Getting Started in Short Term Rentals

[Tyler Walley]

Hey everyone,

I'm looking to get started in the short-term rental business and could really use some advice. My only real estate experience is purchasing my own home, so I'm navigating a lot of new territory when it comes to financing, property selection, and management.

A few key questions I have:

1. Financing & Loans: What are the best loan options for short-term rentals? Are there specific lenders or loan types I should look into? How much cash is ideal to have on hand when starting out? Are there any options with lower down payments?

2. Market Selection: What factors do you consider when choosing a profitable location? Any underrated markets worth exploring?(I currently live in south MS, so the Gulf Coast is where I am looking)

3. Regulations & Compliance: What's the best way to research local STR laws and avoid potential regulatory issues?

4. Property Selection & Setup: Are there certain property types, layouts, or amenities that perform best for STRs?

5. Management & Automation: For those managing remotely, what tools, software, or systems do you rely on?

6. Marketing & Bookings: Besides Airbnb and Vrbo, what strategies help drive direct bookings?

7. Lessons Learned: What's one thing you wish you knew before starting? Any major mistakes to avoid?

I'd really appreciate any insights or resources from those of you who have been through this process. Looking forward to learning from you all; thanks in advance for your help!

[Travis Timmons]

The only piece of advice that I would give is that getting a STR to market is death by 1000 cuts. It is going to cost more than you expect, and you'll have that "Oh, crap! We're spending so much money...this better work feeling."

As for the rest of it, you can find a lot of useful tips on past forum posts along with podcasts and youtube material on the topic (BP and other RE sources).

We've self managed STRs for a few years. While I am no expert, I would be happy to help if you think that I can be a resource. Feel free to shoot me a message. I have absolutely nothing to sell.