How to Grow an STR Investment Portfolio

The first step in building a short-term rental business is choosing the right business model. Do you want to lease properties and then list them on Airbnb? Would you prefer to partner with owners, managing their STR properties for them? Or are you interested in owning the properties yourself and growing a short-term rental investment portfolio?Tim Hubbard is the Cofounder and CEO of Midtown Stays, a company that invests in and manages STR apartments in thriving midtown and downtown areas. Since he started the business in November of 2015, Tim has built a portfolio of 60 properties (32 of which are vacation rentals) in Sacramento, Memphis and Oklahoma City, accommodating 10K-plus business and leisure travelers with an average review of 4.8 stars. He is also an active member of our elite STR Legends Mastermind Community.On this episode of Get Paid for Your Pad, Tim joins me to discuss the ownership model he chose for his STR business, explaining why he suggests exploring markets beyond your home city and how to get financing for real estate investments. He shares the driving factors behind his success and offers advice on communicating with your team and taking advantage of OTAs beyond Airbnb. Listen in for Tim’s insight on the benefits of investing in studio apartments for short-term rental and find out if the owner/operator model is the right fit for you!Topics CoveredThe three basic short-term rental business modelsOwnershipManagementMaster leasingHow Tim’s business is structuredOwns portfolio of 60 properties (32 STRs)Sacramento, Memphis and Oklahoma CityWhat Tim wishes he had done from the startRegular, face-to-face communication w/ teamSend negative reviews to cleaning staffFocus on other channels (not just Airbnb)What a mentor could have helped Tim with early onExplore markets beyond where he livedConnect with brokers for off-market dealsTim’s advice on getting financing for real estateDon’t be intimidated by rejectionAsk for referral from broker or agentTry small local bank or credit unionThe benefits of owning STR studio apartmentsBest returns, fewer expensesFewer problems w/ guestsCosts less to renovateThe driving factors behind Tim’s successMotivationConsistencyEducationTim’s advice to aspiring STR investorsDon’t try to time market (invest for cashflow)Better to buy and wait than wait to buyConnect with TimMidtown StaysResourcesSTR LegendsGet Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa KapadiaThe Slight Edge: Turning Simple Disciplines into Massive Success and Happiness by Jeff OlsonEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.