Newbie Looking For STR in Galveston TX

[Murray Reginald]

Hello BP,

My STR strategy:

I just started renting my existing residence and in the process of purchasing a primary property in Galveston Tx (Beach House), I plan to AIRBnB 1 to 2 rooms depending if the property is 2-3 Beds. After my first year I plan to repeat the same process, this property will now be a full time VRBO/STR. I plan on doing this every year for the next 10 yrs. in hopes of having built a wealth of investments with RE. This is will now be my second investment property, and I am looking for some strategies/advice now that I am diving into STR's, I just purchased a book on "How To Start A Successful AIRBNB Business" by Walter Grant & Richard Anderson and listening to a lot podcast as well any other tips?

Questions:

1) Where is the best place to get the most accurate data for STR's? AIRDNA? Should I purchase the AIRDNA City Plan which is $59?

2) What expenses should I calculate for analyzing a STR property? And how much?

Electricity  

Water 

Gas 

Garbage 

Cable 

Security 

PM 

Furniture

3) What is a good Cash Flow, ROI for STRs?

4)   Can AIRDNA or any other system provide the following below information:

• - Data that is tracked for over 250 days in a calendar year
• - Reviews every month to ensure they've been hosting for at least an entire year
• 1. Annual revenue
• 2. Days available
• 3. Avg daily rate
• 4. # of guests the property holds
• 5. # of bedrooms and bathrooms
• 6. # of beds
• 7. Is the property self-managed or run by a PM
• 8. List of amenities

[January Johnson]

Quote from @Murray Reginald:

Hello BP,

My STR strategy:

I just started renting my existing residence and in the process of purchasing a primary property in Galveston Tx (Beach House), I plan to AIRBnB 1 to 2 rooms depending if the property is 2-3 Beds. After my first year I plan to repeat the same process, this property will now be a full time VRBO/STR. I plan on doing this every year for the next 10 yrs. in hopes of having built a wealth of investments with RE. This is will now be my second investment property, and I am looking for some strategies/advice now that I am diving into STR's, I just purchased a book on "How To Start A Successful AIRBNB Business" by Walter Grant & Richard Anderson and listening to a lot podcast as well any other tips?

Questions:

1) Where is the best place to get the most accurate data for STR's? AIRDNA? Should I purchase the AIRDNA City Plan which is $59?

2) What expenses should I calculate for analyzing a STR property? And how much?

Electricity  

Water 

Gas 

Garbage 

Cable 

Security 

PM 

Furniture

3) What is a good Cash Flow, ROI for STRs?

4)   Can AIRDNA or any other system provide the following below information:

• - Data that is tracked for over 250 days in a calendar year
• - Reviews every month to ensure they've been hosting for at least an entire year
• 1. Annual revenue
• 2. Days available
• 3. Avg daily rate
• 4. # of guests the property holds
• 5. # of bedrooms and bathrooms
• 6. # of beds
• 7. Is the property self-managed or run by a PM
• 8. List of amenities

If your realtor is worth his/her salt, they will ask the seller on your behalf for a cost to own document that will list all of the current expenses and averages for the month.

If you're not already working with a realtor who is experienced with STRs, check out our agents there in Galveston.  We have several rockstars.