All Forum Posts by: Shannon Strickland

Waivo and Furnished Finder partnered to create a unique product just for MTR. Waivo has a different but similar product they sell directly for STR.

I currently use the security deposit replacement and rental damage protection product from Waivo, which I accessed through my Furnished Finder dashboard for my mid-term rental (MTR). I'm considering adding this product for my short-term rental (STR) as well, but I plan to go directly to Waivo since I've already had a consultation with them. Having no security deposit in place reduces friction. It's also worth noting that Waivo is a sister company to Proper Insurance, which I use for my STR. While I haven't had to file a claim with either company, I appreciate that Proper Insurance is backed by Lloyd's of London. Additionally, I know the Waivo product for STR covers intentional and accidental damages. You could make a comparison chart of what the various companies cover to see the pros and cons that matter most to you.

@Matt Schreiber

I bought my one and only short-term rental (STR) in North Myrtle Beach in February 2024. It is a 4-bedroom single-family house situated just .33 miles from the ocean. While the $600 per month insurance bill is hefty, I remind myself that being closer to the ocean would have meant even higher costs.

One of the key lessons I've learned is the importance of timing. I took too long to get my property rent-ready, which led to a significant loss of potential revenue. In its first year, the rental only earned enough to cover half the mortgage. This year, I am optimistic it will cover the entire mortgage. By year three, I aim to cover all operating costs and, by year four, to generate positive cash flow.

Experienced investors say it’s crucial to persevere through the initial challenges while gradually building credibility through positive reviews, and I believe them. Additionally, I'm banking on a future opportunity to refinance.

After less than a year, here are a few tips from what I’ve learned:

• *Hire a local STR expert real estate agent to guide your investment location.
• *Buy (in) the right property/building to ensure compliance.
• *Look for properties where you can gain immediate equity by buying at a low price.
• *Prepare for high insurance costs by running a few properties by your STR insurance company before making a purchase.
• *Have sufficient capital to 1) invest in exceptional design and amenities to stand out in a saturated market and 2) endure the low season.
• *Self-manage your property for at least one year to maximize profits and ensure quality guest experiences.

Hopefully, this helps in some way.

Hi @Aly George

I have used RentRedi for my MTR since I started in 2023. MTR is not a class yet, and it is classified as LTR. If I ever list my MTR on OTA's, I could switch to only using the PMS I use for my STR, but I only list on Furnished Finder now, and RentRedi is a good fit for me.

@Tom Dieringer After purchasing my first property in 2024, I acquired most of my short-term rental (STR) knowledge from The Short Term Shop, which included maintaining respectful communication with guests, keeping calendar availability up-to-date, and ensuring high-quality listings.

When I initially began May of 2024, I opted to list my property exclusively on a single Online Travel Agency (OTA) - Vrbo. I made my calendar available for twelve months because OTAs tend to reward open and available calendars. My strategy was to establish credibility with one OTA before diversifying. I set an arbitrary goal of obtaining 10 reviews on Vrbo before incorporating Airbnb; however, this process took longer than anticipated, as only 77% of Vrbo guests left reviews. This delay significantly impacted my timeline for adding Airbnb. After receiving five reviews on Vrbo, I attained Premier Host status. Unfortunately, this achievement did not result in the substantial increase in inquiries that I had anticipated. On Airbnb, despite earning Guest Favorite status, I am still striving to achieve Superhost status. About 83% of Airbnb guests left reviews. Oddly, Vrbo bookings nearly dried up and I get a steady stream of Airbnb leads despite the higher rate I set there.

Unfortunately, by giving Vrbo a three-month exclusive head start, I missed revenue that could have been earned by listing on multiple OTAs from the onset. However, this allowed me to gain initial experience and confidence without being overwhelmed by managing multiple platforms simultaneously. In future endeavors, I will add Airbnb immediately upon achieving Premier Host status on Vrbo to avoid similar delays and because it’s a filter. And then again, maybe I’ll dive into both simultaneously since I feel very confident from experience now.

Like @Michael Baum Baum said, guests from both platforms can be quality (I vet to ensure this). A main difference I noticeably experience is who the merchant of record is.

Best of luck with your listings!

@Ryan Bono

I'm so impressed, Ryan! I see a bright future for you and your valuable wife—what a team! Please keep us posted on your next project. Hey, maybe all your notes will turn into a book.

Even though I only have 1 STR, I use OwnerRez which allows me to require a signed rental agreement and place a hold on a valid credit card.

I previously researched solutions for a similar sound problem where I could not open the walls, but I still have not solved the problem. A solution company that intrigues me is Acoustimac.

Positive Solutions

Problem: In my county small multi-family houses are nearly non-existent and short-term rentals and second-cooking-areas are illegal.

Solution: House-hack while renting MTR to traveling medical professionals

Problem: I didn’t know the many laws of the county

Solution: A hired attorney 1) informed me that the county calls a house-hack a boardinghouse and 2) drafted a very comprehensive agreement that includes answers to your list of questions.

Problem: Interpersonal problems can be a risk. Covering a significant portion of my mortgage has been a great reward.

Solution: My four levels of vetting have helped me find quality room-renters over the last 18 months.

I think you already have the answers to your situation. If you STR part of your house while living in it, please share what you have learned from the experience.

There's a valuable thread called "House hacking at 22 - What I regret..." by Jake Andronico that’s worth reading.

@Marc Shin

Thanks for Visiting and Short Term Rental Riches both have great playlists on YT.

If you have NOT already signed up to be a Host on Airbnb, I can recommend an excellent Airbnb Ambassador who will ensure your listing is excellent. I just did that in September. It was a win-win because Airbnb pays the Ambassador and you will have a wonderful listing.