Purchasing Existing STR That Needs Repairs

[Jay Blumhorst]

Hoping for input from experienced STR investors.. I'm closing on a property soon that is currently used as a STR. It needs many repairs and improvements to be up to the standard that I'd prefer. (Carpet, paint, furniture, decor, etc..) There are existing bookings scheduled shortly after our closing date and it won't be feasible to complete the necessary work prior to relisting if we attempt to honor the existing bookings. I'm torn on how best to handle this. I don't want to inconvenience guests with a short notice cancellation and no opportunity to rebook but I'm concerned with taking the listing live and allowing guests before we have the property up to par. I don't want to increase our risk for bad reviews as we are starting out due to the poor existing condition of the property.

Would you list right away in order to honor the existing bookings and generate revenue right away or take it off-line completely until we have it to the standard we are looking for? 

[Michael Baum]

Lots of good advice here @Jay Blumhorst. I would also check with the guests and let them know what's what.

The bottom line is they already booked the place based on the nightly rate and the condition of the rental based on the photos. Let them know you will be doing updates to the place but want to honor their booking if they want it.