All Forum Posts by: Tyler Work

Hey @Jordan Han you won't find a place to register a company or entity as a co-host since Airbnb forbids that.  I pasted a link to their terms below.  It reads:  "As a Co-Host, you may only act in an individual capacity and not on behalf of a company or other organization, unless expressly authorized by Airbnb."

I manage properties in Denver via the co-hosting platform under my individual account and have the property owners sign a separate agreement with me.  Hope this helps! 

https://www.airbnb.com/terms/co-hosts

Hi @Schelley Stamps I use American Modern Insurance (few people have heard of this for STRs).  It is taking a while for the larger insurance companies to enter the market but you could also call around for commercial policies.  I think the biggest thing to look at is the liability exclusions and the overall amount of liability coverage if a guest decides to sue.  Hope this helps! 

@John W. 

1) If your partner is putting up all of the $ and you are doing all the work, figure out what you would charge for the work portion and your time and compare that to your partner's financial investment.  Having said that I agree with @Andrew Wong the fair deal is the way you two work it out.  If it were me I would want to pay back the silent investor first and split everything 50/50 but I wouldn't agree to doing all the work indefinitely for their small up front investment.  

2) Can't recommend anyone in Tennessee but I would do a ton of research on the short term rental laws in the area and make sure you pick a realtor who is familiar with short term rentals.  What you don't want to do is buy a property that isn't set up ideally for a short term rental.  Some cities have tricky laws (such as here in Denver) and having an experienced realtor is imperative to your success. 

Hope this helps!

@Chelsea Mastin I love this idea! Anything that can set yourself apart from the thousands of other listings I think could definitely work and help out travelers in need at the same time. As an STR manager in Denver, I'm always looking for ways to make my properties stand out. I would try advertising on Facebook and make a dedicated page for your property so people can search for it. Market to local hospitals, recovery centers, etc. I get surgery recovering surgery patients occasionally but I'm sure there is a good niche for accessible homes. Good luck!

Hey @Tim Bergstrom I pay for the "Market Minder" service here in Denver and it runs $70 per month.  I think once you decide to pull the trigger on Memphis it would be worth it to buy a month of the service to help narrow down which neighborhood you want to buy in.  I use it a ton, and although the revenue numbers are extremely subjective (they include cleaning fees) it is easy to see which neighborhoods are killing it and which aren't.  Good luck! 

@Julie McCoy I have recently started specializing in arbitrage deals and they can be a huge win-win for both parties especially if your lender requires a signed lease for your next investment.  

I would also check out Clearbanc, they specialize in financing the STR industry. I've heard of people getting loans from them and I think they have a pretty solid reputation.

@Steve Fitzgerald Rented.com put out a pretty good article on STR investment cities, it even has an interactive map. At no surprise, the top cities to invest in are the hottest vacation destinations that have the lowest home prices. @Myka Artis hit the nail on the head with the recommendation to look up laws. This will be more important than ROI when selecting a city. Also beware of the "primary residence rule" that plagues many urban markets barring investors from snatching up STR investment properties. As always, there are loopholes, but I would select a vacation market with as little restriction as possible.

https://www.rented.com/125-best-places-to-buy-vaca...

@Dan Close That's the goal.  I think one person could conceivably handle 10-20 properties on the side before it becomes a full time job, and yes Denver has been great so far.

Hey @Dan Close I do exactly what you're talking about here in Denver and it is definitely a niche.  Lots of work, yes, but I manage to run a small business while keeping my full time job.  Being a licensed broker helps because if the short term game goes sour with any of your clients due to neighbor complaints, regulation, etc, you can keep their business and manage their properties long term.  In Colorado, you do not need a broker license for STRs but do for traditional property management.  

There are also several large firms who do this whom you can learn from.  Check out Evolve, Vacasa, and Stay Alfred and see what they offer to give you a starting point. 

Best,

Tyler  

Hey @Lynn Ramdin!  If you can't find anyone locally to do it, Evolve Vacation Rentals can manage any property in the U.S. for a flat rate of 10%.  Their business model is that they manage remotely and have partnerships with local vendors to handle cleaning, linens, etc.  I manage here in Denver and offer a remote management plan for 5% where we optimize your listing and handle all communication if you're willing to find a reliable cleaner, it might save you some money in the long run.  

Another way to find help is directly through Airbnb.  If you already have an account there should be a tab called "Get Hosting Help" up near the upper right hand corner of the page.  It takes some navigating to get to but if you can find it it will show you a list of local co-hosts in your area.  You can reach out to them directly and get quotes fairly quickly.  

I'll also say that if you haven't purchased a property yet it can definitely be a huge benefit to start working with a property manager now rather than after you buy.  A PM that specializes in short term rentals will have way more knowledge about actually running the business than a broker will, and can help you pick the right properties and avoid costly mistakes.  I work closely with a realtor here in Denver to provide the best possible advice when picking an investment property.  

I hope this helps point you in the right direction, and good luck with your search!

Best,

Tyler