All Forum Posts by: Liz Weiss

I appreciate that @Lane Kawaoka.  Good advice.

@James Carlson Thanks for the feedback!

@Bill R. Absolutely, it's almost a double edged sword.

I've been doing more research and it seems like the successful STR's in CS are all to the West for the most part. The median home price in CS is under $300k, but starts to go up to $400k the farther west you go (which is where the tourists want to be). It makes me think that when you actually compare the two most major points of tourism in CS and Hawaii, the cost to buy a place that will be successful will be similar, if not more expensive in Colorado. It will cost more to furnish a single family home in Colorado as well, whereas in Hawaii you're furnishing maybe 500 square feet.

@Lane Kawaoka it seems like Hawaii has already essentially banned STR's, with the exception of maybe 5 buildings downtown. There are over 5,000 STR's on island and many are single family homes which is definitely illegal. With tourism being the single highest contributing factor to the GDP for the state, I don't see it being in their best interest to completely shut out Airbnb or go around shutting everyone down...not to mention it would be a huge usage of resources to do so. Just my two cents.

Thank you so much for all of your replies. I really appreciate the insight! Because I have lived in Hawaii, I would absolutely love to go back and live there again. That said, I'm excited to explore Colorado and begin my investing there. I hope that after some time has passed, I can invest somewhere in Hawaii and hold property in both places. It seems that Colorado would be a great place to begin my STR business/goals and Hawaii would be my first investment more for the long term appreciation and goal of having a place there that I can own just because I love it so much. Cheers to 2018 and new adventures!

I have FINALLY nailed down my top two choices for a destination to begin my first STR. I have done tons of research on both places and I understand the regulations for each. I am just wondering what others opinions are and why they would choose one over the other. Would you go for a tier 1 destination (Waikiki) or more of an emerging market like Colorado Springs?

I would be managing the rentals and living in whichever city I end up choosing.  I have lived in Hawaii before, but I have never lived in Colorado.  It seems like returns might be better in Hawaii when looking at the constant tourism and high occupancy, but its hard to tell if the margins are tighter there or in Colorado Springs.  The Springs are unsaturated, but the demand seems a lot lower.  I know on BP many of you have said to go for Colorado, but is there a reason it's better than Hawaii (besides the regulations)?

I know you can do an STR in parts of Vegas. Does anyone think this is a particularly good spot for a short term rental on Airbnb? Housing prices are still fairly low right now.

@Mike Reynolds  I know people in the area that do okay on Airbnb.  I'm looking to get into a bigger more populated area.  I know a lot of the big cities are hard to stay cash flow positive, so I'm trying to figure out where my middle ground areas are.

I just formed an LLC and I want to start buying/listing STR properties on Airbnb. Does anyone know of any good urban areas to get into? I will be self managing these and I prefer to live in an area with more of a city vibe.

@Thomas S. That was actually my initial thought. Do you think that investing in a urban city like Portland or Seattle would be difficult to have positive cash flow with an STR? It looks like the saturated market is making it hard to command higher nightly rates and an STR there looks like it's making returns that are similar to a LTR.

Thanks for the input @Steve Vaughan !

Hi Experienced STR investors! I just got an LLC setup and am currently debating starting my first STR in a downtown urban setting or something just outside of a bigger city. Besides deciding on the best location for my first project, I am wondering if using my LLC is a good move, or if buying a property personally is better? With so many tight regulations in the cities, I'm wondering if my LLC would raise a red flag on my STR listing or when buying the home. ALSO if anyone has advice regarding a down payment, I'd appreciate it. I have the cash to put 50% or more down on a nice property, but is that necessary in an urban area? It seems like I'd have to put at least that much down to get a positive cash flow in a big city. Thanks for any input!