All Forum Posts by: Ryan Shekell

I find that most investors in this industry are used to looking at STR's with a LTR mindset. You're leaving a more passive real estate investing and you're leaping into hospitality. The hospitality industry is all showbiz. The real money is made when you find great seasoned management. You need to ask specific questions like:

-How many times will your company (not vendors) visit my property between each guest stay. Make sure they describe their process from start to finish.

-Do you perform same day turns?

-Ask to see their yield management strategy for your units.

-Ask for a seasonality report for your units.

-Ask about linen services. Do they wash linens on site? How do they handle lost or damaged linens? Who owns the linens? 

This is really only the surface. A seasoned manager should be able to quickly and easily provide answers to these questions. If they can’t answer these questions, they will cost you money. You could take two comparable properties in the exact same area and one unit’s income could be vastly different than the other. The management in place is whatwill make or break you.

Find a good management company first and then have them tell you what they are looking for. They know the guests and what they are looking for better than anyone else. Take that info and buy what they want to manage. You’ll find 2% properties a lot easier that way.

My wife and I are finding great deals in Panama City Beach, FL and Myrtle Beach, SC. Keep looking and analyzing deals, and you will land on the right one. Just don't be afraid to pull the trigger when you find one that works. Analysis paralysis can be the biggest regret-maker.

My wife and I are finding great deals in Panama City Beach, FL and Myrtle Beach, SC. Keep looking and analyzing deals, and you will land on the right one. Just don't be afraid to pull the trigger when you find one that works. Analysis paralysis can be the biggest regret-maker.