All Forum Posts by: Tyler Solomon

AirDNA is a very powerful tool that can help determine this, however unless there are a sufficient amount of 3 unit STR's in and around that area, I would take the numbers with an extra grain of salt. The enemy method is another great way to try and figure this out. Also, try and find an investor friendly real estate agent or STR property manager in that area - both great resources as well. Hope this helps!

No go for me - gets into normal tennant regulations. regulated much differently. 

 Great move on the outsourcing! Know your weak spots and adapt!

Sounds old school, put put up flyers in/around town if you are close to a social hub / small city. Get creative with how you market the property, not everything has to be digital these days!

Where are you going to park this? Have you ensured that you could legally do this?

I am certainly one of the bigger proponents of STR's, but I do think it is important to keep in mind that these are assets which require creativity, upkeep, costs, and a whole lot of TLC. With that said, I think it is important to highlight the pain points of Short Term Rentals that often get glossed over by new and experienced investors, or those looking to get into the industry. So I ask...

What are the biggest pain points of operating a STR? What are the unforeseen challenges that you have encountered ? What are the nitty gritty parts of operating a successful STR?

Feel free to bring others into the conversation!!

2 thoughts.

1)You pay for what you get, ie cheap in rarely good, and good is rarely cheap.... Keep this in mind when going the VA route for management.

2) If a deal breaks/is no longer profitable because of Property Management Expenses, it might be best to find another deal with bigger margins. Heaven forbid a lapse in occupancy causing you to go upside down on a deal. 

Have you had contractors take issue with your picture for payment method? I like the idea, might have to use this for my self as well, but I imagine someone has taken issue with it, no?

 Great point!

Going to be very different then running cabins, as this is a small business. Much more CapEx and overhead associated, and will be hard to directly project performance unless there are similar lodges around the region.