Experts discuss challenges of investing in short-term rentals and the importance of a pre-purchase checklist. Setting goals and metrics in real estate investing, understanding the ideal buyer, and budgeting for a property purchase. Thorough research and consideration of location, amenities, and design when selecting properties for investment.

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.Kenny and Bill discuss the importance of taking measured steps when investing in short-term rentals (STRs). They share their recent experiences with a new market and offer valuable insights for aspiring STR investors. Here are the key takeaways:Market Research Is Crucial: Before diving into any new market or neighborhood, conduct thorough research. Evaluate the market's potential for short-term rentals, its regulations, and trends.Don't Blindly Follow Influencers: Be cautious when following the advice of influencers, including Kenny and Bill. Rather than copying their choices, understand their decision-making process and adapt it to your unique situation.Align Your Goals: Ensure that you and your partner (if applicable) are aligned in terms of your financial goals and investment strategies. Misalignment can lead to poor decision-making.Develop a Customer Acquisition Strategy: Focus on your ideal buyer persona. Understand what they want, need, and are willing to pay for. Tailor your property and marketing to attract this specific audience.Brand and Culture Matter: Building a brand and a unique culture around your STR can set you apart from the competition. Create an experience that resonates with your target audience.Product vs. Customer Focus: Don't solely focus on the quality of your property (product). Concentrate on acquiring the right customers who appreciate what you offer.Prepare a Pre-Offer Checklist: Develop a checklist that guides your decision-making process before making an offer on a property. Consider factors like the ideal buyer persona, amenities, and post-close budget.Confidence and Expertise: If you lack confidence or expertise in certain areas, consider seeking help from professionals like Kenny and Bill to navigate the complex world of STR investing.Remember, successful STR investing involves more than just buying a property; it requires a well-thought-out strategy and understanding your target market and audience.Stay tuned for the next episode of STRonomics as Kenny and Bill delve deeper into the steps and processes of successful STR investing.We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of "STRonomics," hosts Bill Faeth and Kenny Bedwell discuss the opportunities and challenges of investing in urban short-term rentals, particularly in cities like New York and other urban markets. They highlight the key takeaways and insights from their discussion, including the impact of changing regulations, the importance of community sentiment, and the need for advocacy in urban markets.Key Takeaways:Urban Market Attraction: Urban markets offer higher return on investment (ROI) and less seasonality compared to vacation rental markets, making them an attractive option for short-term rental investors.Differentiation in Urban Markets: It's often easier to differentiate your property in an urban market compared to a vacation market, as there may be fewer short-term rental properties available.Risks of Regulatory Changes: Investing in urban markets comes with a higher risk of regulatory changes, such as occupancy limits and zoning restrictions. It's essential to stay informed and involved in local regulations.Form Local Associations: To protect short-term rental interests in urban markets, property owners should consider forming or joining local associations to have a collective voice in advocating for fair regulations.Understand Exit Strategies: When investing in urban markets, ensure your properties can also perform well as long-term rentals. This provides an exit strategy in case short-term rentals face challenges.Resources and Links Mentioned:Urban Markets: Some urban markets with favorable short-term rental conditions include Asheville, North Carolina; Charlotte, North Carolina; Raleigh, North Carolina; Greenville, South Carolina; Lexington, Kentucky; Memphis, Tennessee; Birmingham, Alabama; and others.Community Sentiment: Investing in markets where community sentiment is positive towards short-term rentals can reduce the risk of regulatory challenges.Local Associations: Consider forming or joining local short-term rental associations to advocate for fair regulations and stay informed about changes in your market.Exit Strategies: Ensure that your properties can perform well as long-term rentals, providing an exit strategy if short-term rentals face regulatory challenges.Conclusion:Investing in urban short-term rentals can be lucrative, but it also comes with unique challenges, particularly in dealing with changing regulations and community sentiment. Staying informed, forming local associations, and having exit strategies in place are essential for success in these markets. Remember to perform thorough due diligence before investing in any market to minimize risks.Note: The hosts emphasize the need for property owners in urban markets to stay informed and involved in local regulations and advocate for fair rules to protect short-term rental interests.Disclaimer: This podcast episode is not intended as financial or investment advice. Listeners are encouraged to conduct their research and seek professional advice before making any investment decisions.We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

