BiggerPockets Daily 5 Steps to Starting An STR Business
4 snips
Dec 19, 2024 Dive into the essentials of starting a short-term rental business! Discover key steps like budgeting, market research, and ideal property selection. Learn how amenities and standout features can attract guests. Effective management is crucial, along with safety standards and marketing strategies. Don't forget the power of professional photography and property management software to enhance guest experiences. This guide equips you with tips to thrive in the competitive STR market!
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Budgeting and Financing
- Determine your budget for buying or renting, including furnishing and maintenance.
- Explore loan options like traditional loans, investment property loans, or DSCR loans and compare rates from multiple lenders.
Market Research
- Research the demand, target audience, and competition in your chosen market.
- Use tools like AirDNA, Mashvisor, and the BiggerPockets STR calculator to analyze potential earnings and assess competition.
Property Selection
- Choose a property that aligns with your target market and local regulations.
- Consider the 60-30 rule for location and research local laws regarding short-term rentals.