Must have tools for a new STR investor.

[Suman Nandi]

Hi Everyone,

I recently moved to San Antonio and am in the process of purchasing an investment property to rent as a short-term rental. I’d appreciate some feedback on my current approach and advice if any.

Here’s what I’ve done so far:

Pre-Approval: I’ve secured a pre-approval amount and interest rate from an online mortgage lender.
Property Analysis: I’m using the mortgage and STR calculators from BiggerPockets to assess the financials for potential properties.
Neighborhood Research: I’ve been exploring different neighborhoods using Niche to get insights into schools, safety, and livability.
AirDNA: I’m considering subscribing to AirDNA for data on occupancy rates and rental income estimates.

Questions:

Is AirDNA worth the investment for STR data?
Does anyone know of a reliable site or resource to check zoning laws for Airbnbs or STRs in general?
Any other tips or tools that have worked for you when investing and you think I should definitely consider?


Thanks in advance for your help!

[John Underwood]

Better than Airdna use the Enemy Method. 

[John Mason]

Http://enemymethod.com

[Suman Nandi]

Quote from @John Underwood:

Better than Airdna use the Enemy Method. 

Agree. I like the Enemy Method. But, I need an estimate for the whole year. Data with an average of Peak and Slow Seasons. The enemy method feels like is more for the current state of the market. Am I making sense?

[Michael Baum]

Hey @Suman Nandi, no matter what tool you use, you will never get a 100% accurate picture.

AirDNA can be useful but it can be inaccurate thus you want to use the enemy method as well.

There is no all in one tool to find zoning laws. You will need to call the municipalities and find out. 

[Garrett Brown]

Hey @Suman Nandi my fellow Texan! Welcome to the forums.
Let me know if you have any questions on the STR calculator as I helped create it and know it in and out.

Everyone has mentioned the enemy method and it is great. AirDNA is also a solid resource if you have a non unique property. The more unique, the less accurate it can be. It is a great resource and I personally think worth the investment when researching your area/property especially now that they have brough their subscription prices down. 
I would work with a rock solid STR agent in San Antonio to see what places are less strict as I know they have been cracking down. See if there are Airbnbs in the area you are looking int. Strength in numbers helps to not be shut down fully if that ever happen. You also should call your local zoning or permitting department to get information on areas you are interested in and how to be a legal STR.
I 100% recommend making sure the STR could work as a LTR as well in case you have to pivot ever.

[John Mason]

This may help too..https://help.pricelabs.co/portal/en/kb/articles/listing-mark...

[Andrew Steffens]

I use AirDNA subscription + enemy method.  AirDNA for looking back and enemy method for looking forward.

[Collin Hays]

Must have tools:

Vice grips, hammer, Phillips screwdriver, WD-40, fly swatter, box cutter, snake catcher, BB gun.

[Brooklyn McCarty]

No data tool is going to be 100%. You need to use several and average them together. PriceLabs has a really great market dashboard. The best tool you have though is FREE. It's the enemy method, search it on Youtube. 

I would also purchase BP's book on STR's, written by Avery Carl called Short Term Rental, Long Term Wealth. This book is your guide.