🏠3 Top Short Term Rental Opportunities + News & HowTo's | #027

Today’s Insights

• Top Investment Properties

• Knowledge Rundown: 3 Part Series on Setting Up a New Airbnb: From Concept to Launch - Part 1: Finding the Perfect Property

• Hot News: 7 New Jersey Cities That Are Just as Walkable as Manhattan—at a Much Lower Price

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

New Releases

4947 Prince Ct, Gladwin, MI 48624

Lovely Lake Lancelot Waterfront Home in Sugar Springs! This 4 bedroom 3.5 bath home has an open floor plan, vaulted ceiling, and insulated windows up to the ceiling with gorgeous views of the lake. There is 134' of sand bottom canal waterfront just seconds to the main lake. A close to 1/2 acre yard with mature trees is a lovely setting. The deck off the living room is composite decking, perfect for low maintenance and more relaxing. The living room has a beautiful stone front gas fireplace, 2 quality wood patio doors, and a U-shaped kitchen with breakfast bar. There is plenty of cabinetry, granite counters, black stainless appliances, and a new black stainless sink. This spacious home has a main-floor primary bedroom with windows overlooking the woods, a full bath, and a walk-in closet. An additional 1/2 bath with laundry closet in the hall leading to the 26x28 attached garage with automatic door opener. Upstairs you have 2 additional large bedrooms with wood casement windows and a full bath. All rooms have double closets and plenty of storage closets throughout. The walk-out lower level has a family room with wet bar, a granite counter, and a patio door out to the yard. The full bath is convenient to the family room and the 4th bedroom with egress to the outside. There's a Natural Gas F/A furnace with A/C and sprinkler system. This home has improvements made in 2021 including roof, siding & trim, stone accents, high-end garage and entry door and a maintenance-free composite deck. There is an additional wooded lot available separately next door for $28,500 with commons to the water. Sugar Springs amenities include 2 all sports lakes, 15 beach clubs, an 18-hole championship golf course, with a golf simulator. Indoor heated saltwater pool, fitness center. restaurant & pub, tennis courts, and a grass airstrip for fly-ins!

🏠Quick Stats:

• $469,500

• 4 BR / 4 BA

• 1,846 sq/ft

💰Projections:

• Average Daily Rate: $537

• Occupancy Rate: 41%

• Projected Revenue: $80,700/yr

• Projected Operating Expenses: $25,700/yr

• Projected Net Operating Income: $55,100/yr

• Projected Gross Yield: 17.2%

Price Reduction

5535 W Leland Ave, Chicago, IL 60630

Welcome to this one of a kind renovated jumbo brick bungalow with vaulted sky-lit ceilings on an extra 40ft wide lot. This sun-drenched move-in ready home includes 6 bedrooms and 3 full bathrooms, 3 floors of living space, and a chef's dream kitchen with white quartz countertops and all brand new appliances. Other features include newly refinished hardwood floors on the 1st floor, new thermal windows, bright newly painted walls throughout the entire house, 3 fully renovated bathrooms, brand new carpet on top floor and in the finished basement, and 2 large natural wood burning fireplaces. The basement is fully finished and includes a second bonus kitchenette with a wine cooler, 2 bedrooms with closets, full bathroom, laundry room, extra storage, and a walk out rear door. New can lights thru-out. Radiant heat. Newly tuckpointed, professionally landscaped, painted, and powerwashed, this exterior is completed with a large detached 2.5 car garage. Walking distance to the Jefferson Park Transit Center. Create all your best family memories here in your new dream home!

🏠Quick Stats:

• $589,000

• 6 BR / 3 BA

• 2,400 sq/ft

💰Projections:

• Average Daily Rate: $606

• Occupancy Rate: 46%

• Projected Revenue: $101,400/yr

• Projected Operating Expenses: $29,300/yr

• Projected Net Operating Income: $72,100/yr

• Projected Gross Yield: 17.2%

Over 90 Days + Price Reduction

726 W 38th St, Norfolk, VA 23508

Investors and/or future homeowners!!! Home is virtually staged. Come check out this newly renovated 3 bed 2.5 bath home near ODU and all the restaurants, bars and breweries Colley has to offer! This home boasts a first-floor primary bedroom, LVP flooring, granite countertops, stainless steel appliances, custom wall designs, and more. The backyard is freshly sodded with a new firepit. This property is conveniently located between downtown Norfolk and the airport, with access to interstates and the Naval base only minutes away. This property is currently rented through March 16, 2025.

