Short term rental management
Hello BP Community! I'm looking to purchase my first short term rental in an expensive market and was wondering about how many people are able to manage their own properties even potentially clean, fix them. I typically have enough time to do this myself but also value my free time with family. Curious if this would be advisable for the first one to help save some money and then maybe add management as money allows. It would be in a market that I would be able to drive to when needed. Thanks for any help
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@Tim Boeving as your first STR property I think it would actually benefit you to run it yourself. There's going to be a learning curve but as you progress down the host road you'll learn what's needed to minimize your time needed on site. Hiring a high-quality cleaner will make a world of a difference. Most guests are low demand and will reach out for things you can address via text message. If all else fails you could add on a co-host but something tells me you'll be wildly successful doing this on your own.
Currently, I don't manage a STR but we do manage our LTR ourselves (I know there are plenty of differences) and as we are currently looking for a STR to invest in, we would do it ourselves. I think if you have the ability and time, it's a great option as you are starting out. You learn a lot and can cut out costs and save more for cash flow. I agree with what you said in your post, maybe add management as you build your portfolio.
Also, if you're looking for time to spend with your family... maybe have it be an activity you do together, and make it fun (if you have kids) and get pizza or ice cream every time or every other time for something to look forward to. It could also teach your kids about having a good work ethic and setting an example for them by seeing the rewards of investing time (and money) and effort into something.
If you live nearby, I'd say go for it. You'll benefit from getting a good team on board so the management goes smoothly. In order to minimize the amount of time you'll spend hands on managing, I suggest finding a good cleaning crew and an on-call handy man or maintenance company. The maintenance company might even work with short-term rentals and offer after hours service that your renters can call directly.
@Tim Boeving as your first STR property I think it would actually benefit you to run it yourself. There's going to be a learning curve but as you progress down the host road you'll learn what's needed to minimize your time needed on site. Hiring a high-quality cleaner will make a world of a difference. Most guests are low demand and will reach out for things you can address via text message. If all else fails you could add on a co-host but something tells me you'll be wildly successful doing this on your own.
Hello Tim!
Ive been in property management for years and started a outsourcing company to help grow without paying thes Los Angeles Salaries.
My business partner and I did this same thing a couple years back. We outsourced most admin/tenant work which allowed us to only show up when needed.
My team teaches investors how to manage their own properties remotely. MANY MANY people do it - its not hard, but there IS a learning curve. Happy to answer more questions about it for you!
January - extremely interested in hearing more about how you manage STR's remotely. What is the best way to reach your team?
I'll send you a PM, but my contact info is in my signature line as well. : )
self-managing one STR from afar is super easy. with the proper systems and automation it should not take up more than 2h of your time per week, and that's with you never going there. i don't think it's wise to do turnovers/cleans yourself even if you're trying to save money, because you're not a professional cleaner (i'm assuming) so guaranteed you wouldn't do it quite as well as a professional + would run into issues accordingly.