5 Steps to Starting An STR Business

Data privacy is an ever-increasing concern, particularly in finance, where sensitive information like personal and business bank statements, loans, credit information, driver’s licenses, and Social Security numbers are involved. Because of this, real estate is particularly vulnerable. The advent of artificial intelligence (AI), which allows more data to be transferred through apps and social media, further increases the need for robust laws and cybersecurity. Keep reading the article here: https://www.biggerpockets.com/blog/data-privacy-is-a-looming-crisis-that-could-create-upheaval Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Finding promising equity deals in today’s real estate market can feel like a needle in a haystack. Whether you’re an active or passive real estate investor, facing this challenge means it’s crucial to focus on making the most of your existing investments. By optimizing your current holdings, you can enhance their performance and ensure they align with your long-term goals—and put more money in your pocket along the way. Here’s a straightforward guide on how to do just that. Keep reading the article here: https://www.biggerpockets.com/blog/optimizing-your-existing-properties-when-deals-are-hard-to-find Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

When you start them early enough, your investments can perform shocking feats of strength. They can even keep pace with the runaway cost of college tuition—which has more than doubled since 2000. The average cost of private college tuition and fees has reached $38,768, according to the Education Data Initiative, and you can expect that to keep skyrocketing between now and when your little one reaches college age.  Fortunately, real estate can help. Try these creative approaches to paying for your kids’ college education so you can stop worrying and start getting excited about your children’s university years.  Keep reading the article here: https://www.biggerpockets.com/blog/creative-ways-to-pay-for-your-childrens-college-using-real-estate Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

You have finally decided to enter the short-term rental (STR) market, and your biggest concern is a call from the local fire department stating that your house is ablaze or that your guest is suing you for a twisted ankle during their stay. Luckily, if you prepare with the proper insurance and care for your property, these types of situations can be managed. Listing your property on Airbnb can bring in extra income—and extra headaches if you are not covered properly. Don’t rely on your regular homeowner’s insurance since it won’t cover the unique risks involved. Before renting, review your policy and look into add-ons or endorsements.  In this article presented by Baselane, we’ll discuss the details of Airbnb’s limited insurance coverage and guide you through essential considerations like vandalism, theft, unpaid rentals, and guest injuries. We’ll also highlight the best insurance options tailored to Airbnb hosts so you can protect yourself from costly surprises and potential losses. Keep reading the article here: https://www.biggerpockets.com/blog/what-kind-of-insurance-do-you-need-for-short-term-rentals Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Knowing how to price your rental property has been an issue since the dawn of time (or whenever the first rental was). Before the internet and modern technology, investors were driving around hoping to see a “for rent” sign and writing down (on paper) how much each place was going for.  Fast-forward to today, and calculating how much to set the rent for your property has changed dramatically. Let’s jump into how to correctly price your rental in today’s world from our friends at Baselane.  Keep reading the article here: https://www.biggerpockets.com/blog/how-to-calculate-rent-for-any-property Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The last two years have felt like a slow-motion car crash in commercial real estate.  That goes for office space, of course, but it also goes for multifamily and other commercial property classes. Look no further than this piece by BiggerPockets if you need a refresher. Two regional banks went under because of the industry’s woes in 2023.  But even in one of the worst stretches for commercial real estate on record, many operators and passive investors have continued earning solid returns. Since 2022, I’ve invested in nearly 30 passive real estate deals as one more member of SparkRental’s Co-Investing Club. Of those, only one has imploded and resulted in a loss—and it was one of the first deals we invested in as a club.  One advantage to getting together with a group of other passive investors every month to vet deals is that you get better at doing it and quickly. This year, I’ve shifted how I think about risk.  As you continue (or start) investing passively in real estate, consider this framework for looking at risk. Keep reading the article here: https://www.biggerpockets.com/blog/the-extra-downside-protection-i-look-for-in-investments Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Pre-pandemic, short-term rentals (STRs) seemed to answer burned-out landlords’ prayers. Guests paid their money upfront, eliminating the need to evict, and homeowners could use their personal residences to earn extra income should they wish to travel or rent out individual rooms.  The hotel industry quaked and pressured cities to introduce restrictions. However, STR fever was rampant. Soon, entire apartment buildings were dedicated to the vacation rental phenomenon. Everyone with a granny flat, RV, and spare room seemed to be competing for STR dollars. Would it last? Were hotels over? Inevitably, some markets became saturated, and the narrative about short-term rentals changed amongst investors. Post-pandemic, the number of vacation homes in the U.S. increased by 23.3% from October 2021-2022. That spring, at the height of the STR booking season, 80,000-88,000 new short-term rentals were added to the market monthly. Bookings dropped, and landlords fretted. Hoteliers breathed a sigh of relief.  After a shaky couple of years due in part to the economic downturn, the short-term rental business is expected to grow at a stable pace. Equally, the hotel business in the U.S. is predicted to exhibit an annual growth of 3.8% (CAGR 2024-2029), with a projected market volume of $133.3 billion by 2029.  Keep reading the article here: https://www.biggerpockets.com/blog/is-investing-in-hotels-a-better-move-than-scaling-short-term-rentals Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode, Austin Wolff dives into the Federal Reserve's latest rate cut and what it really means for property investors. In this eye-opening episode, Austin demystifies the complex web connecting Fed policy, inflation, and mortgage rates – revealing why a Fed rate cut doesn't automatically lead to cheaper mortgages. Whether you're a seasoned investor or just starting out, you'll gain invaluable insights into what's driving today's mortgage market. Austin explores the critical relationship between 10-year treasury yields and mortgage rates, while offering a realistic outlook on where rates are heading. Get expert perspective on why waiting for significantly lower rates might be a costly mistake, and discover why property values are poised to climb despite high borrowing costs. Don't miss this essential guide to navigating the current economic landscape and making smarter real estate investment decisions in today's complex market environment. Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting a short-term rental business sounds like a dream—passive income, glowing reviews, and a thriving property portfolio. But before you dive into the STR game, there are critical steps to master for long-term success. This guide breaks down the five essentials: budgeting and financing, market research, choosing the right property, preparing and listing, and building a seamless management plan. From dynamic pricing strategies to standout amenities and tools like Hospitable for automation, we’ll arm you with the tips and tricks to ensure your Airbnb or VRBO stands out in a competitive market. Keep reading the article here: https://www.biggerpockets.com/blog/5-steps-to-starting-a-short-term-rental-business Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Turnover can make or break your cash flow as a landlord. In this episode, we dive deep into strategies for reducing tenant turnover, speeding up make-ready processes, and optimizing your rental property operations. Learn how proactive maintenance, lease renewal incentives, and efficient contractor management can slash vacancy costs and boost profitability. Plus, discover why standardizing materials, leveraging scope-of-work templates, and tracking key performance metrics can transform your turnover process. Whether you’re a seasoned investor or just starting, this episode will equip you with actionable insights to keep your properties profitable and your tenants happy. Keep reading the article here: https://www.biggerpockets.com/blog/mastering-tenant-turnover-can-help-increase-income-and-lower-costs Subscribe to the BiggerPockets Channel for the best real estate investing education online! Become a member of the BiggerPockets community of real estate investors - https://www.biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices