In fact, that is literally why I decided to write the book: to set a standard for Co-Living.We do a lot of things to elevate the resident experience in our properties: community events, awesome common spaces, providing shared supplies, having a monthly cleaner, etc.This strategy is definitely a lot of management work, but it enabled me to build a portfolio that generates $10k/month in cash flow in only 2 years. 

More marketing, more listing sites, more rate adjustments, more listing wording adjustments, more lower dollar amenities added, removed high maintenance extras, changed internet providers, reduced TV package costs across Smokies properties saving over $1k a month, removed gas grills as they were a large maintenance (maintaining costs for propane and replacements/local bear kept destroying at 5 properties), changed cleaners, relooked all maintenance schedules, changed plumbers, changed hvac company, changed pool cleaners, made sure I never pay interest on business cards (pay off every Monday), changed minimum stays, changed some deposit policies and I am sure there is alot more squeezing I just forgot as I started running a DOGE on my ops before DOGE existed starting last December.

These are on separate parcels, so 2 DSCR loans will likely be the cleaner path, especially if the comp approach is what’s driving value. 

There are some dogs that just have to be on the couch so these cut way down on dog hairs.We provide dog bowls for water and food along with an absorbent mat.Last up we have a small Bissel hand cleaner for accidents.

The reason is that it makes it much easier to keep track of your rental activity, and your recordkeeping will be much cleaner.

From what I have seen, some recommend using Schlage locks for each room and then there is a software that connects to it to create a new code just for the guest each time and allows you to make a master code for a cleaner/maintenance tech.

Add that to cash paid.6 - Cleaners and utilities paid for when house was listed (if vacant) are cash costs.Subtract and rents received from your cost.Actual cash paid.

Walk away and wait for a cleaner deal?

One piece of advice I’ve heard from seasoned hosts is to keep building strong local vendor/contractor relationships early on (cleaners, handymen, etc.), since they can make or break your business as you scale.

A couple of things that help first-time STR buyers: really dig into seasonality when running your numbers (winter vs summer demand), budget extra for furnishing/marketing since guest experience drives reviews, and line up reliable cleaners/maintenance early—it can make or break your operations.