All Forum Posts by: Sarah Kensinger

So much to unpack here! First off don't lose this dream or drive! You can and will change the direction of your family by never losing sight of your goals! If possible, you need to join a mastermind, not only will it give you the tools you need to grow and make this happen but also the support when those closest to you may be negative. Masterminds can be expensive, but they are worth it if you choose the right one for you! For your goal I would recommend Michael Sjogren's STR Secrets mastermind. We are part of that group so if you have any questions feel free to DM me. We have many hosts that do arbitrage, but for the most part it's co-hosting/managing other people's STR. To be honest it's a strategy you should check out if you haven't already. Many also do boutique hotels in the group and Michael Sjogren is moving into that space as well. We've learned so much about commercial real estate and how to underwrite hotels in the mastermind. But Rich Somers is your guy for hotels and building a portfolio of resort style properties. He has an amazing podcast, and informative social media accounts.

Hope that helps and again feel free to reach out if you have any more questions. 

I think it all depends on the area, so of course you would need to know the market and why/when people would book. A new listing does better with only 90 /120 days open, and then later change it to around 6-9 months. Opening up a calendar longer leaves money on the table because the pricing software can't "keep up" with the demand. For example, you have an open calendar 12 months out, someone books in that 11th or 12th month. Then an event happens over that time spiking the number of bookings, the pricing software picks that up and raises the nightly rate. But since your property is already booked you missed that opportunity. 

STR is all things strategy now and knowing how things work, helps hosts not leave any money on the table.

There are a couple people I would suggest you look into before digging too deep on finding landlords. Not only would they help you expedite the process, but also help you go into arbitrage with the tools you need. Jake Mercer is right here on Biggerpockets, and there's also Michael and Elizabeth Chang who used the profit from STR arbitrage to purchase millions of dollars in real estate. Recently someone told me about Preston Seo and how successful he has been using STR arbitrage, but I don't know much about him. Hope that helps! 

This has to be a joke...they've actually been saying Airbnb was dead for years now! So apparently this isn't a new topic which struck me as rather funny. 

Logan, Ohio is definitely accurate! I believe as a whole and considering every aspect of investing...not just STR numbers....the list is pretty good.

I would just disclose it in the booking confirmation message, so you don't turn people off from your listing. If they want to cancel later, they can. Give a heads up about the construction but also make it sound good and beneficial to the area and future guests. I suppose if you would feel more comfortable adding it to the listing you could tell how future improvements are coming to area, so it may be a bit noisy. Presentation can make all the difference!  

We use Airdna since it's the most accurate. Be careful with the free data sites, they really rely on algorithm which can pull some funny numbers. 

Figure your goals out and then underwrite the property. It would also be best if you decide between self-managing or hiring a manager for the STR. If self-managing, start learning the market you're interested in to see if a STR would be right for the area. If hiring a manager, you could save yourself that time and talk with them instead.

I believe Well and Good would service Mesa. And of course, there is always Turno you could tap into.

You're on a good track...it does all depend on the host/owners and what they know and understand about the market they purchased into. Some believe that is the biggest problem with low numbers and hosts feeling like STR is a dying strategy, they never did understand the market they were buying into. Also, I scroll through the OTA and see hundreds to thousands of bland listings with seriously dated decor and properties. It's easy to pass them all by and find one with amazing ocean views and bad decor, or better yet a STR with modern decor and close to the ocean. People want an experience not just a place to sleep.

Four things to remember...location, proximity, knowing your market and guest avatar, and design/amenities can make or break a STR.