Getting into STR. Goals & Plan. Seeking Advice

[Marcus Jones]

Hey everyone!

I'm looking to learn as much as possible about STR over the next 12-18 months. My goal is to get into a property that I will self manage by December of 2023. I want to purchase by October and have it fully furnished with teams in place setup by December. I am planning on spending no more than 120k with furnishings, travel expenses, and down payment. I want to eventually grow my portfolio to 5 properties that I manage with my wife. We want to focus in vacation markets such as Destin, PCB, Pigeon forge, and possible somewhere in the Rockies.

I've really considered buying a course but I want to reach out on here first to seek guidance on where I can find free information, mentorship, or possibly add value and work for someone on here that needs help so I can learn!

[Wilson Hunter]

Pay $10-$20 for PriceLabs market dashboards for the markets you’re interested in and start diving into all the comps in your price range. It will help you generate projections and start to figure out what listings make good money and why.

My process for getting into STRs was:

1) Research the numbers/comps to determine what property type and location I wanted to invest in.

2) Figure out how to buy a place - finding the right property is arguably the hardest part of the process.

3) Learn everything else by “just doing it.” I think management is the easiest part but will also separate you from the pack if you do it well. The bar is low, and simply by self-managing you’ll be better than a huge portion of the market. 

Don't get overwhelmed by how to manage a STR. People who overthink everything past step 2 before buying a place create a barrier of entry for themselves.