All Forum Posts by: David M Trapani

Totally agree with you Julie McCoy. 

After determining the area you like, type into your search engine the words "ABC City short term rental ordinance". This will typically provide 2 key bits of info (if applicable): 1. The local government laws on availability of a short term rental ("STR") permits & process to get one; and 2. News articles on the current political climate concerning STR's.

This info is mission critical to your success. Look for user friendly STR venues. They vary significantly from one jurisdiction to another.

I would also look to see how many annual visitors there are to the particular area. 

Check Airbnb as if you were a (potential) guest to see what the competition is, what their rates are and how many "reviews" or guests they've had. Don't let a successful market discourage you. This can often be a good sign & often enough biz for everyone - esp for the better properties.

You may also want to run figures for your address (or proposed address) thru Airdna and / or Mashvisor. 

It helps if you have a well-located, super clean, well furnished / eclectically decorated, comfortable property with creature comforts and amenities.

Bonus points if you are walking distance or a short Uber/Lyft to the action locations. 

As a rule of thumb, if you enjoy visiting the property and the general area, so will others. 

Jon Crosby, thank you for sharing this STR criteria. Very accurate & helpful! Julie McCoy's criteria is also excellent.

I look for high growth areas, destination locations (that I enjoy visiting) & user-friendly STR regulations. Using my own cash flow analysis, verified against others such as Airdna, Mashvisor & excellent insight from our colleagues on BP.

My first STR experience, some 5 years ago was in San Francisco. That was trial by fire! Top global destination for sure...but extremely Draconian STR regs. You essentially have to live there (how they enforce this without invading privacy is anyone's guess?) most of the year. It succeeded as my Son attended USF, living there weekdays. We rented weekends & Holidays.Traded out of there after graduation. 

I'd say avoid South Lake Tahoe (litigation pending) and Anaheim. They're hostile to STR's.

Good areas I've found include - Franklin, TN (not Nashville - litigation pending - too liberal & hostile to STR's. As someone mentioned likely hotel lobby far too strong politically), Palm Springs, La Quinta (not Palm Desert - Marriott too strong & outlawed them / and not Cathedral City - they just put a moratorium on STR permits late July 2019), and Joshua Tree.

Also interested in & would like to learn more about Joshua Tree, CA and also Pigeon Forge, Sevierville, Gatlinburg, TN. Anyone having more info on East TN would be greatly appreciated. Thanks!