All Forum Posts by: Sarah Kensinger

The best option would be to regularly attend real estate meet ups and get into the right circles. Real estate and partnerships are a relationship game, and spending time with the right people can make all the difference! I would also think of what type of contract you would have between yourself and the partner, as well as how to handle the situation with your former husband. Then if an investor comes along, you're ready with a plan. 

It could work out nicely or it might not, you'll need to decide what you want to take a risk on. I well say if you break down all the bills the HOA is paying, good chance you would personally be paying out a similar fee.

As for the actual revenue I would want the address to see the property. But if others are making $80k good chance you can as well, so long as you are doing exactly what they are and a couple more things on top yet. This could include anything from design, thoughtful touches, all the way to how the property is marketed and managed! Airdna is your best place to gather actual numbers, although you do need to know how to use the software, as well as talking to neighbors in the same complex with a STR.

We used Fund and Grow to build business credit through credit cards. I believe that is a better option because most banks won't pull a HELOC off an investment property.

Ask the guest...."Did you purchase travel insurance when you booked your stay?"

More than likely, you'll be told no.

"I'm sorry to hear that, but we have set the best cancellation policy set by Airbnb in order to be flexible for the guest, but also for us as small business owners."

If they say yes, they did purchase travel insurance, she can run it through them. 

BTW this wording comes from Thanks for Visiting located in Columbus, Ohio. They talk about how to handle situations like is on their social media accounts often. It works a decent bit for them, and we have used it in the past with success as well. 

Airdna is the best and if you really want to get accurate projections the subscription is worth it! Be careful with free sites, they only have a couple months of actual data and then project the rest with an algorithm tool. Airdna has years' worth of actual data, so there's a reason it's costs a bit.

Las Vegas is another city that doesn't really allow STR anymore, so another city might be a best option. But for assignment of contracts and other investors purchasing property you bring to them; Pace Morby or Jamil Damji would be two great guys to check out their online content!

If you're interested in co-hosting, feel free to reach out and I can share some resources. It's most definitely possible, and with a few pointers and maybe looking to join a group of other likeminded business colleagues, you'll make a nice go of a STR business.

The STR tax loophole does not change if you have an out-of-state STR. What matters is that you are the host not another person or company. It's fine to add a co-host but you have to put in the most hours of participation.

Location is totally up to you! If you want to be a couple hours' drive, then keep your circle within that. If you're fine with going further, choose areas that you wouldn't mind visiting. 

People want STR over hotels for a variety of reasons. The biggest is they have the entire property, not just a room and it feels like home. So, make sure you include all the essentials in the kitchen, laundry, bathroom, and of course amenities. Like games, outdoor items that fit the area, and other similar items.

National Parks are a great place to purchase a STR since they'll always draw visitors. The parks are just drawing more people not less. Plus, real estate always appreciates, some areas it's slower than others but if you intend to buy and hold appreciation well happen.

There's a number of them, here's a few options that come to mind....

Micheal Sjogren--STR Secrets
Annette and Sarah--Thanks for Visiting
Tony and Sara Robinson
Rob Abasolo--Host Camp


 
 

Bribing by a guest is a sure way to get a bad review removed. My favorite is she waited until after the 2-week review period to complain and threaten. If I'm understanding the timing correctly you have nothing to worry about, and if all communication has been done through the Airbnb app, they can see she threatened you.