🏠3 Top Short Term Rental Opportunities + News & HowTo's | #018

Today’s Insights

• Top Investment Properties

• Knowledge Rundown: 3 Part Series on Navigating the Business Side of Short Term Rentals - Part 1: Building a Strong Financial Foundation

• Hot News: America’s Top Housing Market Is in the Heartland—With Homes Below $200K in Hot Demand

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

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New Releases

18732 Park Grove Ln, Dallas, TX 75287

This lovely, well-maintained home in highly desirable North Dallas neighborhood within Plano ISD won’t last long! This home features an open-concept layout w soaring ceilings, an abundance of natural light & beautiful wood floors throughout. Bright, white kitchen w island boasts SS gas stovetop, double ovens, breakfast bar & separate breakfast area & opens to large living area w beautiful built-ins, gas fireplace & wall of windows overlooking the backyard. French doors lead to patio perfect for seamless indoor-outdoor entertaining. Spacious primary suite w spa-like bath features dual vanities, garden tub & separate shower. Formal dining space, home office, utility room, powder bath downstairs. Rear entry 2 car attached garage, zoned for coveted Plano West Senior High. Conveniently located near shopping, dining, and major highways, the neighborhood features a pond for your own oasis in the city. This home truly has it all and is a must-see!

🏠Quick Stats:

• $479,900

• 4 BR / 3 BA

• 2,156 sq/ft

💰Projections:

• Average Daily Rate: $318

• Occupancy Rate: 65%

• Projected Revenue: $75,400/yr

• Projected Operating Expenses: $23,400/yr

• Projected Net Operating Income: $52,000/yr

• Projected Gross Yield: 15.7%

Price Reduction

2400 Sand Dollar Road W, Bremerton, WA 98312

Spacious West Bremerton home with partial mountain and sound views! Maximize your living space with 4 bedrooms, 3.5 bathrooms and a finished basement with an extra family room; suitable for a home gym, game room or guests. The main level boasts a light and bright living/kitchen area with a dining space leading to the back deck and a fully fenced yard. Upstairs you will find 3 bedrooms including the primary suite with an attached bath and walk-in closet. Living is made easy with the laundry room just off the primary suite. Head downstairs to find even more living space, with the extra family room and the 4th bedroom. Easy access to the highway, PSNS and ferries.

🏠Quick Stats:

• $485,000

• 4 BR / 4 BA

• 1,903 sq/ft

💰Projections:

• Average Daily Rate: $346

• Occupancy Rate: 56%

• Projected Revenue: $71,100/yr

• Projected Operating Expenses: $22,700/yr

• Projected Net Operating Income: $48,400/yr

• Projected Gross Yield: 14.7%

Over 90 Days + Price Reduction

1239 Mink Trl, Bushkill, PA 18324

Charming Saltbox contemporary home w/ 2nd floor loft, covered front porch, private balcony & a high walkout crawlspace privately set on 0.4 acre stream view lot in Dingman’s Ferry, PA Enjoy Pocono living at its finest with this adorable 4 BR / 2 Full Bath home featuring electric baseboard & wall unit AC & heating throughout; an open kitchen, living, & dining room area with high ceilings, skylights, a large bay window, and a large floor to ceiling stonefaced woodburning fireplace in its big sunken living room. The eat-in kitchen offers a nice off kitchen dining area, beautiful tiger's eye granite countertops, a built-in wall oven & microwave combo, a refrigerator, dishwasher, and an eat-at kitchen island with an electric cooktop. The 4 spacious bedrooms offer tons of room for multiple people to sleep comfortably with dressers and other furniture as shown in the photos. The master bedroom boasts its own private balcony and a shared full ensuite bathroom with a walk-in shower and a nice jacuzzi tub to soak & relax in after a long day. The foyer houses the laundry closet as well as a coat closet and linen closet for the main floor bathroom located in between the 2 downstairs bedrooms.

🏠Quick Stats:

• $273,500

• 4 BR / 2 BA

• 1,845 sq/ft

💰Projections:

• Average Daily Rate: $307

• Occupancy Rate: 51%

• Projected Revenue: $56,700/yr

• Projected Operating Expenses: $15,800/yr

• Projected Net Operating Income: $40,900/yr

• Projected Gross Yield: 20.7%

Knowledge Rundown

Navigating the Business Side of Short Term Rentals

Part 1: Building a Strong Financial Foundation

Okay, so you want to be a short-term rental lord, huh? You've got your cute little cottage by the beach, and you're thinking, "Easy money, right?" Wrong. It's like thinking you'll get rich by owning a cat. Sure, cats are adorable, but they also eat all your food and knock over expensive vases. Rentals are the same, except instead of cat hair, you've got to deal with people hair.

The first step to rental riches is not buying fancy furniture or stocking up on artisanal soaps. It's something far less glamorous: numbers. Yeah, I know, numbers are boring. They're like the spinach of the adult world. But trust me, without them, you're just a fancy Airbnb host with no idea if you're actually making money.

The Budget Beast

First, there's the budget. It's like creating a detailed plan for your money, except instead of saving for a vacation, you're saving for a new roof. It's not as exciting, but it's way more important. You need to figure out all your costs: mortgage, utilities, cleaning fees, property taxes, the occasional emergency plumber visit when your toilet decides to take a vacation. Then, you need to figure out your income. This involves more than just counting the cash you get from guests. You've got to think about cleaning fees, extra charges, and those weird situations where someone books for a month but only stays for a week.

Taxes: The Sneaky Goblin

Taxes are like that one friend who always shows up when you're having fun and ruins everything. In the rental world, they're even worse. You've got to track every penny, from the cost of that artisanal soap to the price of the toilet paper. It's like being a detective, but instead of catching criminals, you're catching deductions.

Goals and KPIs: The Spark of Motivation

Now, let's talk about the fun stuff (kinda). Goals. They're like carrots on a stick for your motivation. Maybe you want to save up for a down payment on a second rental, or maybe you just want to buy a really nice hammock. Either way, you need to set goals.

And then there are KPIs (Key Performance Indicators). These are fancy words for numbers that tell you how you're doing. Occupancy rate, average daily rate, revenue per available room – they're all important, but they can also be overwhelming. The key is to pick a few that matter to you and track them regularly.

Building a strong financial foundation for your short-term rental is like building a house. You need a solid base before you start adding fancy decorations. So, put on your boring adult pants, grab your calculator, and let's get to work. Trust me, your future self (and your bank account) will thank you.

Hot News

America’s Top Housing Market Is in the Heartland—With Homes Below $200K in Hot Demand

Homebuyers looking for a top housing market can ignore the West Coast’s sunny appeal and the East Coast’s seasonal charms.

Instead, home shoppers should concentrate on the country’s heartland, in particular, Fort Wayne, IN. The midsized city is the hub of Northeast Indiana and has ranked No. 1 in the Wall Street Journal/Realtor.com® Housing Market Ranking.

Known as Summer City, Fort Wayne is 18 miles west of Ohio, 50 miles south of Michigan, and within a 300-mile radius of major population centers, including Chicago, Cincinnati, Detroit, and Milwaukee.

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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