All Forum Posts by: Jacob Fafard

@Ethan Cooke- Thank you so much for your insight and advice, I always appreciate hearing how people aproach the business. In regards to your abritrage stradegy, how do you find homes that fit your stradegy. Also how do you aproach the home owner about using his rental as a STR? I assume you operate with full transparency with the owners, so how do you maintian a good relationship with them when they know your cashflowing X amount on thier property?

Hi guys first post in the forums, forgive any naivete. I'm twenty eight currently working as chef who "likes" but doesn't love what I do. After listening to almost all of the forums I'm quite convinced this is what I want to do in some capacity. I have 8 years experience working construction for my father's construction company. I understand the building/contractor side but lack some in the business aspects. My question is are there any professionals out there who can give me their perspective on a newbie starting out in short term rentals IE(VRBO and Airbnb). 

I've got a decent understanding on how long term (passive/semi-passive) rentals work, however I want to transition into the real estate industry full time and feel as if short term rentals will create a better platform for a business. 

My idea is to start with one property, maybe even a tiny home. Once I've gained knowledge of overall management, price optimization, systems for high turn over and overall understanding of this "niche" part of real estate; I want to scale the concept to other properties and also manage other short term rentals. That being said I understand that the short term rental market right now has a lot of grey areas. There is always the risk that that area could change regulations and take away the business in a second. Meaning all properties purchased must cash flow as long term rental as a backup. Do you think tiny homes being portable hedge my risk? Should I stick to homes, with the possibility of a rentable ADU or condos?

I understand its a lot bottled up in one question but would greatly appreciate any and all's advice regarding the matter.