All Forum Posts by: Joshua Strickland

Pros - cash flow (depending on market) and portfolio diversity 

Cons - completely new business venture, will need to build a different team for STR.

You get equity pay down and potential for appreciation with both, which is the real wealth builder.

@Bruce Woodruff love that tip. I learned that lesson the hard way trying to cram people into every nook and cranny of my first STR. Creates a headache.

I agree with @Collin Hays and @Bruce Woodruff which is why you need to run the numbers like a business, because that’s what this is. Underwrite conservatively and keep your finger on the pulse of the market. Reserves and good business practices/plans are key. Do the best you can with the information you have and bet on yourself if you think you’re up to the challenge. If you are…go for it and maintain sound business principles. If not, less competition in the market for me.

Like @Ken Boone said. Numbers, numbers, numbers. 
Also try to hit singles and doubles versus home runs in this market. There are still plenty of "deals" on the market that you can get 20%+ CoC return and more! Error on the side of action.

@Derek Miller @Chris Mury is correct and I strongly agree with what he says on pricelabs and getting on multiple platforms. I use Smartbnb and I can view vrbo and Airbnb updates on a single calendar. They also are working on a direct booking site integration at the moment. Other systems already have that integration. Trust me when I say a pricing tool like pricelabs and a management software like Smartbnb are game changers if you want to grow. Might as well start now so you don’t have to worry about it when you have multiple properties!

Lots of east coast vacation towns on this airdna report. 

https://www.airdna.co/blog/bes...

The biggest value is in them being able to sync multiple platforms. Airbnb, VRBO, direct booking website, etc. Best not to have all your eggs in one Airbnb basket.

Have a small chest or closet with a pad lock that has random items like remote control batteries, trash bags, soap, tp, extra towels, dish detergent. At some point your cleaners will forget something. (even the good ones make mistakes) When it happens just tell the guest they can go to the box and get out whichever item they need. Turns an issue into a slight inconvenience. 

Create a list on Amazon of all the small items. Dishes, pots/pans, bed covers, etc. Spend a few hours making it good once and all you have to do going forward is to add the right quantities. For furniture I would go with a local furniture company with delivery and set up included. Just makes life easier.

Check the locals trends link on Airbnb. It will show you how many days out the average guest is booking. If that date is less than whenever your first availability is, then you might have your answer.