STRs in Multiple States

[Jonathan Snider]

I am saving up to jump into the real estate investing world. My plan so far has been long term rentals, but, recently, the idea of short term rentals crossed my mind. I think it would be really cool to own an AirBnB in multiple places that I would like to travel to. Maybe have one in the mountains, one on the beach, one on the lake, etc. I'm curious to hear if this is a common strategy? Or do people generally keep their rentals in the same location so they are easier to manage?

Here are some pros and cons I have thought of, but I would like to hear others:

Pros

- Vacation to your own rentals in multiple destinations for cheap

- Portfolio is more diverse. If I have a beach house that is booked heavily in the summer but not in the winter, I could have a house in the mountains that would still be booked in the winter to offset the lack of income from the beach house

Cons

- Harder to manage from far away

- Would need to stay familiar with laws in each area

Any thoughts?

[Collin Hays]

If you are self-managing, stick with one market; you will be traveling there a lot to take care of things. Anyone that tells you different isn't giving you a realistic picture.