All Forum Posts by: Rich Miller

@Rich Miller It's not worthless. I just found that it was not as complete or packaged as I was hoping for $200/month. You'll find data on a bunch of smaller markets, college towns, and cities. It, just like airdna, rabbu, or others, is still just a starting point. You have develop some expertise or specific market knowledge.

Then you have to write a check. And after that, you have to start writing more checks and doing the hard work of setting a property up for success. It's really hard and expensive to get a short term rental up and going. Everyone sees the big numbers and returns but very few folks want to hear about how stressful and expensive it is before you make a dime of revenue. The underserved markets and desired returns mentioned don't have turn key, furnished properties. Most properties are going to need at least a light renovation and furnishing. You're going to be stuck in the "holy crap, we're spending so much money...this better work" stage for 3-6 months. It sucks in the beginning.

I wouldn't do the work of getting a short term rental off of the ground for less than 20% CoC. You have to do your own research and find underserved markets to find that now, though. There are plenty of places where you can find garbage properties that have heavily booked calendars.

I've paid for STR insights. Their data is fine, but not as earth shattering as their founder makes it sound on podcast interviews. It was $199 for a month, which I canceled after a few weeks. The biggest variable in the data is the average price for a home in particular markets. It's so fickle and specific - even within a particular market - it's hard to find a median home price that works across a city/town. If the median home price is $200k, that does not mean that the median home in a STR zoned area or a location that would do well as an STR is going to cost $200k. I didn't really learn anything new or earth shattering.

Bottom line is that you have to develop some domain expertise, do your own research, and spend some time stalking comparable airbnb/vrbo properties to see how they perform over time. You can get 20% CoC, but it's not going to be in the popular markets mentioned on BP.

When I'm helping clients find places we're typically targeting 15% or more. 25% is exceptional. There's a company called STR Insights that I think is trying to use data to identify markets.

20% is good, but it really depends on your personal goals.

Hi Rich! This is a great question. Here in the CO market we are seeing an average COC return of about 15% - 25%. Just to give a reference point, the COC return for investing into the stock market is about 10%.

Hello @Rich Miller, I have personally worked with @January Johnson and her partner @Napoleon DeCiutiis. I highly suggest reaching out to them. They will definitely be able to assist you in the areas you have mentioned with your investment needs! I hope this recommendation helps, as I am sure it will!