Tristan
@TXStrGuy
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STRs & CRE Dev. | ✉️ TheSTRGuy @gmail .com
Texas, USA
Joined December 2021
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~90% of the potential STR investments I underwrite are profitable. AirDNA predicts a 2022 U.S. average occupancy rate of 59.8%. It's easy to breakeven when you couple that occupancy with market ADR. Here are the other factors you absolutely need to consider when evaluating a deal
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Step 1: Find a hot vacation rental market with ridiculous home values (Broken Bow)
Step 2: Buy land
Step 3: Find a non-local builder willing to travel and build in said VR market for $225/SF
Step 4: Refi w local bank at $600/SF
Step 5: List it. Build another. Get rich.
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"Self-managing a STR" starter pack:
1. Honeywell 9000 (Smart thermostats)
2. Ring (Video doorbell)
3. PriceLabs (Dynamic pricing)
4. Hospitable, OwnerRez, or Uplisting (Channel mgr)
5. Cleaners (TurnoverBnB or local recs)
6. Maintenance person (RE agent recs, FB, Google)
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STR tip of the day: Find a reliable handyman that is willing to do your small jobs and doesn't charge an arm and a leg. I give mine 1-3% of monthly rental revenue so he gets paid even if it's a slow month. It incentivizes prompt, quality repairs, and creates a win win for us.
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I've spent the last few days underwriting STRs for clients in markets that I've never thought to look at.
Biggest takeaway (so far) is the best opportunities and returns are non-VR markets. $175,000 homes with average furnishings are 80% occupied at a $225 ADR. Mind blown.
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Imagine how much worse their hangover is gonna get when I hit em' with the damage request $$ on Airbnb
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@Levijameshere
Vapes in vending machines at bars and clubs. Buddy of mine owns a few and he makes an ungodly amount of money.
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Nice elderly couple checked in last night and didn't tell me about their five chihuahuas joining them. I don't have the heart to charge them my $400 per unauthorized pet fee.
You can bet your sweet ass I have the heart to charge em' the $200 per pet fee though.
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The best STR guests are those who give private feedback for improving your listing but still leave 5 star reviews.
You the real MVP 🤝
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- Guest throws party and does thousands in damages
- Host politely requests money for damages
- Guest gets pissed and leaves a one star review
- Host loses thousands $ in lost bookings bc of bad review
- Guest doesn't care. Airbnb doesn't care.
Make it make sense.
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Can't wait to sell my STR portfolio to Blackstone in five years at a 6% cap and sail off into the sunset on my giant yacht
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Rough revenue projections by purchase price that you should look for in finding your next short term rental:
PP/Rev
$250k - $55k
$450k - $99k
$650k - $143k
$850k - $187k
$1.05MM - $210k
$1.25MM - $250k
Definitely worth digging into further if they pass this quick test.
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STR tip of the day: Furnishing a STR? Check out . The site compares furniture prices across different online retailers so you don’t overpay for the exact same item with different branding.
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Bit the bullet. Full refund. Going to pound some gold Four Lokos and make bad decisions.
See y’all next week.
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Saved a client some pain today when I found out the STR they were buying was in a new community that didn't allow short term rentals. His agent told him they were allowed. Found the HOA docs online that explicitly said NO SHORT TERM RENTALS.
He'll lose $7k. Agent lost a job.
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Here's a 3BR 3BA in Sedona, AZ. Included a hot tub in the furnishing cost. I wasn't able to find the HOA bylaws online so would need to check if STRs are allowed as well.
Yr. 1 profit of $47.6k or 23.87% CoC.
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Here are my favorite cities for STR investments in 2022. Some of these aren't traditional VR markets but provide the best ROI.
1. Scottsdale
2. Phoenix
3. Santa Fe
4. Flagstaff
5. Sedona
6. Gatlinburg/Pigeon Forge
7. Blue Ridge
8. Truckee
9. Broken Bow
10. Ellijay
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STR tip of the day: Your nightly rate on VRBO should be significantly higher than it is on Airbnb. VRBO attracts an older demographic that is more willing, and able, to splurge on trips.
In 2018, 63% of people over 55 were "not very" or "not at all" familiar with Airbnb.
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Yes, the $800/night 4000 square foot private home with five bedrooms, a chef's kitchen, resort style pool, hot tub, and a golf cart DOES in fact have a $300 cleaning fee that the $350/night 300 square foot hotel room with $12 water bottles does not.
UGH, CAPITALISM SUCKS.
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I will never understand people who stand up from their seats the second the plane comes to a stop.
