4 Things You Need to Know Before Buying A Short-Term Rental
4 Things You Need to Know Before Buying A Short-Term Rental
Abstract
As a short-term rental investor, I analyze properties daily for my STR management business. The data for these numbers can be skewed by people listing their properties on multiple platforms, how long the property has been active, how far out in advance they make bookings available, and what they block off from their booking calendar manually. Water Electric/Gas Property Insurance - Insurance premiums covering STR operations cost more than standard rental property insurance. Whatever you do, you must have the following pieces of your team in place and ready to go before you purchase, set up, and run your STR. Find a short-term rental investor-friendly agent If you plan to purchase a short-term rental property, working with an investor-friendly agent is extremely helpful. You have to know if you can legally operate your property as a short-term rental! If a city does have licensing requirements for short-term rentals, they can often be found on the city website's planning and zoning section. Often, cities with regulations will require a property owner or manager to obtain a license to operate an STR and necessitate a tax/business ID. Here are some other potential requirements and regulations to be aware of when researching short-term rental laws and regulations: Primary residence requirement - In the past few years, many cities have adopted the policy that a short-term rental must be a primary residence. I'm betting my real estate investments on this model, and I hope you can find success with STRs in your real estate investment journey as well! Find long-term wealth with short-term rentals From analyzing potential properties to effectively managing your listings, this book is your one-stop resource for making a profit with short-term rentals! Whether you're new to real estate investing or you want to add a new strategy to your growing portfolio, vacation rentals can be an extremely lucrative way to add an extra income stream-but only if you acquire and manage your properties correctly.
