Introduction

Short-term vacation rentals (STVRs) are an attractive asset class for individual investors. Low interest rates and high equity market valuations have created a tricky investing environment. It is difficult to find assets that provide high levels of current income. Investors looking for yield can use STVRs as a way to generate above-market returns in the form of monthly passive income.

Marketplaces like Airbnb and VRBO have increased the visibility of the STVR market, and there is an abundance of information online related to evaluating and investing in rental properties. However, not all information available is of the same quality, and not all quality information is easy to find.

This guide does not provide investment advice, but it does provide a detailed framework for how curious investors can make informed decisions with the best information available. Our objective is to clarify and educate.

Our objectives

Before beginning, we lay out three key investor objectives that will underpin our guide. Anyone with enough money could simply go in the market and buy a house tomorrow. It is important to set out what differentiates our analysis from the analysis of the generic STVR buyer.

1. We aim to generate above-market returns through our STVR investment. If we sought average market returns, we could buy any stock market index fund and earn average broad market rates of return from our couch. Including dividends, in the long run, broad equity indices like the S&P 500 have returned approximately 10% annually to investors. Certain alternative asset classes, like private equity and hedge funds, have delivered higher returns in some cases. However, these asset classes are generally not accessible to individual investors without significant wealth. Our return target for this analysis is 15%+, defined as annual pre-tax income divided by total cash invested. There could be several technical terms for this particular metric, but we will refer to it as “current yield".

   Separately, we view our STVR properties as long-term investments. We are not house flippers, and we are not concerned with the specifics of what next month’s income will look like. We think in years, not weeks or months.

2. We want our investment to involve as little uncertainty as possible. We view our personal capital as precious, and we aim to reduce all the risks we can when we invest it. The most important way to do this is by collecting as much high-quality information about the investment we are making before we make it. Research and diligence are crucial. Besides the collection of information, we will also bias our property search toward lower-risk assets. Homes without existing STVR permits, homes which have never been used as STVRs, homes with significant repairs or remodels needed, and homes in difficult jurisdictions all come with significant incremental risk, and should demand incremental return as a result. Our property search will focus on assets with a history of operating as an existing STVR.

3. We want our investment to be as passive as possible. Like our capital, our time is extremely precious. We aim to generate 15%+ rates of return without any additional use of time, except for the time we spend initially researching and getting our asset up and running. Finding a property that generates a 15% return but involves a persistent 15 hours a week of additional work is not a fair trade, in our view. Once operational, our property should involve about as much work as owning stocks in our personal portfolio (little to none).

Searching for properties

With our objectives clarified, we can begin our search for viable opportunities. There are no shortcuts here. This is the hard part, and it can be time consuming. We find it easiest to think about the search as a process of elimination at first, based on a few criteria:

Regulatory Jurisdiction

Not all communities welcome STVR properties in their neighborhoods. This is understandable; any property being operated as a hotel substitute brings with it the risk of poor treatment by short-term guests and the noise and hassle of strangers celebrating or on vacation. Large groups occupying multi-bedroom properties may be staying in neighborhoods comprised mostly of families with children.

However, many communities recognize the business opportunity afforded by STVR tax revenue, and have found a balance between this business interest and the concerns of local neighborhoods.

We should familiarize ourselves with the varieties of regulatory frameworks across the country. Each city or town tends to manage its STVR policies differently. The risk of a particular city banning STVRs or otherwise dramatically restricting their operations would obviously damage our potential returns and create a substantial headache for us as investors. We should prioritize education about individual cities, and which have strong frameworks in place that allow for the operation of STVRs. A long history of STVR operation in a particular city is a good sign. In 2016, the think tank R Street published a very useful policy brief on the differences in STVR regulations among different U.S. cities, which can be accessed here. We view this as an invaluable resource and encourage curious investors to read it.

Search Screening

Once we have identified certain jurisdictions that we view as suitable for STVR investment, we can use several free online tools to begin our property search. Household names in the real estate business like Zillow, Trulia, and Redfin all offer robust search features and email alert features to target particular geograhies and price ranges.

Creating automated search alerts for new listings with the keywords “Airbnb”, “VRBO”, “short-term rental”, or “STVR” can help to refine results. Listing agents will occasionally mention in a description that a certain property has been used as a STVR, and will even sometimes give high-level information about earnings history (eg. “earns $2.5k/mo income as AirBnB!!!”)

Of course, the “Airbnb” tag will inevitably yield results from agents who suggest that a certain property “would make a great Airbnb”. This kind of filtering requires some manual work on our part.