Where are you going? Is it some sort of head start? What do you know that I don’t?
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Couple who came into town for their "anniversary" was set to check-out at 11 AM. Cleaners called me at 12:30 and said there were ~20 cars still parked out front. Weird.. thought it was a couple?
Checked my Ring and had about 200 people in and out for a wedding yesterday. Lol.
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Yesterday I found an on-market lake house that checked ALL the boxes for me for my next STR. Loved it. I offered ~15% over ask, partial waiver, $10k option, and $50k in EM
My agent just called me & said they accepted an offer 35% over ask with a full waiver
I hate this place
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Got lucky at Choctaw Casino but not so lucky on the way back to Dallas. Metal pipe fell out of a truck in front of us going >80 MPH, bounced up + hit my bumper, then flew through my windshield.
Pretty thankful that we’re not on the news today!
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The key to >40% CoC returns in STRs is self-managing. All it takes is ~15 mins a day, a reliable cleaning crew, and a handyman who is also your boots on the ground.
Is it EASY to find the two? No, but it's absolutely worth a few months of struggling to net an add'l 20% annually.
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"Your house looks nice, but we're considering hotel rooms if you can't bring your nightly price down. We're used to our own rooms, and bunk beds are just not it. What will you do for us?" -Guest inquiry for 2 night stay
Instantly raise the nightly rate by 35%, that's what.
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You should save homes on Zillow even if the investment numbers don't currently work. If it's still on market in 60, 90, or 120 days, chances are the seller is open to entertaining lower $$ offers. Best case? They'll let you seller finance, and you buy it for 5% down.
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In most STR markets, a 1BR requires as much as work as a 5BR but makes around a 3rd of the income. Lots of markets are undersupplied by larger homes. The biggest barrier to entry is purchase price.
Here's how to buy a large STR without a ton of up front cash and make a killing:
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Found an on market deal just over a week ago for $750k. Underwrote it and projected ~$250k in revenue. Told my agent to jump on it, get an offer in. Tells me best and final is this upcoming Tuesday - we have plenty of time!
Zillow listing just went pending. Heads will roll.
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Two strategies for investing in STRs:
1. Buying in an established vacation rental market. Need to go above and beyond on furnishing & amenities to really kill it.
2. Buying in a non-VR market. Only need to go slightly above average on furnishing & amenities to really kill it.
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Nothing better than 14 days passing by with no review from that awful high maintenance guest.
See ya never clown 🤡
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The best Airbnb guests are the ones who inform you of issues with their stay but give you a chance to rectify the situation before leaving a negative review.
Such a win-win for both sides.
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FYI here are a few non-QM lenders I've spoken with who are comfortable with STRs or have loan products for STRs.
1. Visio
2. Angel Oak
3. Stratton Equities
4. 1WestCommercial
5. Flatiron Realty Capital
6. Temple View Capital
7. Park Place Finance
8. Hasanov Capital
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Below is really all you need to effectively self-manage your STR.
1. Team - reliable cleaners and on-call maintenance
2. Technology - Channel manager like
@Hospitable
, Smart WiFi deadbolt, Ring camera, smart thermostats
3. Time - 15 minutes a day
Save the 20% on PM.
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Closing on your first short term rental? There’s more prep work than you may think. Here’s a rundown of my ~1 month process between closing a deal and going live on Airbnb & VRBO:
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Here are the debt quotes I’ve gotten for DSCR loans on STRs in the last week.
Angel Oak - 80% LTV, 30 yr am at 4.75% with 3 year PPP. $900 flat fee at closing. Said they’ll beat any comp
Visio - 80% LTV, 30 yr am at 4.85% with 5 yr PPP. 1 point at closing. Not a fan of em’
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🚨 Just finished my deep dive of Techvestor and their latest performance numbers. Techvestor is a fund manager that invests in Airbnbs for accredited investors. As of Q1, they owned 121 properties (119 active listings) across two funds in 9 states.
TLDR: It's bad.
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STR tip of the day: Be extremely cautious with booking inquiries from locals. These guests are likely looking to host some sort of event/gathering/party and are looking for a place to trash that isn't theirs. Learned this lesson the hard way.
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Buy turnkey STR for $500k
Cash investment of $100k
Annual profit of $35k
~34 months to buy another
Buy fixer upper for $350k
Cash investment of $70k + $50k in furnishing/reno
Refinance value of $500k
Cash out $120k
Annual profit of $35k
~6 months to buy another
Scale.
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Rolling out an UNPAID service for a select few looking to buy their next STR. Will present you deals with a complete underwriting package based on your individual investment criteria.
