All Forum Posts by: Lauren Lockett

For months I've been studying short term rental investing, excited about hospitality and cash flow, but find it extremely expensive in vacation markets to buy. I'm considering re-learning and re-starting with long term rentals. As new or experienced short term rental investors, where would you start to learn and look for long term rentals - multifamily and inexpensive?

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Congrats Austin and welcome! Cheers to you doing amazing things!

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Atlanta, Georgia

Quote from @Allen Wright:

Hey Lauren, just like Sarah said Airdna is your best bet for 1,2 and 4. I'm not sure if you've used ChatGPT before but sometimes if I have a brain block I'll input a question like #3 into the search bar and see what it comes up with. Of course double check this information but that is usually a pretty great source.

Ok cool! I'll try out Chat GPT. I'm new to it, but open to seeing what reponses I get back! Thanks for the feedback!

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Quote from @Sarah Kensinger:

The best way to get answers for 1, 2, and 4 would be Airdna if you have the subscription for it. Since it's just for the bootcamp, Rabbu would probably be enough if you don't want to pay for the data. Number 3 would entail a bit of research. You could call an agent, but I would suggest just googling the area and see what comes up for tourism. Pinterest is another great resource to find this out, because bloggers write about an area and then post that link on Pinterest. This type of research for number 3, would give you knowledge and practice in researching travel and tourism that you'll use for a long time!

Thanks so much for the great tips! I'll def try both routes - paid AirDNA and Rabbu. OMG! I never even considered Pinterest as a wealth of information and I've found so many good gems. Thanks so much for sharing!

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Kenneth you bring up a great topic and feeling I'm experiencing as well:

Contributing in a new space was one of my first questions too. What's great is how encouraging and nice everyone was about jumping in when you can and that you have something you can contribute! Experiences, location, background all play a role and create community here.

I'm a newbie as well and I will say learning has really helped build my confidence. I joined a bootcamp specifically for the area of real estate I'm interested in learning and what's been awesome is connecting with so many other people with insights, tips and ideas. Having accountability partners and groups has been a MAJOR hack. Not just the forum but even the smaller team of talking and reaching our goals together. Hope this helps and you got this!!!!!

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Baton Rouge, Louisiana

Quote from @Chris Seveney:

Uh oh. I always thought it was a cool idea, but anytime I see tech people get into real estate and construction (especially to this scale), I really pause and take caution. I spent 25 years in commercial construction and you learn something new everyday and its a very difficult business to be in. Someone with no experience jumps in and wants to transform the industry. Hey maybe it turns out great, but still no real product years later and now this.

Curious how this pans out.

Boxabl acknowledges SEC inquiry in updated filing | Business Insider India

I really hate to hear this. Such an innovative idea! I certainly hope it all works out and maybe along the way they'll be changes that even help them in the long run.

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Hey everyone! I'm working on filling out the Module 2 worksheet for Short Term Rental Bootcamp with BiggerPockets. It's all about doing market research. It asks questions that I don't know how to find the answer to (I'm still catching up on everything) so wanted to ask this community and with your experience, where you may find the most accurate information or who you go to when you're doing your market research:

How do I find out the answers to these questions:

1) How many active listings are in this market? -- I got this number from AirDNA but how do I know this is accurate. Do I just go with it?

2) Which months are slower? busier? -- I got this from AirDNA as well. Is that right?

3) What is the main economic driver of the market— travel & tourism or some other industry? --- Is there a site that provides this info? Do I ask my agent?

4) What's the average price for a 1 bedroom in your market? A 2 bedroom? A 3 bedroom? etc.

Thanks for all your help!

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Quote from @January Johnson:

Did you know that Airbnb has HUNDREDS of local host community groups on Facebook? One of them is bound to be in your area.

Join these groups in the markets where you own and operate your STRs so you can ask for LOCAL recommendations (handymen, cleaners, contractors, etc.), get advice on LOCAL ordinances and regulations, and network with other hosts who own property in your area. Host clubs advocate for state and local STR-friendly policies and plan online and in-person meetups. Community Leaders in these groups are hosts who volunteer to foster engagement and helpful assistance.

Here's a map of all the locations for host communities. You will need to supply your email address or Airbnb link to join.

https://community.withairbnb.com/t5/Local-Host-Clubs/ct-p/en...

Wow, even when I was an Airbnb host, I never knew this existed. Thanks so much for the tip! Look forward to joining one when I buy my property!

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Quote from @Summer Whitten:

What lenders are offering HELOCs in Texas?

Hey Summer, did you end up going with any of the recommended banks for your HELOC here in Texas? A friend recommended RFBCU, a credit union here in Texas and I've just started the process. Good luck!

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Quote from @Anup Jung Karki:

Hello,

Anyone who has experience in renting out 1bed 1bath condo in zip code: 75038, Irving Texas to travel nurses or doing Air B&B. It’s near DFW airport and 7/10mins away from Baylor Scott White Hospital of Irving. Looking for suggestions how to find travel nurses, i am checking on furnished finder and some facebook groups i don’t see much demand like downton dallas. So, trying to get some suggestions to find travel nurses, i’ll be calling hospital HR tomorrow, however if there’s other tips & tricks, suggest me.

Trying to get the best return on investment and maximize profit. I like the idea of renting to nurses than long term tenant because of wear and tear issues. As it has is cons too of finding nurses.

Thank you.

I heard an episode on the podcast with a local DFW investor and investor agent who has a successful Mid Term Rental in Irving. It was successfully running as a mid term rental in Irving before he purchased it too - great market and area. My husband has worked in that area for the past 10 years. Try reaching out to Victor Steffen, the guest on the podcast. He had an incredible story on how he obtained and financed the property as well. He could walk you through alot of what you're looking for on how to find mid term tenants, probably has some other tips and tricks, or refer you to someone who does. If he's not free, try listening to the episode when you have time and you can try reaching out to other DFW Mid Term investors or try the Medium-Term Rentals forum. Good luck!

Here's his Bigger Pockets info:

Victor Steffen | BiggerPockets

Here's the episode where I heard him talk about the mid term rental in Irving:

How to Find 0% Interest and Instant Cash Flow Deals in 2023 (biggerpockets.com)

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All Forum Posts by: Lauren Lockett

Lauren Lockett has started 4 posts and replied 41 times.

Post: Switching from STR Investing to LTR Investing: Where to start?

Post: Young investor, ready to work! (Atlanta area)

Post: Market Research Homework Assignment for Short Term Rentals

Post: Market Research Homework Assignment for Short Term Rentals

Post: Feeling overwhelmed and discouraged

Post: Boxabl Under SEC Investigation

Post: Market Research Homework Assignment for Short Term Rentals

Post: How to get LOCAL help for your STR, no matter where you live

Post: HELOC in Texas

Post: Rent to travel nurses or Air B&B in Irving Texas