All Forum Posts by: Justin Brown

1. Hey Justin! Here’s my opinion on each point you mentioned:
2. 1) Airdna is a good starting point, but don’t solely base your numbers off it. Start with that, but then start going through all the Airbnb and VRBO listings in your area to see what they’re pricing at. You’ll start to get a sense of what to price yours at and occupancy. 
   
   
3. 2) don't get carried away with the niche stuff, it can really be a waste of money in terms of ROI. Furnish your property based on the demographic of who'll be visiting and in line with other listings. Guests want a clean, functional, well-stocked, comfortable stay. Someone else mentioned this as well, but local antique stores and thrift stores and Facebook marketplace have great, unique finds that can add a lot of character to your property without spending exorbitant amounts of money.
   
4. 3) Join facebook groups as well. If you're buying in a popular STR market it'll be more helpful and less time intensive than reaching out to hosts.
5. 4) Most people will measure STR profitability on an annual basis, not monthly, because almost all markets are seasonal. I personally want a 20% ROI. Make sure you're including all other expenses in addition to your PITI like utilities, incidentals, restocking, capex, pest control, etc.
   

Hope this helps! 

Consider all the expenses: taxes (including state lodging and sales tax), insurance, marketing, cost to furnish, city registration, consumables (coffee, TP, replacement linens or furniture, etc), utilities (including TV, internet), landscaping, and even your personal time (answering questions, maintenance calls, bookings, etc.)

While your researching your competition look at their prices and occupancy.  This will give you better data than Airdna.

1) Don't use AirDna for your data, do your own research if you want real numbers. 2) When doing your decorating and furnishings, go to Antique Stores, Thrift Stores and Goodwill as much as possible. I hear about people spending $30k to outfit a place, when the number could be $3k.