🏠Quick Stats:

• $269,900

• 3 BR / 3 BA

• 1,550 sq/ft

💰Projections:

• Average Daily Rate: $177

• Occupancy Rate: 69%

• Projected Revenue: $44,400/yr

• Projected Operating Expenses: $13,900/yr

• Projected Net Operating Income: $30,400/yr

• Projected Gross Yield: 16.5%

Knowledge Rundown

Setting Up a New Airbnb: From Concept to Launch

Part 1: Finding the Perfect Property

Finding the Perfect Property: The Hunt Begins

Alright, future Airbnb moguls, let’s talk about the most crucial first step in setting up your new Airbnb: finding the perfect property. This isn’t just some casual house hunt – you’re on a mission to uncover the ideal space that’s going to wow your guests, make you some sweet cash, and maybe even give you a few bragging rights at your next family dinner. But finding the property is like dating: you’re looking for the right mix of looks, personality, and potential. So let’s jump into how you do that.

Location, Location, Location: The Golden Rule of Real Estate

First things first – location is king. You could have the most beautifully designed, perfectly maintained rental, but if it’s in the middle of nowhere with nothing to do, your guests are going to be about as excited as they’d be watching paint dry.

Start by thinking about what kind of experience you want to offer. Is it a beach getaway? A city escape? A mountain retreat? Whatever vibe you’re going for, you need to make sure your property is close to attractions that match it. Guests want convenience, whether it’s walking distance to trendy coffee shops or a short drive to hiking trails. Do some research on what travelers are looking for in that area – Airbnb’s data on popular destinations and experiences can give you a solid head start.

Next, check the local short-term rental regulations. Yeah, I know – zoning laws and city ordinances are about as exciting as waiting in line at the DMV, but they can make or break your business. Make sure you’re allowed to operate a short-term rental in the area you’re eyeing. Some cities are super strict with permits and licensing, and the last thing you want is to invest in a property only to find out you can’t rent it out.

Property Evaluation: The Diamond in the Rough

Now that you’ve zeroed in on a location, it’s time to evaluate the properties themselves. This is where you put on your detective hat and dig into the nitty-gritty.

When looking at properties, think about guest appeal. Is the layout functional? Does the space flow well? Open concept living areas tend to work best for short-term rentals because they feel spacious and inviting. Plus, they photograph beautifully – and photos are everything.

Pay attention to the number of bedrooms and bathrooms. More sleeping arrangements = more guests = more potential revenue. And trust me, nobody wants to share one bathroom with seven other people, so try to find a place with at least two if you’re catering to larger groups.

Don’t just look at what the property is – look at what it could be. Some of the best short-term rentals are diamond-in-the-rough properties that have potential but need a bit of TLC. A coat of fresh paint, some updated furnishings, and smart design choices can turn a drab house into a show-stopper. And when you do the work, you get the reward.

Running the Numbers: Will It Pay Off?

Now comes the fun part (and by fun, I mean it’s time to do some math – don’t roll your eyes at me). Running the numbers on a property is absolutely essential to knowing whether or not you’re about to make a smart investment.

Start with your upfront costs: down payment, closing costs, renovations, and furnishing expenses. Then factor in your ongoing expenses: mortgage, insurance, utilities, maintenance, cleaning fees, and any management costs if you’re outsourcing some of the work.

Next, estimate your revenue. Look at similar properties in the area on Airbnb – what are they charging per night? How often are they booked? Use that data to project your average occupancy rate and nightly rate, then calculate your potential monthly and annual income.

Now, subtract your expenses from your projected revenue to see how much profit you’ll be making. Ideally, you want to find a property that delivers solid returns while still giving you some wiggle room for unexpected costs (because, spoiler alert, there are always unexpected costs).

Putting It All Together

Finding the perfect property for your Airbnb isn’t just about falling in love with a house – it’s about making a smart, informed decision. You want a place that’s in a prime location, has great guest appeal, and will pay off financially. So do your homework, be patient, and keep your eye on the prize. When you find that perfect property, you’ll know – and that’s when the real fun begins.

Hot News

7 New Jersey Cities That Are Just as Walkable as Manhattan—at a Much Lower Price

New York City is renowned for its walkability, with virtually every amenity a short stroll or subway ride away.

But living in Manhattan, one of NYC’s most famously walkable areas, comes at a steep cost, with median real estate list prices in July of $1.6 million. At least six neighborhoods in the city require homebuyers to earn seven figures to even consider making an offer on a home, according to a recent Realtor.com® analysis.

However, walkability isn’t confined only to the Big Apple. Across the Hudson River, several New Jersey cities offer comparable levels of walkability but at a fraction of the cost.

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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