BiggerPockets Daily The Truth About Running a Short-Term Rental
Feb 18, 2025
Discover the realities behind running short-term rentals, including the surprising challenges and hidden costs. Learn about strategic scaling and the importance of property location to maximize occupancy rates. Delve into how technology, like smart locks and dynamic pricing tools, can streamline operations. The episode reveals insights on market research and effective financial management, showcasing both the struggles and rewards of being a rental host.
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Scaling for Success
- Scale your STR business for substantial income, one property isn't enough.
- Start small, reinvest profits, and gradually expand to multiple units or a larger property.
Starting Small, Scaling Up
- Garrett Brown started with a small house on 12 acres, lived there for a year to secure an owner-occupied loan.
- Reinvesting profits, he built additional cabins, scaling his STR business gradually.
Market Research and Property Selection
- Research potential markets and properties carefully for STR success.
- Consider the 60-30 rule: 60 minutes from a major city, 30 minutes from a tourist spot, and 10 minutes from amenities.