- Nationwide
- Targeting CoC returns >30% self-managed
DM me if interested.
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FYI - DSCR lenders w/ STR loan programs that quoted 7-9% on a ~75% LTV 30-year fixed loan in the last few weeks. ~1 point in with Ppm step down. Use AirDNA/budget income for DSCR.
Easy Street Capital
Visio
HomeXpress
Park Place Finance
Flatiron Realty Capital
American Heritage
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4 night reservation starts today. I've received the following messages:
1. Can we check-in early? We're at the door. (9 AM)
2. Why is the pool closed? (It's 29° outside)
3. Fridge water dispenser is broken. The water is room temp. Can you fix it? (Uhh)
Gonna be a fun one.
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Cleaners had a medical emergency and couldn't clean for a same day check-in yesterday. Backup cleaners out of town. Paid my maintenance person's wife $400 to knock it out with the step-by-step checklist I create when hiring cleaners. Success.
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Man oh man.. Asked for a $50k price reduction today for new roof, some exterior work, and hefty cushion after reviewing inspection.
Thought the deal was surely dead. Nope! Accepted with no pushback. Should’ve asked for more. Interesting times.
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STR tip of the day:
Your cleaner checklist needs to be granular. Instead of "Clean all nightstands" go with "In the master bedroom, wipe down nightstand tabletops. Be sure to check drawers and discard any trash or items from previous guests."
Still working on this one myself.
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“Those STR numbers aren’t possible! You’re not going to find these ratios in any major market!”
Get wrecked nerd
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If you’re buying right now, you should be buying homerun deals, not “pretty good” deals.
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STR tip of the day: BiggerPockets is good for learning the absolute basics of investing in short term rentals. You spend more than a few hours browsing the forums and suddenly you're buying an overpriced two bedroom in the Smokies from Avery Carl and The Short Term Shop😆
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STR tip of the day: Run custom promotions on Airbnb and discount Wednesdays & Thursdays by 20% to increase the likelihood of long 3-4 day weekends rather than 2 day weekend bookings.
20% off places your listing in promotional e-mails to guests who have searched in your market.
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Need a second pair of eyes on that STR you're looking at? TXSTRGuy is officially open for business.
Let's ride.
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My steps in underwriting short term rentals:
Initial
- Competitor listings for future rates
- AirDNA for hist. occ
Deep Dive
- Location
- Prop. regulation
- Amenities + aesthetic in mkt
- Expenses
- AirDNA, Rabbu
- Historical occ. + rates
- Comp. future rates
- Furnishing cost
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STR tip of the day: Self-managing a short term rental? Have your cleaners install “Share-A-Cart for Amazon” in Google Chrome. The plug-in allows your cleaners to instantly share the contents of their Amazon carts (supplies for your STR) to your cart which saves you a lot of time
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One of the easiest ways to increase STR booking revenue is by allowing one night stays on Sunday - Thursday orphan days.
I increase nightly rates by ~80% and sometimes get lucky. Roughly $9k in 2021.
FYI, Fridays and Saturdays are a no no because that’s typically a party. 🍺😵
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Wait till STR investors figure out that they can make way more money in non-VR markets 👀
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Was under contract to sell my highest grossing STR on a cap rate basis to a cash buyer. Would’ve been a 7x in 1.5 years. Thought it was a done deal, neglected management, and earned some bad reviews.
Buyer terminated today. Don’t count em’ before they hatch. Lesson learned.
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A good spreadsheet filled with names and numbers of different vendors is crucial to self-managing your short term rental. You should have a few reliable contacts for:
1. Handymen
2. Appliance repair
3. HVAC repair
4. Roof repair
5. Pool & hot tub service
6. Paint
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STR tip of the day: Respond to booking inquiries ASAP. Odds are the guest reached out to other hosts/listings with the same question or questions.
Answer before another host does and there’s a good chance you got yourself a booking.
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STR tip of the day: Go all out on design & amenities. Rates go higher, sure, but typically your occupancy will too. Be better than your competition.
Ex.
No hot tub:
$300/night at 60% occ - $66k
With hot tub:
$400/night at 60% occ - $88k
$400/night at 70% occ - $102k
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This review took me from 4.9 to 4.7.
Feels good.
Feels reeaaal good.
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It’s crazy how many niche STR markets are out there.
I underwrote a deal for a follower today in a small beach town I’d never heard of and was completely shocked with the returns he’s going to make.
Think this speaks to the importance of networking even in the STR space.
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The best markets for extremely profitable short term rentals have:
- Minimal yet established STR regulation
- Year-round tourism drivers
- Low supply of STRs
- High historical occupancy & rates
- No recognition on "Best Places to buy a STR" lists
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Overall STR occupancy in the U.S. dropped 2.6% from 61.3% in 2021 to 58.7% in 2022. Available short term rental listings are up 24.6% YoY.
I'm predicting bigger neon signs and tackier murals in this industry's near future.
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STR tip of the day: Include the option to add a late checkout or an additional night in your checkout instructions. EZ hundred or several hundred if your guests take the bait.
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STR tip of the day: Be mindful of furnishing your STR as an investment vs. furnishing as a home. It's important to remember that 99% of guests won't notice if you spent $2500 or $1000 on a dining room table as long as the quality & look is similar. Guests also treat it the same.
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STR tip of the day: If average booking lead time in your market is 10 days, and your next month is fully booked, your nightly rate is too low.
Your competition is taking advantage of fewer available listings for those same dates, charging more, and making more money than you.
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STR ground-up underwriting now live! Guarantee you won't find a more granular analysis of a STR development. DMs open for any questions.
Link in bio.
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Nightmare guests checked out today. Cleaners arrived to damaged walls, cigarettes, & stained linens. I politely informed them that I'd be requesting additional $ for damages. Will I get a negative review because of it? Probably. Should I? No. Review process needs an overhaul.
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Expensive amenities like hot tubs are main booking drivers, but inexpensive ones can also be significant by making your listing photos pop.
Some easy ones for under $1,000
Hanging lights - $100
Cornhole - $250
Ping pong table - $250
Giant Jenga - $100
Outdoor fire pit - $250
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Been a minute since I shared some underwriting on a potential STR. Here's a 2BR 2BA on 0.85 acres in Sedona that's been on market for 3 months now. Picture perfect for a vacation home but just doesn't pencil for me as an investment.
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@LonghornNetwork
@TexasFootball
Delete this. And fire the marketing major sophomore that posted this.
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The “designed for Instagram pics” aesthetic of themed short term rentals is so damn ugly.
I will absolutely die on this hill.
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The difference between between buying a STR with a DSCR loan and hiring a PM vs. buying with a conventional loan and self-managing. Take it as you will.
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STR tip of the day: Don't be afraid to invest in short term rentals outside of traditional vacation rental markets. The returns are still there, even if the pride of owning a beach house or ski lodge isn't.
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What's a fair return structure for STRs? 15% pref. with 50/50 split? Less? More? Acq fee? AM fee? Quarterly distributions? It's stabilized, sorta, but there's obv. more risk than an Amazon deal.
Might let some friends/fam invest alongside me so wondering whats market.
#ReTwit
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Love AirDNA but not a huge fan of their algorithm's emphasis on bathrooms. Going from 3 bathrooms to 3.5 bathrooms (with all else equal) can alter revenue projections significantly, and I'm just not convinced that jumping up a half bath will increase or decrease revenue by $10k.
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Hear me out...
Abilene, Kansas
$380,000
11 acres
0 bedrooms
1 bathroom
6,900 SF
ABANDONED MISSILE SILO. Some paint, flooring, and elbow grease and you're good to go. Talk about a unique Airbnb experience.
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STR tip of the day: Analyzing supply and demand of a market is the best way to find a homerun deal.
Market is oversupplied with 2 or 3 bedroom listings? Find a 6 bedroom. Only 3% of listings have a pool? Find a pool.
Gives your listing an additional "it" factor on day one.
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STR tip of the day: Stay away from condos in condo saturated markets if you’re looking for above market returns. There are very few ways to differentiate your listing from others with the same floor plan (who also used the same photographer) two doors down.
Also, HOAs suck.
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A STR advertised as "turnkey" with all furniture included is a bad thing 95% of the time. The chances of it being furnished correctly, to your liking, and up to market standards are low. The cost of that furniture is baked into the asking price so you're probably overpaying.
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"We estimate this home will sell faster than 99% nearby" - Zillow, after this home has been sitting on the market for 186 days.
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STR tip of the day: Anything less than a 5 star review is extremely detrimental to the success of a new listing. Guests have a valid complaint about cleanliness? Refund their cleaning fee. A/C went out? Discount their stay.
Guests always appreciate a good refund.
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More price cuts & less new listings in the markets I watch. Prices not low enough to buy at 6.5%, and shit hasn’t hit the fan enough to sell with existing debt at 2.5%.
Great time to save listings with recent price cuts, and circle back w/ seller financed offer after next cut.
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