All Forum Posts by: Yu Liu

Kissimmee is the most competitive STR market in the USA so unless that property can beat the 100 nearest properties near you with regard to design, finishes, amenities, etc I would stay very cautious.

I do not mean to scare you but just hoping you quadruple check and confirm your numbers as I know a lot of people struggling in that market. Good luck!

AirDNA has the best data out of all the well known ones out there. With that said, they also have a lot of bad data. The best way to filter out the bad data is to do what Avery Carl calls "the enemy method" where you go on airbnb and look at the surrounding properties over it, look at their reviews and their ADR and their future occupancy to make sure it's in line with what Airdna projects it to be. 

So just to recap, my method is to:

1. Look at airdna for the property

2. use enemy method to confirm the property is good data

 Interesting, guess I need to consider oil wells in the future then. 

And correct, most of my STRs are in FL but my partner has an affinity to Austin which is the reason we are looking there first and thought I would give BP a check to see if there's a possibility there. 

Thank you @Nate Meeker, it was more so just an example.

From a math perspective, 1 day with 1 stay, average is still 1 day so I don't see it being an issue but I agree to stay on the cautious side and try to do min two stays with 1 day or something. 

Agreed with Allen. You can find interior designers that can design and furnish your properties but like Allen mentioned, it's not cheap. 

Personally, I've just flown out, got a car and set it up with me and a couple of helpers I hire for like $15-$20 an hour in setting up the furnishings. 

I have a partner that has a property in Indio. Because it's the desert, a pool is a must. From what I've seen, the best properties with the nicest pools, design and entertainment amenities crushes it there.

My partner is in the midst of building their pool now, they were not doing too well before so this hopes to turn it around

I think it's a great way to start but obviously very market dependent. 

Depending on your personality type, I would also recommend partnering with someone more experienced or hiring someone to coach you through every step of it. Happy to provide free advice if you have any specific questions!

You can also take advantage of 12 month 0% business credit cards to help you furnish the properties so you have your 19K for first month's rent, deposit and any extra expenses as a buffer. 

Hope that helps!

Agreed with what Michael said. Look into Facebook groups: couple of them that come to mind is Build Short Term Rental Wealth, Mid term rentals with Jesse Vasquez, Airbnbesties (Rob's group). 

There's probably some local real estate groups that might be helpful too!

 Well, we were looking in Austin as one potential market but could be somewhere or something else. How do oil wells investing work? and what's the tax benefits of that? Would love to learn more

That's the main goal to buy by the end of the year but it still needs to be a good deal, can't just be any random deal that doesnt work. And from what I was told, as long as you can spend 100 hours and more than anyone else to get it set up and it was rented as a short term rental (on average less than 7 days) it qualifies. 

Meaning, the minute I close, we spend a week or 10 days there documenting that we are setting it up (10 hours a day would be 10 days) and book it out to one guest for one day, it would qualify for us to take it for 2023.