Anyone experienced with STR on Galveston?

[Jack Holmes]

I am researching starting with a STR on Galveston.

Does anyone have experience in this space?

Recommend any realtors on the island?

Recommend any Property Mgt companies?

Recommend any resources to research metrics for STR in the area?

Anything else anyone wants to share is appreciated.

If you have anything for sale around 100k-150 k, please IM me... condo or SFH.

Happy New Years and wishing this community blessings and prosperity for 2021!

As a side bar, please get a Covid vaccination if you are able.

[Timothy Church]

@Jack Holmes

Good morning!

I'd be happy to answer any questions you have on here and go a bit more in-depth in person if need be! The island is a great location for vacation rentals. Even with the increasing numbers of rentals over the years, the performance has stayed solid for those who run their properties right.

There are many realtors and property management companies on the island. The most important thing is making sure whoever you use is able to give you appropriate advice and information when finding a vacation rental. While I manage properties here on the island, I typically recommend self-management for my clients that only have a property or two. If you set things up properly you are able to automate a good amount of the work and primarily deal with guest interaction. 

I personally use AirDNA for my research metrics. I compare the numbers to the properties I manage as well as investors I have worked with that manage their own properties and have found they hit very close to the true numbers! I'm happy to run a report for you if you have a specific property in mind. I'm actually about to add a built-in calculator to my website so people can run some basic reports themselves.

If you are looking at that price point you will need to focus on the condo complexes along the seawall. There a several different complexes that allow for vacation rental and can cashflow well. I actually just started working with a new lender who can offer 85% LTV on non-warrantable condos which helps to improve cash-on-cash performance!

If you have any other questions, please feel free to ask on here so everyone can have the information. If you'd like to talk more in person, please feel free to call or email. Have a great day!