All Forum Posts by: Avery Carl

We were having a phone problem this week. It was hanging up on people after like 2 rings. Email info at theshorttermshop.com and we will get it handled!

@Dave Spooner quadrupled lol. Added 2 new STR's, 10 single family LTR rehabs, 3 12 unit multis and 1 26 unit multi

Use a lender who does a lot of business in the asset class as well as market that you intend to buy. Appraisals are taking weeks right now and the lenders whose names they recognize get picked up faster because they have a longstanding relationship. In addition, when making an offer, if the listing agent is familiar with the lender that can make a difference in multiple offer situations. Lastly, a lender who is not as familiar with the market you are buying in may not be as nimble with overcoming some of the more nuanced obstacles of that particular market.

Case in point: I took my own medicine on this recently. I bought a place in a new market. It's just a state or two over from the market where a lender who I have done tons of local commercial deals with is (but they had never done a deal in this market or asset class). I wanted to use them to continue to move the relationship forward (even though I caution clients against it all the time)...ended up with an appraiser from 3 counties over and a 17k under appraisal...using comps from 2018.

You can only analyze for so long. Eventually, you have to just pull the trigger and learn as you go!

@Bill Gallagher it's pretty easy with RelayFi

Hey Frank! We are looking there currently ourselves. It looks great! Our agent owns there herself and in several other vacation markets so she is a real pro. I can send you her contact info if you’d like. She’s great at helping sort through these questions.

Hey there! It's definitely not oversaturated. Since you grew up in that area you already know that 90% of the properties there were built to be short term rentals in the first place. So it's not that a bunch of new inventory is flooding the market, just that existing STR's are changing hands. I recommend single family homes (or townhomes) any walkable distance to the beach. If you go the condo route, you'll need to go beach front. Condos in this market will typically be non-warrantable which will require commercial financing so keep that in mind! Great area to invest.

Bigger Pockets has a book coming out later this month on STR investing that details how to choose a market. www.biggerpockets.com/strbook

I know what it details because I wrote it:)

@Joy Elisse Garner that's really weird! What market is it in? I have found that all of the STR's I have have significantly outperformed AirDNA rentalizer data in Destin, 30a, Smoky Mountains, and Forgotten Coast.

I will say that the market-wide aggregate data is better (although still not perfect) than the rentalizer tool. Rabbu is also a good one to throw in the mix for another data point, as well as the pricelabs market dashboard function. 

@Kyle Momany is also correct, find an agent in your market that specializes in STR's and/or owns their own.

My advice would be to narrow down where you want to buy before you start engaging agents. If you call a rockstar agent in a market and tell them you’re looking all over the country they may not pay attention to you.