All Forum Posts by: Robert Carter

@Johnny Short that’s great I’m in the process now but the market is red hot.  I feel like it might be easier or less stressful to buy a piece of land and build what I want. 

@Jessica Mariano really for me it was does he/she know what they are talking about? Do they know the area? Reason why they don’t touch certain areas. How do they like to communicate? Are they investors themselves? All in all you want to get a good feel for the property manager because if it works out you’ll be working with each other for years to come.

One thing I wish I did before purchasing in Baltimore was interviewing  at least 4 property managers. They can answer most of your concerns and point you in the right direction of which areas they would be willing to manage.  I’m so excited to hear how your journey goes and good luck, you can do this.

@Daniel T Stockman Yes the key is to treat guest the way you would want to be treated and sometimes going above and beyond, especially if you are facing tough competition. When it comes to upfront cost I’ve noticed it’s about the same, for my first few vacation rentals I could put 10% down which of course is less than purchasing an investment property where you have to put 20%-25% down. But of course you have to furnish it and depending how big your vacation rental and separating yourself from your competition you could spend an additional $10k -$25k.  

@Nabu Khan @Johnny Short I’m looking in the area also how did your journey go? Did you decide to invest in Shenandoah area? 

That's great Ashton Welcome to the community. Looking forward to hearing about where your REI journey takes you.

Short term rentals are definitely high touch, its more about hospitality than real estate. Requires more time upfront to furnish the home and setup the logistics. But once its up and running, you might spend a few hours a week answering emails, and/or checking on your cleaning team (depending how anal you might be). The money can definitely dwarf traditional rentals. I got into STR because it seemed to be the best way to amplify my income and build my rental portfolio quicker.

who is listed as the point of contact that the guest can reach out to? When I first worked with evolve they had my cleaners as the contact once we got that corrected. I started sending out the check in/out, how is everything emails to the guest. Every issue is different you always want to apologize for any inconvenience and try to resolve the issue as soon as possible. The biggest thing is responding as soon as you can. Treat the guest the way you would want to be treated and you’ll be fine.

ROI, ROI, ROI!!!

Welcome Brian. I recently made the jump in the STR business and I must say it has been one of the best decisions I have made in my life. I would suggest to continue to immerse yourself in the process, don't worry about learning everything right away but work with someone who knows the industry in the area you want to invest. Good luck and I can't wait to hear updates.