Considering getting into STRs. Any advice would be appreciated!

[Dakoda Spencer]

Since 2012, I've been on the sideline watching, learning, and saving to get into real estate investing. I'm 28 yrs old now and finally have some funds saved up and set aside specifically for real estate. Not a huge amount, but what I think it enough to get started. My goal over the next 6-12 months is to finally get into RE investing. I'm a real estate agent for West Virginia and Maryland, and prior to this last week, have only ever really considered LTRs, since STRs aren't popular in my area. About a week ago, I had a meeting with a fellow BP member who really opened my eyes to the STR potential. I've been doing a lot of reading over the last week, and now seem to be learning more towards starting my portfolio with STRs rather than LTRs. The CoC seems to be very appealing, and of course that is important when starting out since my cash reserves is pretty limited. I'm more open to investing out of state now, since my local market is "challenging" to become a full time real estate investor. I know it can be done, but if I can accelerate myself by starting out of state then later move back into my area as opportunities become available, then I'd like to at least see the options available.

Here's my question: Does anyone have any recommendations on where to start out for someone who is new to STRs? If anyone has any experience working with a specific group or course, I'd love to hear your input. Access to data is huge, and I know many people spend a many thousands dollars on courses to get started and to get access to tools. Does anyone have any recommendations for me that would be helpful? 

Thanks and best regards!

[Travis Timmons]

It's harder and more expensive to get a short term rental up and going than you think it will be, and it is easier to manage once it is established than you think it will be. 

Other basic pieces of advice - do your own research. I like national parks bc there is a lot data on visitors. Lesser known places like New River Gorge, Mammoth Cave, Pictured Rocks National Lakeshore, Shenandoah, Acadia, etc. are going to outperform from a cash on cash, purchase price to annual gross rents standpoint.  Airdna, rabbu, and others are a useful tool but not to be relied on completely. Stalk airbnb and vrbo listings in the areas that you are looking...find other listings that have average to below average furnishings, pictures, etc. that are doing well. That was the best data point for me getting started. I bought a house just down the street from a place that looked like two college guys furnished it. And that house was booked up like crazy...we have since outperformed that property (feels better than it should to watch our calendar fill up before theirs). During the "holy crap, we're spending so much money, this better work" period, it is reassuring to have those comps to look at for encouragement. 

There's a lot more, but I'll stop at this. Launch your listing at the start or middle of peak travel season for wherever your property is located (likely summer). You'll get the new listing bump in search results for the first 30 days on the booking platforms. After those first 30 days in peak season, you'll have a fully booked calendar and will continue to show up well in search results, get a much needed cash injection, and launches you and you listing off with a great start and some momentum. 

Feel free to send me a message if you think that I can be helpful or if you want to talk in more detail.