All Forum Posts by: Sofia Sharkey

Hi @Joseph Barnes,

My husband and I did that when we first started. We bought a house in an EXCELLENT location in the city for a VERY good price. We furnished it and 6 months later it was officially posted on Airbnb. During those initial 6 months, we read everything we could about short term rentals and created systems that would anticipate many situations so guests wouldn’t be reaching out at all hours of the day.

We were very successful with that house and loved the process and the hospitality industry. Soon after we expanded into other areas and here we are 12 properties later and ready to keep going.

Now, the ride hasn’t been easy and IT IS NOT for everyone. We’ve had plenty of undesirable guests cause issues and that is something that you’ll deal with in this business.

We also realized that the magic is in the NUMBERS. If you buy the house at a great price in a good location where people want to be, then you have a chance. Many of the people who bought market value and had thin margins are hurting or out of business due to COVID.

Short term rentals are a very hands on / active business. Many not so much for one house, but it will take more time as you grow.

Lastly, there is nothing wrong with trying. Just make sure it will still be a profitable investment as a long term. Try it, if you don’t like it, rent it out long term.

@Justin Morgan that’s a great point and so far I’m flexible with the specific location as long as it’s in that general area. The reason being that I really want to get the right real estate for this business with numbers that make sense.

Thank you!

@Michael Baum thank you so much for the feedback.

I am considering moving there to be close to all the outdoor activities and it seems like a charming place to love. I also want to expand my short term rental business to a new market and that’s why I’m considering the bnb.

I will be looking up regulations and all that to see how viable it all is.

@John Underwood thank you for the feedback. Will definitely look into that

Hello BP community,

I am in the early research stages considering St George (southern Utah) for my next investment.

I’m looking into opening a bed and breakfast business, ideally with an event space. My current experience is in short term rentals so this is a way to expand that knowledge and acquire a larger piece of real estate.

I’ve been reading about the demographics in St George and wonder what types of events have demand for lodging and a larger area, yoga and healing retreats come to mind.

As far as the real estate, I imagine I would be making a switch from residential to commercial, right?

Any information regarding the demand / supply for b&bs in that area would be appreciate it as well as any regulations I need to keep in mind for this kind of business. I am brand new to the Utah market so still have lots of leaning and connections to make.

Happy to provide more details as needed.

I’d be looking to buy the real estate in the first quarter of 2021.

Thank you!

@Lucas Carl such a great reminder. Every time, every single time we’ve made an exception for a local or hosted someone we didn’t feel entirely comfortable with, we have regretted it. Trust your gut and stick to your policies!

@Joseph Koury I so enjoyed your post! ;)

@Kevin Lefeuvre impacts those with short term rentals as people have started to cancel bookings. It can have a strong impact if it’s not contained.

@Kacie Benson kacie, it did cover it because my house is a short term rental (on Airbnb) in a great location. At that time my husband and I moved into a room and paid $600 a month. Our house was grossing an average of $2500 which paid for the mortgage, our room rent, and then some. As the house made money, repeated the process. Now we have over 10 units, some we own, some we manage for others. It’s not for everyone as it requires discipline and a lot of work but it’s what worked for us!

@Sofia Sharkey UPDATE: After talking to the cleaning crew some more and looking into the issues that prevented them for handling trash, the situation has now been resolved. We ended up getting a dumpster where they can dispose the trash for our units once a week. Thanks all for the helpful feedback!