STR Data Lab™ by AirDNA From House-Hacking to High Returns: Journey into Short Term Rentals with Matt Kruger
In this episode of the STR Data Lab, Jamie sits down with Matt Kruger, co-founder of DSM Stays and a short-term rental investor based in Iowa. Matt shares the story of his transition from long-term rentals to short-term rentals, motivated by a desire for higher cash flow and more control over his investments. Initially hesitant to invest out of state, Matt chose to stay local in Iowa, where he has seen significant success. Influenced by content creators on social media, Matt was inspired to explore the potential of short-term rentals.
Starting with long-term rentals and house-hacking, Matt and his wife built a solid base before moving into the short-term market. Using tools like AirDNA for market research, they identified opportunities to cater to larger groups in the Des Moines area, a non-traditional vacation spot. Their first short-term rental, equipped with amenities like game rooms and hot tubs, quickly became one of the top properties in the area. Despite market challenges, Matt's properties have seen consistent revenue growth year over year. He emphasizes the importance of continuous improvement, including updating amenities and listing photos.
Matt also highlights the risks associated with reliance on platforms like Airbnb and the need to build a direct booking channel. Automation tools like Hospitable have been crucial in managing operations and communication. Matt's approach to guest experience, including personalized communication and rapid problem resolution, has resulted in high ratings and positive reviews. He advises new investors to overcome analysis paralysis, take risks, and learn by doing.
Reflecting on his journey, Matt regrets not starting sooner but encourages others to use their free time effectively to build the life they want. He also stresses the value of buying properties that can appreciate through sweat equity.
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Episode 109