Trying to Be Different and Make a Difference-Is this a good idea?

Question

I am slowly strategizing my plan for STR. Most of my personal experience with STR was after a cancer diagnosis and I had to be in Houston often. I'm not a fan of hotels so STR was a blessing. Now looking back, I kind of want to get a few STRs near Medical Center (yes I know that's gonna be tough) and theme them out. See, as a patient quality of life is vital but being imprisoned to appts and treatments makes it hard to travel anywhere much unless to drs so I'm thinking if I theme each STR differently from decor down to even snacks etc I may stay booked a lot but mainly it's my way of making a difference. I have a colleague who owns a furniture business who barters with me because COVID affected them a lot so to help her hold on to caah, I get furniture as needed and she has unique items so I'd have very Minsk expense decor theme wise. Patients oftentimes can't afford the hotels in that area so end up in STR garage apts up to a month. A key to renting in certain places is to provide something different so guess due to my own experience I am wanting to do a STR for an additional reason-spread some cheer doing a bad time. I've discussed this idea w my neurooncologists, ACS local branch and others and hospital has given me a list of possible cleaners to use since we require extra cleanliness and all say great idea but wanting feedback from you all who have STRs. I honestly staycation at theme places myself lol….yep I know them all in Houston and Orlando…🤣 I actually pay a higher price for something unique.

I was also given a suggestion to find a place like a duplex or 4 plex or a large home w rooms and rent by the room. Many patients travel alone and try to find locations with like individuals to spend time with so not alone and dr mentioned he heard renting rooms out may yield more profit.

I am still getting my feet wet so sorry for questions but that’s how I grow. Thanks in advance.

I was also given a suggestion to find a place like a duplex or 4 plex or a large home w rooms and rent by the room. Many patients travel alone and try to find locations with like individuals to spend time with so not alone and dr mentioned he heard renting rooms out may yield more profit.

I am still getting my feet wet so sorry for questions but that’s how I grow. Thanks in advance.

Dave Stokley · Answer

I love it. In a market that's quickly becoming saturated differentiation is key.

As Phil Knight said in Shoe Dog: "When you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is - you're participating more fully in the whole grand human drama. More than simply alive, you're helping others to live more fully... It's never just business. It never will be. If it ever does become just business, that will mean that business is very bad."

Cheers and good luck!

Joe S. · Answer

You seem to have a great outlook.:)

Nicholas Kutsch · Answer

Very cool idea helping people and finding a niche. Keep it up Sarah.

Sarah Smith · Answer

@Joe S.I wish my answer was different but the answer is yes, I am still dealing with cancer. I have Glioblastoma Multiforrme😕 I don’t focus on it much anymore than I must cause it can be depressing but my philosophy is focus on living vs dying. A lot of people think I shouldn’t be doing much but heck I’m unstoppable with my health and giving cancer hell 🙂 and unstoppable with my goals and professional life,too🙂

Quite honestly I learned value of multiple streams of income long ago. My daughters are adults now and yeah life insurance ia in place but I work hard to leave them in a good position when time comes for me to have wings🙂 They pretty much know my main business and the two of them have plans to run it as well as whatever else I have established so though future seems dim, it’s not. I gotta keep fighting and gotta keep hitting my goals.

I once thought that due to my situation I should not pursue anything but though mentorship I learned proper planning eliminates fear of what happens to everything once the time comes. I’m transparent with lenders, business partners, etc and thus far no one refuses to work with me. I even hold a NASA contract 🙂 I learn time management well and know when I must take days off to heal.

I’m in a different area now so in your opinion does a persons medical situation hurt business opportunities in RE? Guess I forgot to research my health in this field. Any input?

Wale Lawal · Answer

@Sarah Smith

I wish you goodluck.

Al Williamson · Answer

There are a galaxy of opportunities and possibilities in the mid-term space. The extended stay hospitality industry is on fire since it remained profitably all the way through the covid crisis.

@Sarah Smith if you can get the medical or military niches to work, don't fret. You still can serve carpenters, plumbers, IT professional, interns, political operatives, and many more professionals.

Ron Brady · Answer

@Sarah Smith Love the idea! We have several properties, one of which is currently what we call a medium-term rental and we´ve recently acquired another property that we´re adding to this strategy.  This new property is located near a hospital and we´re planning to set it up for rental to medical professionals and/or patient families.  We recommend googling "Al Williamson extended stay".  He offers lots of information--most free, some he charges for--on medium-term furnished rentals.  You may find it helpful.  Good luck!

Bruce Woodruff · Answer

Good for you @Sarah Smith !! A great attitude is everything!

And good on ya for trying to help others as you yourself suffer through this!

It's people like you that I want to see succeed hugely.....Good luck! I bet you could put together a group of investors to help out, maybe even big names like Oprah..?

Joe S. · Answer

@Sarah Smith are you still dealing with cancer?

Sarah Smith · Answer

@Dave Stokley Thanks for your feedback. May just end up my niche since sadly I know most the hospitals as well as contacts and social workers who met referral needs for losing needs etc. I’m considering doing something similar near some military bases because different reasons but I network with housing offices and potential w STRs during PCS moves is great! Thanks again for feedback on this one.

Trying to Be Different and Make a Difference-Is this a good idea?

Most Popular Reply