🏠3 Top Short Term Rental Opportunities + News & HowTo's | #020

Today’s Insights

• Top Investment Properties

• Knowledge Rundown: 3 Part Series on Navigating the Business Side of Short Term Rentals - Part 3: Scaling Your Short-Term Rental Business

• Hot News: The States With the Highest Number of Assumable Mortgages—and How To Get One

• Productivity: 5 Short Term Rental Tools to boost your productivity for Navigating the Business Side of Short Term Rentals.

New Releases

1352 Winding Way, Tobyhanna, PA 18466

This TURNKEY 4 bedroom home sits in a STR friendly amenity filled community and is awaiting its new owners to take over and enjoy. Sit back on the deck or by the fire to enjoy the mountain air and often have a deer come by to visit. Loft boast natural sunlight and could make for a great game room or office. The Bedroom and bathroom on the main floor make it convenient for those who cant do the steps. LOW TAXES! Community has multiple POOLS, TWO LAKES, MINI GOLF, YOGA, BINGO AND MUCH MORE. Close to I80 and many Pocono attractions Kalahari, Camelback resort and skiing, Mt Airy Casino, Shopping and more.

🏠Quick Stats:

• $320,000

• 4 BR / 2 BA

• 1,344 sq/ft

💰Projections:

• Average Daily Rate: $334

• Occupancy Rate: 49%

• Projected Revenue: $59,400/yr

• Projected Operating Expenses: $17,200/yr

• Projected Net Operating Income: $42,200/yr

• Projected Gross Yield: 18.6%

Price Reduction

4178 W Williams St, Hurricane, UT 84737

Great home with mature landscaping and fully fenced yard on a premium view corner lot. Includes new upgrades throughout, including new bathroom fixtures and toilets. It has been freshly painted inside and out. Huge RV parking with full hookups. 4 Bedrooms, 3 full bathrooms with 2 family rooms and an extra deep 3 car garage. Outdoor living area with built-in BBQ and pre-plumbed for an outdoor kitchen. Amazing views of Pine Valley Mountain from this elevated lot. Family friendly neighborhood, centrally located to numerous outdoor activities and just minutes from Sand Hollow State Park.

🏠Quick Stats:

• $675,000

• 4 BR / 3 BA

• 2,701 sq/ft

💰Projections:

• Average Daily Rate: $379

• Occupancy Rate: 52%

• Projected Revenue: $71,400/yr

• Projected Operating Expenses: $25,400/yr

• Projected Net Operating Income: $46,000/yr

• Projected Gross Yield: 10.6%

Over 90 Days + Price Reduction

3527 E 51st St, Indianapolis, IN 46205

This charming tri-level home on a quiet cul-de-sac is a beautiful combination of classic and contemporary. It is fully renovated, with a new roof and windows throughout. The home is 2120 sq. ft. on a large lot. As you enter from the covered front porch, you're drawn to the spacious open floor plan, including living room, dining and kitchen with a large island that provides extra seating. Newly updated throughout, including luxury vinyl plank floors with LIFETIME warranty, fresh paint, light fixtures, new kitchen cabinets and SS appliances, quartz counters, disposal and tile backsplash. The upper level has 3 bedrooms ... the master has access to the updated bath with tile flooring, double vanity, smart mirrors, large glass-enclosed shower and black hardware finishes. The lower level has a cozy family room with fireplace insert, and another BR and full bath, all new. This large lot features a beautiful in-ground swimming pool in the back, which will be filled soon. A black 4-ft. fence has been installed, surrounding the pool. Controls are in the outbuilding next to it. Deep, 2-car garage with extra storage and door opener. The heating system is 3 years old, very efficient, and quiet. There are two AC units that service this home.. Close to downtown, Monon Trail, Fall Creek trail, and all retail/restaurants.

🏠Quick Stats:

• $340,900

• 4 BR / 2 BA

• 2,121 sq/ft

💰Projections:

• Average Daily Rate: $252

• Occupancy Rate: 49%

• Projected Revenue: $44,800/yr

• Projected Operating Expenses: $14,200/yr

• Projected Net Operating Income: $30,600/yr

• Projected Gross Yield: 13.1%

Knowledge Rundown

Navigating the Business Side of Short Term Rentals

Part 3: Scaling Your Short-Term Rental Business

So, you've mastered the art of running one rental. You've got the budget down, the cleaning crew is on point, and you’ve even managed to convince yourself that dealing with guests isn’t the worst thing in the world. Congrats! You’re officially a rental wizard. But let's be real, one rental is like having one kid. It's cute and manageable, but it's not exactly building a dynasty.

The Allure of More Rentals

More rentals mean more money, right? It’s like having multiple streams of income, but instead of stocks and bonds, it’s beds and couches. It’s the financial equivalent of finding a golden goose that lays more golden eggs. Except, you know, without the actual goose.

The Great Property Hunt

Finding the perfect rental is like searching for a needle in a haystack, but with more paperwork. You're looking for a place that's not too far, not too small, and hopefully doesn’t come with a haunted history. Once you find it, you’ll need to don your detective hat and investigate the neighborhood, the competition, and the potential return on investment. It’s like playing real estate Monopoly, but with real money and real consequences.

The Art of Delegation (Again)

Remember how I said you needed to delegate before? Well, now you really need to delegate. You can't be everywhere at once. You need a team of people who can handle the day-to-day stuff while you focus on the big picture. Think of it like building an army of tiny rental overlords.

Technology: Your Secret Weapon

Technology is your secret weapon in the world of rental scaling. It’s like having a personal assistant who never sleeps and never complains about the weekend. Property management software, automated cleaning schedules, and smart locks are your new best friends. They’ll handle the boring stuff, so you can focus on the fun stuff, like dreaming about your next rental.

The Balancing Act

Scaling up is exciting, but it's also risky. You're spreading yourself thin, and if one rental has a problem, it can affect the others. It’s like juggling chainsaws. You need to be able to handle the stress, make quick decisions, and always have a backup plan.

Scaling your short-term rental business is a marathon, not a sprint. It’s about building a sustainable empire, one rental at a time. So, dream big, plan smart, and remember to enjoy the ride. After all, what’s the point of owning a bunch of rentals if you can’t enjoy the fruits of your labor?

Hot News

The States With the Highest Number of Assumable Mortgages—and How To Get One

Would-be homebuyers are getting increasingly savvy when it comes to buying a house as mortgage rates continue to hover around 7%.

One way is through home loan assumption—which means the buyer takes over the house’s original mortgage (and interest rate) upon purchase. But, the loan can be assumable only when it’s backed by the U.S. government—like FHA, VA, and USDA loans.

More than 11 million homeowners in America have assumable loans, according to the U.S. News & World Report. And over the past 10 years, nationally, 17.1% of mortgages were FHA loans and 7.7% were VA loans, adding up to roughly 25% of mortgages that are, in theory, assumable, according to Realtor.com® data. This number does not include USDA loans.

Continue Reading → Here

Productivity

5 Short Term Rental Tools to Supercharge Your Productivity for Navigating the Business Side of Short Term Rentals

1. Guestly: This platform streamlines operations with features like automated messaging, dynamic pricing, and channel management.

2. QuickBooks: Efficiently manage income, expenses, taxes, and generate financial reports to understand your business's performance.

3. Smoobu: Streamline communication with guests, automate messages, and manage inquiries efficiently.

4. Beyond Pricing: Optimize your rental rates based on market demand, seasonality, and competitor pricing.

5. Jobber: Efficiently schedule cleanings, maintenance, and repairs, ensuring your property is always ready for guests.

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