STR advice - Essentials

[Brian Ellis]

Hi BP

As I continue to expand my portfolio and business, I am adjusting with the market conditions.

We plan to rent our primary out through Airbnb. I am not super familiar with this investment vehicle, I've always done LT rentals and have done well with it. But in order to expand that area of my business, I need to get into the STR space.

For those that have been doing it with success, what have you found to be the most important areas to perfect? As I’m remodeling, and doing touch ups, I always notice something that needs to be done. Usually minor things, but I would consider them important if I were renting.

Unfortunately I am unable to provide a washer/dryer because it will be a “shared home”, but guests would have access to the entire main living floor with privacy. I’m a bit worried about this, what are your thoughts?

Thank you for your help!

[Esta Ryder]

We do own a STR so I am going to give you a mix of advice as an owner and also as a guest. We have 4 boys so we primarily stay in STR while on vacation as it is very hard to find hotel rooms that fit out family.

Most importnat to me (and to guests if you don't want bad reviews) is to be VERY clean.  Guests definitely like updated but they also like character and want it to fit the area.  Personally, I like to see updated comforters and decorative pillows.  I don't want to feel like the comforter on the bed is 20 years old- that is just gross to me.

As far as the washer and dryer, due to our family size and the length of time we travel, I personally won't rent a place without access to one- and it has to be in the unit, not a shared one down the hall.  However, if it is typical in your area to not have a washer and dryer, then don't worry about it.

I think that it is great that you are reaching out to people to make sure that your journey is successful.  Good luck!