Quote from @Jeremy H.:
I'm going to be honest here - if you're looking for a calculator to tell you what your expenses are then you likely don't know enough about what you're doing...
You need to come up with a list of all your STR expenses (this includes the cleaning fee since you are the one paying the cleaners!)
Then use pricelabs, airDNA, realtors/owners in the area (look up short term shop - they are experts in that field) to estimate your revenue
Now you can calc your profit since you have your revenue & expenses
There's tons of different calculators out there...please don't be one of the ones that depends on a random calculator that can be put together in 10 mins to tell you whether or not to make YOUR investment (relying on someone else's calculator would be a BAD idea!). Make a spreadsheet and do your own due diligence based on YOUR SPECIFIC property
Thanks Jeremy. Yes I am new. I am trying to learn what things to look for as far as expenses and revenue and just gathering the info to make an informed decision on direction we’re considering.
I heard an episode a while back on BP, may have been a recorded webinar, and had a spreadsheet to help figure out the expenses. Plug in the numbers, yes, but guided and detailed expenses to consider before pursuing.
At this point, flying blind, but guidance here has been helpful. I’ve run some numbers that I understand and believe to be close. Excited about the possibilities. But want to be real. So to analyze a deal, looking forward to learning from those who are actually doing it.
