First rental project advice?

[Gabe Lemons]

Looking to pick up a ST rental & it’s my first foray into the space. What are your thoughts on selecting a market & property? Budget considerations I should plan for? I live in San Diego & initially thinking I’d like to stick to areas I know a little bit about and can visit within a few hours drive but maybe their are other areas where my returns would be better and property would be cheaper? Key considerations on doing this out of state? I’ve seen some AirDNA analytics on some of our nearby markets but I’d love to get your thoughts on what I should or shouldn’t do to help improve my returns and avoid pitfalls. Thank you!

[Nancy Bachety]

If your a few hours away or a few thousand miles away, there’s no difference. Identify your goals: do you want to use it primarily or maximize returns primarily? If you’re looking for optimal returns, make contact with good people, get good advice, pay good people well, like your cleaning team, be a fair good person, do more research on Airbnb’s listings and Zillow, etc. What are hosts offering, what are the rates, what’s the home value. You can use Airdna or you can do this yourself. If you need to be close to your property, consider being close to an airport instead.