All Forum Posts by: Sofia Sharkey

Hello everyone, I will be writing a four part series regarding expectations in the short-term rental (STR) industry. Part one is about investors expectations. More specifically, six things you can expect from the STR company / person you hire.

There are two primary reasons why I want to dive into this topic:

• STRs are a niche and relatively new industry.
• Most investors don't actually know what to expect from a STR management company when hiring or partnering with them.

I've heard horror stories from investors who lost thousands of dollars because they did not vet their previous STR management properly. In many instances because they didn't know what to ask for. I'd like to prevent you from making the same mistakes many others have.

To read the full post, head over to the blog here on BP: https://www.biggerpockets.com/... 

Let me know your comments, suggestions, and if you have any other topics that you consider essential to cover in the beginning. 

@Daniela Andreevska while short term rentals are a great and viable option, you’ll need to consider many more variables and be ready for them. Note that bookings have been greatly impacted with COVID and those who are doing well are experienced hosts / str operators. House hacking sounds like a wise option for you to speed up savings.

@Jesenia Calderon also depends on how much work you want on your plate. Airbnb will give you more work since the cleanings and guest coordination needs to be managed. You can have systems but ultimately need more time availability than renting a room. Unless you hire a str manager in which case it would be passive to you. Good luck!

@Sofia Sharkey I meant to add the link to my post. You can see it here: https://www.facebook.com/LemonTreeBnB/photos/a.456808851761756/721592821950023/?type=3

@Nicholas Aja I wrote a whole piece on this. We welcome pets and charge a pet fee. Not only it results in extra bookings during these times but also brings in a little extra for the cleaners which is a nice incentive for them.

@Christian Walker my suggestion is to listen to this podcast that aired recently (the first part where the guy went in 20% for the first deal). If you want to help him, perhaps do 20% or 30% on your first couple of deals. Once you have proven your value and helped your dad you can go 50/50. My two cents.

@Abe DeHart hi Abe, sounds to me like you need a market analysis for the area and the types of properties. If I were in your situation, I would do a market analysis of cabins with nice appliances and see how much they make. Then the same for some places that don’t have that (the more standard ones you mentioned). The numbers should give you the answer on what you need to update or keep.

As far as listing a 18/18. You can totally do that and price accordingly for a big event or family. I advice you check on area regulations, I believe the most Airbnb allows is 16 people in one space at this time.

@Rick Oaks hi Rick, I might be able to help. Why don’t you pm me more details and I’ll take a look?

@Nick Jacobson yes, that’s an excellent question. For us has been mixed, not a stark difference like in your case, but city metro was still stronger than suburbia.

Hi @Matthew Weir, I do not have experience with tiny homes or their numbers. COVID has benefited the 1b/1bath since much of the competition is gone and there are many traveling professionals looking for lodging. I prefer larger homes but their occupancy has decreased some since covid.