your business model: There are a few different ways to approach the STR business. You could buy a property and manage it yourself, hire a property management company to handle the day-to-day operations, or use a hybrid model where you manage the property but outsource some tasks like cleaning and maintenance. Consider your time, skills, and resources when deciding on a model that works best for you.
3. Develop a budget: Calculate the costs of acquiring and operating a property, including the purchase price, closing costs, renovations, insurance, property management fees, and marketing expenses. Make sure you have enough capital to cover these costs and still have a cushion for unexpected expenses.
4. Consider the location: Location is important for any real estate investment, but it's especially critical for STRs. Look for areas with high demand for short-term rentals, such as popular tourist destinations or areas near major events or attractions.
   Find yourself a good STR broker and investment advisor: You can google awning str buying to find one such nationwide option. There are others out there. Having someone experienced on your side is a huge benefit

If you're interested in going that route, why not just list the property on Airbnb and hire a property manager like awning (starting at 15%) or vacasa (starting at 25%) to run it for you. That way you don't need someone between you doing arbitrage.

1. Affordability: Make sure that you can afford the rent payments and the additional amounts that will go towards the down payment each month. It's important to be realistic about your budget and make sure that you won't be stretched too thin financially.
2. Length of the lease: A two-year lease is a fairly long commitment, especially if you're just starting out in the short-term rental business. Make sure you feel comfortable with the length of the lease and that you're confident you can generate enough income from the property to cover the rent and down payment payments.
3. Terms of the contract: Make sure you fully understand the terms of the rent-to-own agreement, including any penalties for breaking the lease early or missing rent payments. You should also have a clear understanding of the purchase price and any contingencies or conditions that must be met in order to complete the sale.
4. Condition of the property: It's important to thoroughly inspect the property to ensure that it is in good condition and that any necessary repairs or renovations have been made. You don't want to be stuck with unexpected repair costs down the line.
   Accurate income: Look up the awning airbnb estimator and plug in the address to get an understanding of the comps and potential income.

It may be helpful to speak with an attorney or financial professional to understand the pros and cons of different options and determine the best course of action for your situation.

It's important to have insurance coverage when you are renting out your property on a short-term rental platform like Airbnb. Traditional home insurance policies may not provide sufficient coverage for the unique risks associated with short-term rentals, such as an increased number of people coming and going and a higher likelihood of wear and tear on the property.

There are a few options you can consider to ensure that your property is adequately protected while it is being rented out on a short-term basis.

One option is to purchase a host protection insurance policy, which is specifically designed for short-term rentals. These policies typically provide coverage for damages to the property and liability protection for the host in the event of an injury or accident.

Another option is to purchase a commercial insurance policy, which is designed for businesses and can provide more comprehensive coverage than a traditional home insurance policy.

It's also worth checking with your current home insurance provider to see if they offer endorsements or riders that can be added to your existing policy to provide coverage for short-term rentals.

Regardless of which insurance option you choose, it's important to thoroughly review the policy and make sure it meets your needs and provides the level of coverage you need.

take a look at awning airbnb property management, they work nationwide, have multiple properties in gatlinburg and rates start at 15% of revenue

Take a look at comparable Airbnb's on the market - just google Awning airbnb estimator for a free tool. 

Then take the annual take and subtract a property management fee of 15%, that should be your annual income. Otherwise you're better off just getting a property manager and making it an Airbnb yourself.

It sounds like you've done a thorough analysis of the financials of this investment opportunity, and it appears that it has the potential to generate a good return on investment based on the estimated rental income and expenses. However, there are a few other factors to consider when evaluating the risk of this investment:

1. Market risk: Real estate markets can fluctuate, and it's important to consider the potential for changes in demand for rentals in your area. If demand decreases, it could affect your rental income and potentially make it more difficult to sell the property in the future.
2. Vacancy risk: It's possible that you may experience periods of vacancy, which could impact your cash flow. Be sure to factor in a vacancy rate in your financial analysis to account for this risk.
3. Maintenance and repair costs: While it's good that the HOA covers some maintenance and repair costs, you should still be prepared for unexpected expenses that may arise. Make sure you have a reserve fund set aside to cover these types of costs.

Overall, it seems like this could be a good investment opportunity, but it's important to carefully consider the risks and be prepared for the possibility of unexpected costs or changes in the market.

It's great that you're thinking about investing in real estate and have a specific goal in mind! Here are a few suggestions for how you can prepare for your investment over the next year:

1. Educate yourself: There is a lot to learn about real estate investing, and it's important to do your due diligence before diving in. Consider taking a course or reading books or articles about real estate investing to get a better understanding of the market, financing options, and other important factors.
2. Set a budget: Determine how much you can afford to invest in a quadplex and how much you'll need to borrow in order to make the purchase. This will help you narrow down your search and identify properties that are within your price range.
3. Research the market: Take some time to research the real estate market in Florida, including trends, demand, and potential rental income. This will help you understand the potential return on your investment and whether it makes sense for your financial goals.
4. Find a good real estate agent: A good real estate agent will be able to help you navigate the market and find properties that meet your criteria. They can also provide valuable guidance and support throughout the buying process. (DM me and I can make an introduction to someone amazing!)

As for specific locations to consider, it's a good idea to focus on areas with strong demand for rentals, such as those near universities, hospitals, or other major employers. You may also want to consider areas with a high concentration of vacation rentals, as these can be lucrative options for short-term rentals. Ultimately, the best location for you will depend on your specific goals and budget.

a quick google search of the top airbnb management companies brings up Awning, Vacasa, and Evolve. I would recommend looking into those companies