All Forum Posts by: Mike Eichler

I recommend buying something already built, haha.  Remember, the name of the game with Airbnb rentals is unique unique unique.  You need to be different from the crowd.  There are plenty of Airbnb's in every market, but the ones that do well are the ones that have people going "wow" we have to stay there, usually regardless of the price (as long as its market or slightly higher).  It would be better to buy something that needs renovations ( you can look into rehab loans.)

Hope this helps man, let me know if you have any more questions!!

My team uses Guesty for property listings and calendar sync.  We use breezeway for our cleaners and spot checkers who go in after each reservation.  Pricelabs for pricing.   RankBreeze for checking listing SEO.  

The combo of all of these things is beyond incredible..

Hope this helps, let me know if you have any more questions.  Always glad to help!!

In recent years, short-term rentals have become increasingly popular as an alternative to traditional hotels. Whether you're a homeowner looking to make extra income or a traveler looking for a unique accommodation experience, short-term rentals can be an excellent option. However, finding the right rental can be a challenge. Here are some tips to help you find a successful short-term rental.

Location is Key One of the most important factors to consider when choosing a short-term rental is location. You want to be in an area that's convenient and has popular attractions nearby. For example, if you're looking to attract tourists, consider properties near popular tourist destinations such as casinos, ski resorts, or water parks. If you're looking for longer-term renters, consider properties in areas with good schools or employment opportunities.

Amenities Matter Another important factor to consider is the amenities offered in the area or community. Properties with access to amenities like pools, tennis and basketball courts, or lakes can be attractive to renters, especially families. These amenities can provide additional value to the rental, making it more appealing to potential renters.

X-Factor Features Finally, consider properties with X-factor features that set them apart from other short-term rentals. These features could be things like hot tubs, saunas, or game rooms. These types of amenities can be particularly appealing to renters who are looking for a unique experience or a way to unwind after a busy day of activities.

In conclusion, finding a successful short-term rental requires careful consideration of several factors. Location is key, and being near popular attractions can help attract potential renters. Properties with access to amenities like pools, tennis and basketball courts, or lakes can be particularly attractive to families. Finally, properties with X-factor features can be a great way to set your rental apart and make it more appealing to potential renters. By taking these factors into account, you can find a short-term rental that will be successful and provide a unique and enjoyable experience for renters.

Hope this helps. Happy renting :)

Written by: Mike Eichler, 

Realtor and Investor.

Awesome add!!

Take control of your cash. First, determine what amount of money you want to spend- Create a budget.
Remember to include inspection, Appraisal, closing costs, and Furniture items.

2. Get Pre-Approved ✅ so you and your realtor know how much “house” you can afford. Looking at million-dollar houses if you can’t afford them does not make sense.

3. Find a Rockstar Realtor! (I’m Right here) 🙋🏻‍♂️. A realtor can help you understand the market, negotiate and be on your side at every step.
Remember to give us examples of what you are looking for. The more info you can provide us with on what you are looking for, the easier it will be for us to find you the perfect fit!

START OFFERING! Believe it or not, if you don’t offer anything, you won’t get accepted on anything (crazy, I know!).

Hope this helps :)
-Mike, the STR guy!

Note to BP:

If you own a short-term rental property in the Poconos, understanding the market's seasonality is crucial for maximizing your profits. The Poconos, located in northeastern Pennsylvania, is a popular destination for outdoor enthusiasts, adventure seekers, and families looking to escape the city and immerse themselves in nature. However, the demand for short-term rentals in the Poconos is inconsistent throughout the year.

Peak Season: June to August

The summer months of June to August are the busiest and most profitable for short-term rental owners in the Poconos. With warm weather and longer days, visitors flock to the region to enjoy the many outdoor activities available, such as hiking, fishing, kayaking, and swimming. Families also take advantage of summer vacation to visit the Poconos and stay in short-term rentals.

As a short-term rental owner, you can expect high occupancy rates during the summer months, resulting in high rental income.
Naturally, lakefront and Lakeview experience a much higher spike in Summer. All around, with more travelers, all rentals will benefit.

Medium Peak Winter Season: December to February

The Poconos is also a popular winter destination, attracting skiers, snowboarders, and winter sports enthusiasts from all over. December to February is the second peak season for short-term rentals in the Poconos. During this time, visitors come to enjoy skiing and snowboarding at the many resorts in the region, such as Camelback Mountain and Shawnee Mountain.

The winter months can be just as profitable as the summer months, with high occupancy rates and premium rental prices. However, keep in mind that short-term rental owners in the Poconos may face more competition during the peak winter season than in the summer.
Naturally, the closer to the slopes you are, the more in demand you'll be. Likewise, coziness or lodge style is extra appealing. All around, with more travelers, all rentals will benefit. December is particularly attractive as a holiday-heavy month.

Moderate Season: September to October

Fall travel; you catch the end of the Summer season, the last hoorah's, then the preparation for ski season. Guests look for the peaceful and cozy listings to retreat to. Firepits and hot tubs help bolster attraction.

Slower Months: March to May

The period from March to May is the slowest and least profitable for short-term rental owners in the Poconos. While the weather may start to warm up, many visitors may not be as interested in outdoor activities during this time, resulting in lower demand for short-term rentals. Families are also less likely to visit the region during the spring months as kids are in school.

As a short-term rental owner during this time, you may need to lower your rental prices to attract potential renters. Elite listings relative to their price points continue to prosper. Otherwise, you must stay competitive.

Conclusion

The seasonality of the short-term rental market in the Poconos is essential to understand if you own a rental property in the region. The peak season for short-term rentals in the Poconos is during the summer months of June to August and the winter months of December to February. The slower and least profitable months are from March to May. By being aware of the market trends and adjusting your pricing and marketing strategies accordingly, you can maximize your profits and ensure a successful rental season.

Below is a graph that details the revenue trend you can expect over the year.

Written: by Mike Eichler

STR Facebook groups are always a fantastic place to talk to other industry hosts and get their unfiltered feedback on cleaners they have worked with in the past. You can also find maintenance and any other rockstar team members you need to complete your team.

First off, it's awesome that you are thinking about it, it's always better to be proactive than reactive. Now I'm not sure about TN laws necessarily, but just like @Luka Milicevic said, a living land trust is the way to go, I would highly suggest talking to someone who does these and see what they think would be best for this and any of her other assets as well.

As soon as you are ready to start to make offers is when you want to get preapproved. You won't know how much "house" you can afford without getting one. Preapprovals are usually good for a while after you receive one.

I hope this helps. Let me know if you have any more questions.

-Mike Eichler

 The best way to estimate what a property might be able to make is to compare it to other nearby properties. There are many tools. I use Pricelabs to look at the data over the past year from nearby properties to the one I am running. I look at the most comparable properties, meaning I look on the Airbnb listing and use reasoning to determine if the property I am comparing is better or worse based on the X factor each gives off, such as furnish and design style, Hot tub/pool, firepit area, game room, etc. you can also take into account their review and host rating. After finding a few similar properties, you can estimate that they could make right around that amount in nightly rates and occupancy. 

I hope this helps. Let me know if you have any more questions.