All Forum Posts by: Brent Barnes

@Will Fraser @John Underwood @Alex S.

I feel as though I'm in a similar spot as Matthew. I'm trying to break into the STR space. Even though arbitrage is good for those who have little money, I still don't have enough money saved to afford first month, last month, security deposit, furnishing, etc. to get started. I'm working towards the amount I need, but I would love to get started as soon as possible. Therefore, it seems like a partnership would be a good way to go.

Maybe it would be better to go into a partnership for owning a property as opposed to arbitrage?

Would you all advise patience and just save until I could arbitrage? Or would you suggest finding a more immediate option like finding a partner or lender?

I thought this was a great post to bring the Shenandoah Valley together! However, I thought we may need our own place to chat besides a single forum post, so I made a Facebook group dedicated to STR in the Shenandoah Valley! I'd love to get to know others around the area :)

Shenandoah Valley Short-Term Rental Hosts and Cohosts Facebook Group

Hope to see you there!

@Joshua Kolnitys thanks for starting this thread!

I'm an aspiring Airbnb host! Currently, I'm not in the position to own my own property yet. I can't wait to be able to create unforgettable experiences for guests, so, in the meantime, I would love to co-host for an owner. However, It's been difficult trying to find someone who needs assistance with their property locally or even remotely. I've read books and done my research, so I'm extremely eager to get started!

I have three questions:

1. How might I find owners who want their properties managed? I know this is an area of business where you need experience to get experience, but I'm willing to work for free to learn how to be a great host. I'm still not sure how or where to make this offer to current hosts/owners.

2. If I promote this offer online, it's likely that the property would be located further away. I've learned about hosting remotely from books and research. I wonder, though, would you recommend starting a PM business remotely?

3. Do you have any other suggestions for getting started when I can't own or "arbitrage" my own property?

Thank you!

@Kendra Star great to know! That's nice that it provides value for me as a co-host. Thanks for your reply :)

@Bruce Woodruff thank you! That makes total sense. I'm glad it's an easy answer!

I'm looking to start a co-hosting business, and I was wondering if there is proper etiquette when taking on a new client. I have done research on the smart tools that would be useful to manage a property, and I'm thinking about Smartbnb, August locks, Pricelabs, Hostfully, Party Squasher, Noise aware, etc. After calculating the costs, it looks like the total comes out to around $1,000.

I'm wondering if it should be my responsibility or the owner's responsibility to buy these things for the property? On one side, it protects the owner's property. On the other side, it helps me do my job easier. $1,000 is a small price to pay to start a business, but I would still like to get some insight!

Thank you :)

@Drew Sygit

Thank you for the insight. I looked it up, and it seems like one requires an REB license in Virginia to manage properties as well.

It seems like co-hosting may be the safest bet around these parts!

Hello, all!

I'm very serious about starting a co-hosting business in the Harrisonburg, Shenandoah Valley, and Massanutten areas of Virginia. I've done research online and read Daniel Rusteen's "Optimize Your BNB", but I'm still left with a few questions. I've heard co-hosting businesses referred to as property management on some podcasts. Are these terms interchangeable? I also heard somewhere that to be considered a property management business, one must have a RE license. Is this true? Is an STR property management company considered a third-party entity outside of Airbnb?

Really, I'm asking what the difference is between co-hosting, hosting teams, and property managers in the STR space?

Thanks for your time!

@Curtis Cheshire I'll definitely try to get this stuff into my days! Thanks for some useful, concrete suggestions!

@Everybody! I didn't expect so many responses to my post but that proves two things to me. First, the BP community is large, active, and awesome! Second, this feeling is common, but definitely not insurmountable.

I appreciate everybody's personal accounts. Most of them have been extremely humbling and interesting. I do have it relatively easy, and I don't intend to forget that. I also appreciate everybody who offered practical advice that I can apply right now.

Since originally posting, I have started a new diet that is focused on promoting consistent energy levels throughout the day. I got an Audible subscription. I also started listening to the BP podcast on my rides to and from work again. I realized that a lot of my energy was being zapped from beginning of the year duties. I have prepped my school year up until November so that I can focus on learning REI in my spare time. I also started leaving my school laptop, planner, etc. at the school at the end of my days, and that has helped me to make an important separation. Currently tightening my budget and reading No and Low Money Down and House Hacking Strategy!

Thank you everybody for taking the time to reply. It really means a lot to me :)