How to start STR in the States.

Question

Hello All,I am new to the forum -I have been contacting some people about STR courses, such as BNB inner circle, STR wealth academy.I am torn about taking a 2-4K course of these. I've never done a course, but I always had trust issues on these type of things.I am Canadian, I live in Toronto. I own 1 Single family LT rental that is struggling to cash flow in a small town (bought in 2021) - so no equity right now. Cannot sell right now either, I am pivoting my research in the Florida market to invest and potentially purchase a property for STR in 2025 and I had a few conversations with mortgage brokers to get some insights. As cash is low to even invest in another property in Canada - would courses be a viable option to learn Air BNB arbitrage or STR to potentially earn side income ? Thanks for any feedback !Torn on success.

Michael Baum · Answer

Hey @Daniel Dass. So all you really need is right here on Biggerpockets. I don't believe that these courses are worth much. My 2 cents on that. Just start reading everything in the forum. Ask questions. Contact folks in the area you are interested in. Like @Andrew Steffens in the Tampa area or @January Johnson in the panhandle. I do agree that getting Avery Carl's book is a good idea - https://www.amazon.com/Short-Term-Rental-Long-Term-Wealth-Pr...Great info in there and it will help get you started. Then ask questions here as you further refine your research.

Mindy Nicol · Answer

Hi Daniel, Here's what I would do- Avoid courses. Talk to successful STR owners in your area and ask a lot of questions. Watch the main STR shows on YouTube including Bigger Pockets, Jesse Vasquez and those that show the caliber of the homes, ie Levi Kelly. You can learn a lot for free by seeing the standards set by the top ones, attention to detail etc. Identify a state or two you want to invest in. Plan to visit and stay in several homes you think look good on Airbnb. Talk to an (investor savvy) agent or STR management company while you are there. Gather as much intel as possible. Consider data from Airdna and look at visitation, visitor growth, what are the feeder markets. If you ever make it to Florida - St Augustine, Palm Coast or Ponte Vedra Beach in particular, I'd be glad to show you around, tell you what to spend and what it will earn. Recommend you talk to @Andrew Steffens for other parts of Florida. Good luck!

Jacob Brenyo · Answer

Hey Daniel,I think it really depends on what your strategy is.If you are planning to pick the market, furnish and manage the property then education will be extremely beneficial.If you are partnering with an experienced agent/manager then a lot of the guesswork is taken out.I'm based out of central FL and have helped multiple Canadians purchase investments in FL. Would be happy to discuss this at more length with you. Feel free to DM me.

Andrew Steffens · Answer

Thanks Michael!Daniel - I will send you a DM, it would be my pleasure to answer any questions or assist with anything Tampa related. Best of luck!

Erica Calella · Answer

Courses are great if you are looking for high-level "paper experience," but the best way to learn is to jump right in. Start with a small plan and work from there. You can buy lots of affordable books online (Short-Term Rental, Long-Term Growth is a good one to start with) and I would also recommend subscribing to podcasts, publications etc. Even a media outlet like The Wall Street Journal to keep up with market trends and other macro factors affecting real estate.

January Johnson · Answer

The Short Term Shop offers tons of FREE training and resources, and we are in 20 STR-friendly markets across the US.

Giuseppe Pavone · Answer

@Daniel Dass I'm a Canadian who moved to Florida to invest full-time down here about 5 years ago. That's great to hear you want to focus on Florida rather than Canada... I don't blame you (lol). But it sounds like you're in the beginning stages of your search and like others have mentioned above, most if not all you need is right here in terms of resources. I've been to these courses and many times they're framing it to be so easy... it's not. If it was, everyone would be doing it. Florida is really competitive with short-term rentals and I've heard many stories of people diving into the market over the past few years only to find it difficult to cash flow with unexpected costs, rising interest and insurance rates, higher price points. Not to say you can't make it work, there's definitely opportunity... but I would take it slow, utilize this platform and those who've already generously reached out to you to help, and know your numbers. Good luck!

Sarah Kensinger · Answer

If you're interested in the FL market, a couple thousand on a STR course is well worth it! That purchase alone could change whether you make $30k a year or $150k a year on a 3 to 4-bed home.

Danae Pitcher · Answer

@Daniel Dass Getting with the right team from the start is key to having a successful STR. You will want a Realtor who is looking out for your well being and not trying to sell you the most expensive property and a property management company who is honest and has a track record of high performance in rentals - both booking percentages and rates. Over my 20+ years in the STR business, I have worked with hundreds of Canadians and it is a very easy transition. Our market is a lot less expensive than yours as well, so you get more bang for your buck, so to speak. Don't be afraid to jump in, but make sure you have a good support system around you.

Linda Labbe · Answer

We live in Canada and have a STR in the US plaining in getting another one this summer more then willing to share what we have learnt with anyone who want to chat