Quote from @John Underwood:
Quote from @Serena Liao:
Quote from @John Underwood:
Purchase price has nothing to do with appreciation potential.
I am still getting new highs for nightly rates and high occupancy rates.
If you didn't select a great property or area then you might not be doing as well.
Good point. But how about the right price part?
Are you talking about purchase price or nightly price?
You spreadsheet where you analyze the property will tell you if the property will work as a STR at a certain purchase price.
STR comps from your neighbors will set a baseline for nightly prices. I push through the upper price set by similar properties as I have an awesome property that I take care of and that has close to 200 five star reviews on. Making your property stand out will allow you to charge more and people are happy with the value they are getting on creating memories with their families.
Thank you @John Underwood! When I look at the calendars of the comparable properties, it probably only tells me their booking situation 30-60 days down the road. How am I going to figure out the other months? I know airdna or Rabbu seansonal information, but it’s more like overall estimate, is it reliable?
Also do you worry about occupancy or property value tanks in the near future? Besides awesome properties are always hard to find, shall we just wait until it pops? I’m so nervous about investing an average property, have it sitting empty and lose paper money, if situation gets harder.