All Forum Posts by: Sarah Lorenz

I am thinking about building a house for our next primary residence, but I would also like to use it occasionally as an STR. I'm thinking about features to include for this purpose. So far, I'm thinking about extra closets with locks, maximum number of bedrooms feasible (aiming for four or five), fireplace and some kind of a nice outdoor deck or screen porch, possibly a hot tub. We generally host families or alumni friend groups for events related to sporting or the University. Any other ideas?

Even with AirDNA and other forms of analysis, isn't the big risk that new units will come available in the near future and depress prices? Isn't all analysis of past performance? I've read that in Portland and Seattle, the market became so saturated with STRs that the prices fell significantly. 

I've been using Homeaway (part of VRBO) for both hosting and vacationing myself, and I do agree that it is a better level of clientele. Longer stays, more established, mature people. I haven't even bothered with AirB&B. As a host, I can see how easy it would be to find myself having to cancel reservations made far in advance. 

Thanks, @Joshua B.! Yes, after living in A2 since 2000, I've watched the market obsessively and there are definitely opportunities. But there are a lot of buy and hold investors who will snatch up any good deal on the MLS within 24 hours, and many are done off-market. You have to be strategic, and there are a number of ways to do that. I finally got my real estate license because I would watch deals go by that I couldn't pick up myself--I figured that I might as well help other people buy them. But it definitely isn't for everyone--this is not a 100K market. There are a lot of those in southeastern Michigan, though.

Has anyone been watching Stay Here on Netflix? It’s the typical house flipping show, only with short term rentals that people are starting up or having troubles with. Some pretty good ideas! I watched all the episodes and really enjoyed it.

@Lee L. I would recommend watching the Netflix series “Stay Here” where they re-do STRs that are struggling. Superb ideas. Then go to a home goods store and charge about $1000 of staging decorations—pillows, Knick-knacks, fake flowers and plants, throw blankets. Take tons of pix on your phone and analyze them really closely, then perfect the scenes. Return everything to the store, then go back and buy half of it again when you get some bookings, right before the guests show up. And/or stalk the thrift stores for similar stuff in the meantime, or borrow nice stuff from friends for a couple months.

@Ellen Griffith I was stocking up today on sheets, blankets, cushy mattress toppers and protectors, dish sets, silverware sets, etc.

I started renting my own home on Homeaway earlier this year, after finishing a 200K renovation. Last weekend was the fifth time, so I don't have a ton of experience, but as of right now, I wish I had done this a long time ago. I'm renting at high rates for special events, to extended families or groups who want a big place (we have 4 bedrooms with kings/queens). Everyone has been incredibly nice and very respectful of the property. Last weekend, after paying an absolutely exorbitant sum, my renters were gone by 11, having taken out the trash, stripped the linens and put them in the laundry room, loaded the dishwasher, and left a couple hundred dollars worth of liquor and gourmet food in the kitchen. I told my kids that I'm sending them to boarding school and renting the house every weekend. 

@Russell Brazil Can you tell more about how to get offers out of interested parties?

Another thought: if I am not mistaken, you can buy in Ypsilanti Township and qualify for a rural development loan with 0% down. And Ypsilanti Township merges indistinguishably with the city in many areas. Lower taxes, too.