Short Term Rental Riches 107. Your Q&A Part Two (Incl. Where To Find The Best Markets)
Nov 30, 2021
This discussion dives into hot topics around short-term rentals, tackling where to find the best investment markets. Listeners learn about transitioning long-term tenants into short-term rentals and the roles virtual assistants can play in boosting efficiency. The conversation shifts to financing options and how lenders view STR income. Plus, it highlights the beautiful and affordable Medellin, offering tips on living costs and rental regulations. Overall, it’s a treasure trove of insights for aspiring short-term rental investors.
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Keys to Good Rental Markets
- Good short-term rental markets typically have strong population growth, diverse employment, and landlord-friendly rules.
- Low cost of living is increasingly important due to high property prices in many areas.
Small Studio Outperforms Larger Home
- A small 400-square-foot apartment remodeled as an Airbnb consistently outperformed a larger three-bedroom home.
- With just a few properties, they generate six-figure gross income from short-term rentals.
Leverage STR Income for Loans
- Leverage proven short-term rental income to qualify for loans in new markets by presenting income documentation to lenders.
- Work with lenders familiar with short-term rentals and clearly disclose your business model early on.