What to do with my (STR) Cabin outside of Houston

Question

I have a "Cabin" just an hour outside of Houston, beautiful property, secluded on 14 wooded acres. Amenities include a pool, spa, big covered deck, fishing pond, hiking trails. It's been my family's weekend home for the last 9 years. Last year we decked it out and decided to try putting it on Airbnb and VRBO. Our reviews are stellar 5 star, our guests absolutely love it. BUT my wife and I are having a tough time keeping up with it. It has become a second job for both of us. We live in Houston, and although it's only an hour away, we spend a fair amount of time gong out to the property to manage it. The purpose for setting it up as a STR was simply to help defray the cost of owning and maintaining the property, but again we feel that the time we put into it is taking away from our quality of life with our family/kids.

We're looking for advice on what to do with the property. We don't want to sell it just yet. If we do a long term rental lease we're worried the place will get destroyed by renters. Should we look for a property manager, but then again that would be costly. Should we look into Arbitrage? Not exactly sure how something like that would work. Any thoughts?

We're looking for advice on what to do with the property. We don't want to sell it just yet. If we do a long term rental lease we're worried the place will get destroyed by renters. Should we look for a property manager, but then again that would be costly.  Should we look into Arbitrage? Not exactly sure how something like that would work.  Any thoughts?

Michael Baum · Answer

Hey @James Burciaga, what is costing you time? Why are you driving out there all the time?

You should have a cleaner and handy person ready to go. The cleaner should be handling all the cleaning and looking over the property.

Give us some more details on what you are spending time on and we can help.

No way I would arbitrage that property. The PM will simply take any profit away.

V.G Jason · Answer

Hire a property manager, and manage them. Rid yourself of this nonsense, you're going to cause friction in your family which will cost you way more than a property manager.

Brooklyn McCarty · Answer

This is going to sound absurd, James but you may actually be spending too much time on your property. If you have boots on the ground you don't need to go there all the time. I would reaad the BP book, Short Term Rental, Long Term Wealth by Avery Carl

James Burciaga · Answer

Thanks for all of your responses, all great advice.  I think we would like to look specifically at rental arbitrage. Finding an experienced person to lease it to and let them run with the business.  Where would we go about finding someone in our area that would be interested in and Airbnb arbitrage arrangement?

Mike Sebastian · Answer

Add some unique amenities to it. Should be easy to do on 14 acres. Partner up with some local companies, bump your prices, and hire a manager to handle it for you. A group of us meets twice a week to chat through unique add-ons if you want to join us & brainstorm.

Terri-Leigh H. · Answer

We own mountain properties and beach/pool properties... Both can be pretty maintenance heavy... We self manage.

Before you get a management company look to hiring FANTASTIC boots on the ground. Your cleaner and your handyman should be more than sufficient if hiring smart! Between the two all issues should be caught before guests and all issues should be handled without more than a text or phone call by you.

Find people who are responsive, responsible and capable in all the ways you need and then, and this is the most important part... PAY THEM WELL! Having these two members be loyal and truly want you to success because you help them succeed is the game changer.

Rhealaine Sayson · Answer

Hey James! Your cabin sounds awesome! I totally get how hard it is to manage an STR and balance family time. Here are some ideas: Hiring a property manager could be a good investment. They handle everything and keep your place in great shape. It costs more, but the peace of mind might be worth it. You could also find a local co-host on Airbnb to manage guest communication, check-ins, and maintenance. It's cheaper than a full-time manager. If you're worried about damage with a long-term rental, carefully vetting tenants and maybe hiring a property management company can help. Setting strict lease terms can also prevent issues. Another option is rental arbitrage, where someone trustworthy rents from you and handles it as an STR, paying you a fixed monthly rent.

In the end, it depends on what you’re comfortable with and your financial goals. If you want to chat more or need help deciding, feel free to reach out! I'm based in Memphis but always happy to connect and help other investors.

Erika Aguirre · Answer

creative financing gives you the opportunity to earn income via interest. Let's chat and go over details.

Collin Hays · Answer

As Michael mentioned, it's all a matter of the value of your time. According to your post, your time is better spent doing something other than managing a property. I could save a whole lot of cash mowing my own grass, ironing my shirts, painting the kitchen, organizing my garage, and changing my own oil. But I have no interest in doing any of those things because I'm busy, so I pay someone else to do these tasks for me.

If you don't want to manage your property, pay someone to manage it. Since that is their skillset and do it 24/7, they'll likely net you more money than you netted doing it on your own.

Andrew Steffens · Answer

Property management is the easy button, but there is a cost.  As a property manager we manage all of the process, does not mean we do all of the processes.  We deal with the pest control guy, pool guy, lawn guy etc.  You could do a limited service (outsource booking + guest communications) to a company like mine or evolve for a lower fee and then manage your own maintenance and cleaners.