Obtaining Fair Market Rent (FMR)

[Jeremy Salo]

Hello all, myself and two friends have decided to invest in real estate. We have narrowed our niche to STR'S, but we are still very early in the planning/ learning stages. Having said that, I am currently attempting my first analysis of an str. Having said that, are there any strategies I should be looking at to obtain fair market rent? I've started looking at what comps I could find, but there are not too many in that area. I've also looked at the free data from AirDNA, but again, without many comps in the area I consider this data mostly irrelevant.

[John Underwood]

1st. Do you research and learning with your friends. Then buy properties without any partners. Makes life simpler. 

2nd. Look at Vrbo and Airbnb for similar properties as @Bruce Woodruff mentioned above. 

3rd. Don't strive for fair market rent. Strive to be the best in your area, demand top dollar and get it by providing an exceptional experience. I am higher than my competitors and I get it. I have tons of 5 star reviews and that helps justify my higher price. Then they still leave me a 5 star review because I exceeded their expectations and they want to come back!