What would you have done differently on your first STR?

[Jason Wolohan]

I'm analyzing deals for my first short term rental. I'm doing all the research: podcasts, books, webinars, articles, etc. along with finding markets where I should have an easier time finding a cleaner and handyman. I'm pretty savvy with Excel so I've built a spreadsheet that does the ROI, etc. and am working on some formulas that spit out average occupancy/rates when I dump in data from PriceLabs. I'm also in the process of building a checklist/shopping list for items I may or may not need (depending on what conveys).

My next steps are to connect with a realtor and lender.

But I don't know what I don't know. So, for those that have been down this road before, what did you learn from your first STR purchase that you wish you had known before you jumped in? Or what would you do differently with the benefit of hindsight?

[Joshua Strickland]

I would have stopped analyzing and started critical path items sooner. Until you get on the ride you don’t know what you’re in for. Best to learn by making mistakes. The more those mistakes cost you the better lesson you learn unfortunately.

And have ample reserves just in case.