Bill Faith and Kenny Bedwell, hosts of STRonomics podcast, discuss the importance of choosing the right short-term rental (STR) realtor and when to consider ending that relationship.They highlight the significance of finding an STR realtor who understands the market and the specifics of STR investments.Segment 1: Why Choosing the Right STR Realtor Matters Bill and Kenny emphasize that using a regular realtor for STR investments might not be the best approach. They mention two reputable STR realtors, Avery and Tyler Kuhn, and the importance of finding agents with experience in the STR market. Kenny talks about STR Insights and how it helps investors find vetted realtors in various markets to facilitate property searches. The hosts discuss the common challenge of finding reliable resources when investing in unfamiliar markets. Segment 2: What Makes a Great STR Realtor Kenny explains that a great STR realtor should not only have experience but should also understand how STR properties work and generate income. Bill emphasizes the significance of finding an STR realtor who owns or at least manages STR properties. They share anecdotes about their experiences with realtors who didn't fully understand the STR market and its nuances. Segment 3: Due Diligence and Community Sentiment Kenny advises investors to perform due diligence, not solely relying on their realtor's recommendations. They stress the importance of verifying regulations and community sentiment independently. Bill shares his experience of almost buying a property without verifying local regulations. Segment 4: When to Consider Firing Your STR Realtor Bill and Kenny suggest that if an STR realtor doesn't make you feel like a priority or isn't catering to your needs, it might be time to consider parting ways. They discuss the exclusivity agreements some realtors ask for and advise against signing them. Bill recommends trusting your gut feeling and leaving the relationship when it no longer feels right. They emphasize the importance of setting clear expectations with your realtor from the beginning. Conclusion: Bill and Kenny encourage listeners to leave reviews for their podcast on various platforms. They invite the audience to return for the next episode and thank them for tuning in to STRonomics. We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.Welcome to another episode of STRonomics! In this episode, hosts Bill and Kenny discuss why relying solely on rent rolls when purchasing an investment property is a mistake.They point out that it's common for properties to be marketed based on a specific rent roll history, but the real potential often lies in property improvements. However, location is absolutely crucial, and they emphasize the importance of Location, Proximity, and Views.Kenny shares his negotiation strategy of using rent rolls to challenge numbers and potentially negotiate a lower price or walk away from a property. Bill talks about switching agents if they push rent rolls too hard, as it may indicate inexperience in the short-term rental (STR) market.They stress that property owners often sell "desirable" properties when they're not making money and can't show a clear revenue proforma.Bill and Kenny advise against buying based on potential and suggest evaluating offers based on projected revenue from comparable properties in the area.They reveal a savvy investor tactic: requesting sellers' tax returns to get a more accurate financial picture and verify if tax and rent roll figures align.[00:03] Intro to STRonomics[00:07] Rent Rolling[02:22] Right Location[05:00] Negotiations & Proformas[06:57] Off Platform[08:42] Kenny’s Reel[11:08] Not Making Money[13:02] Penciling It Out[14:17] Paying Taxes[15:31] Gulf Shores[16:39] Wrapping UpWe handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.Join Bill and Kenny as they dive into the exciting topic of building new properties versus buying short-term rentals.In this engaging conversation, they explore the dynamics of property development, discussing whether building a property is a feasible option, especially in today's challenging lending environment. They emphasize the importance of crunching the numbers and seeking professional guidance, drawing on their extensive expertise in creating Super Properties.Bill and Kenny also shed light on the strategy of venturing beyond crowded primary markets, encouraging listeners to explore promising opportunities in secondary markets. Discover how to craft a property that stands out, with tailored features and amenities that enhance the guest experience.Kenny shares insights on promising locations across the United States for land acquisition and new construction. Meanwhile, Bill recounts his memorable experience staying in a property that became the focal point of the latest Mastermind Meeting. Learn how to create the perfect property that becomes THE destination in its own right.[00:03] Intro to STRonomics[00:47] Building vs Buying STRs[04:23] The Small Things[05:30] New Construction[06:50] Deals[09:00] Maintenance Costs[11:20] Chasing Markets[15:00] Where To Build[20:24] Becoming The Destination[21:30] Wrapping UpWe handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.Join us on this episode of STRonomics as Kenny and Bill delve into their summer experiences and the evolving market landscape. Kenny kicks off by highlighting his new properties and the contrasting demand shift this summer. While the Average Daily Rate (ADR) may have dipped, the remarkable 95% occupancy rate this season, up from last year's 87%, has caught his attention.The conversation steers towards Bill's intriguing 'Super Properties' versus his regular ones, shedding light on distinct traffic drivers. Bill opens up about a downturn in his portfolio, which he's leveraging to innovate fresh guest acquisition approaches.Kenny shares a pivotal moment from January when his properties faced a profitability setback. He unveils his strategy of enlisting skilled virtual assistants to streamline research and pricing analysis. Delegating tasks allows Kenny to channel his focus into pioneering marketing tactics.Wrapping up, they delve into the pivotal aspect of property valuation's impact on marketing and daily rate structuring. They stress the need for adaptive marketing strategies based on property value, especially when not dealing with a 'Super Property,' necessitating tweaks in lead time generation strategies.[00:03] Introducing STRonomics[00:20] How Was Your Summer?[01:30] Kenny’s New Property[07:28] Traffic Drivers[08:45] Portfolio Numbers[12:20] Buffalo Properties[15:38] Researching[16:50] True Value[20:00] Wrapping UpWe handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kASTR Data Hosts Facebook PageInstagram: Kenny_BedwellYou can find more of Bill online at:Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share&ltsid=660cbc9b-4a7e-4ed9-a654-900180b83af1Build STR Wealth: https://buildstrwealth.com/Instagram: @BillFaeth73Tik Tok: @bfaeth Learn more about your ad choices. Visit megaphone.fm/adchoices