All Forum Posts by: January Johnson

Hi! Last year, my husband and I purchased an investment property in Salt Lake City that we turned into a short-term rental. Unfortunately, life took us away from SLC, and we're now living on the East Coast. We gave it some time running it from across the country, but are realizing that we'd rather not try to operate it from across the country. I was wondering if anyone had had any success selling a still operating STR and if so if they had any tips.

There's a STR Homes for Sale Facebook group, and I'm sure there are others.

I sell STRs to investors on the Emerald Coast, so my advice to you is to locate the best real estate agent in SLC that ALSO invests in STRs themselves AND does a lot of business in this niche. They will be your best asset.

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Salt Lake City, Utah

Quote from @Eric Nielsen:

I'm thrilled to begin my journey into buying short-term rental properties. The idea of owning and managing vacation homes that provide memorable stays for travelers excites me. It's a unique opportunity to combine my passion for real estate with hospitality, and I'm eager to dive into the process, build a portfolio, and create welcoming spaces that generate both income and experiences.

Read Short Term Rental, Long Term Wealth, published by Bigger Pockets. Author is Avery Carl with The Short Term Shop.

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Fort Worth, Texas

Quote from @Nazimuddin Basha:

Hey everyone,

I’m looking for advice on an issue I’m facing with my rental properties. Recently, my property taxes and insurance costs have increased significantly, turning what was once positive cash flow into negative cash flow. I’m sure some of you have faced similar challenges.

Aside from raising rent (which can be tricky depending on the market), what other strategies have you implemented to get back to positive cash flow? I’d love to hear any ideas or creative solutions that have worked for you!

Looking forward to your insights!

Thanks!

I sell real estate to STR investors in a beach market, and one of the main strategies I tell them about (and that I also use myself) is to have a new 4-point inspection and a new wind mitigation report done periodically and to reshop insurance with a few BROKERS.

In Florida, these inspections are only good for 1 and 5 years, respectively, so you MUST get new ones--especially if you have had a new roof, added hurricane clips to an existing roof, or replaced your wiring, HVAC, water heater, etc.

Also in FL, insurance companies come and go, so there is no need to stick with the same one and just take it when they try to bend you over and raise your rates. I have been successful having my insurance on my personal home AND my STRs lowered with this method. Good luck to you.

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https://store.biggerpockets.com/products/short-term-rental-l...

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San Antonio, Texas

The beauty of STRs is that you can invest in them anywhere there is an STR-friendly market. You can manage them remotely (it's not that hard, no matter what the property management companies will tell you), and you can also vacation in them yourself. If you want to know more about this niche, read this book:

https://store.biggerpockets.com/products/short-term-rental-l...

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New York City, New York

Appraisers give no value to the business aspect, so the property is sold at market value, even if furnished and even if there are future reservations on the books. I work for an STR-only real estate agency, and we have agents in 20 STR-friendly markets who know this field inside-out. A realtor who understands STRs and who owns them as well is your best bet in any market you're looking at. Happy to discuss more offline. Good luck to you!

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Salt Lake City, Utah

I suggest you read Short Term Rental, Long Term Wealth, published by Bigger Pockets and then join the Facebook group by the same name. Lots of support for you online!

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San Antonio, Texas

@Yonah Weiss is the Cost Seg King. Definitely give him a shout. I think he has a free consultation as well.

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I used to live in Houston so am very interested in this info. Thanks for sharing! I don't have STRs there, but I've thought about it since I like to return "home" a few times a year.

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Houston, Texas

Quote from @Garrett Brown:

@January Johnson , I would 100% keep the dates open and raise the prices far before holiday weekends. Most of the biggest spenders will plan for a holiday weekend far in advance. By waiting to open up later, you are getting the last of the bunch. Your 6-month lead time guests should be (and will) paying more than your 2-3 weeks left guests. The premium they are paying is having the ability to book highly desired dates that far in advance.

@Alex Withorn Mine isn't necessarily any big secret, but reaching out to guests to fill a day before and/or after their stay that is open has been great for our overall revenue. They get a small discount, and we fill out the dates without any turnover. Also, we sell additional add-on packages such as birthday balloons, romantic packages, etc. We get 50% revenue on these and they are added on around 10-20% of the time.

Thanks for the insight! I'll definitely consider that for the upcoming season!

1 Vote

All Forum Posts by: January Johnson

January Johnson has started 18 posts and replied 774 times.

Post: Has anyone had success selling a functioning AirBnB?

Post: Short Term Rental Beginner

Post: Strategies to Combat Negative Cash Flow Due to Property Tax and Insurance Increases

Post: New to BP, looking to network and get into STR

Post: What is the top niche in REI?

Post: Has anyone had success selling a functioning AirBnB?

Post: New to BP, looking to network and get into STR

Post: Prorated depreciation for str

Post: Houston's New Short-Term Rental Regulations Poised to Shake Up the STR Scene

Post: Revenue Management Strategies