Curb Appeal

When evaluating listings, remember to keep in mind our objectives. Our goal is to find a low-risk property that will generate high passive income. The location, appearance, and specifics of the property that delivers our objectives are secondary considerations, and they may not even matter at all. Be cautious of recommendations to “buy a property near the beach, because people like the beach” or “buy a property in the heart of downtown, because location is everything.” In our framework, low-risk income is everything. For our purposes, a property in the suburbs returning 15% in income a year beats a glamorous loft downtown which returns only 4%.

The specifics of a property (bedrooms, bathrooms, fixtures, layout) and its location will obviously play a significant role in the appreciation or depreciation of the property’s value over time. Certain neighborhoods will see home values grow more than others based on a variety of factors. While property value changes are an important component of investor returns, they are also notoriously difficult to forecast. Our approach of targeting high-income properties is designed to minimize the “residual value” risk of your investment when you look to sell years down the road.

Property Management

Hiring a third-party property manager to handle all the day-to-day work of operating our property is a critical element of our investment process. Recall Objective #3: we want our investment to be as passive as possible. Managing a short-term vacation rental property involves a significant amount of “on-the-ground work”. Updating listings, selecting pricing, vetting and communicating with guests, solving payment issues, handling guest emergencies, coordinating cleaning and landscaping, and arranging handymen for minor tweaks around the house are all consistent features of the operating process and consume significant amounts of time. We view Objective #3 as impossible to achieve without the help of a property manager, and our analysis assumes the hiring of an outside manager throughout.

There are a variety of property management services to choose from. Nationwide networks with a presence in many cities include Vacasa and TurnKey. Many cities with active STVR markets will also have local property managers who specialize in STVR management and may have closer knowledge of the particulars of their city than one of the national players. Ultimately, the choice is up to us. Both Vacasa and TurnKey typically charge a fee of around 20% of our total revenue. (Note that management fees in the STVR world are higher than the ~10% typically charged by long-term rental managers due to the significantly higher guest turnover).

Third-Party Screening Services

The expanding popularity of the STVR market has also led to the start of several third-party services targeted at investors who are making their way through this screening and research phase of their investment process. Services like AirDNA and Mashvisor offer an abundance of data on regional trends, revenue estimates from specific properties, occupancy and daily rate statistics, and estimated rates of returns for particular properties. Both of these services are excellent resources for curious investors, and we encourage you to peruse them. However, in keeping with Objective 2 (reduce risk), we will use these tools only as a supplement to our research process, and not as the foundation of it. It is important to consider that these services (and others) only provide estimates of an individual property’s earnings potential, not actual data. Estimates are helpful, especially when they are backed by sophisticated software, but our objective is always to find actual historical revenue data for a property whenever we can.

AirDNA’s Rentalizer tool, for example, is valuable in the initial stages of evaluating a property that we have found on one of the listing aggregators like Zillow. This free feature lets a user input a street address anywhere in the U.S. and will generate an annual revenue forecast for that particular property, after incorporating bedroom/bathroom/guest count assumptions also entered by the user. AirDNA’s database of properties is immense, and their ability to offer an estimate of earnings potential from a specific property is particularly helpful in the early stages of screening to see whether or not an individual asset is worth pursuing further. However, estimates are estimates. In our experience, when we compare the Rentalizer tool to actual revenue histories, we find that it is consistently near the actual numbers, but never precise. In many cases, revenue estimates from the tool can be overstated or understated by as much as 20 to 30%, or more for particularly unique assets. So, while we value the Rentalizer tool as a helpful component of the screening process, we always prefer actual numbers when undergoing our research process.

Web Scraping

Another budding region of STVR investment research is in scraping: using automation to collect data from public listings on sites like Airbnb, and using that data to compile estimates of occupancy, daily rate, and revenue for individual properties. There is a proliferation of information on these techniques on Youtube and elsewhere. We avoid the use of web scraping for three reasons:

1. Scraping is an explicit violation of Airbnb’s Terms of Service. While there is some debate on exactly what techniques constitute “scraping”, and exactly what the penalty for violating these terms would be (if any), we are not lawyers and we are not interested in creating the potential for unnecessary legal risks. Recall Objective #2.

2. Scraping still only provides earnings estimates. As with AirDNA’s Rentalizer tool, estimates can be helpful in providing context and a rough picture of a property’s potential. However, all estimates are unreliable by definition and we always prefer actual figures when we can find them.

3. Data obtained via scraping can be obtained legally anyway. AirDNA has a variety of products in their suite, and upon request will offer individual investors the ability to purchase data sets containing historical revenue estimates for particular geographies for a one-time fee. These fees vary, as does the availability of the data, and interested investors should reach out to AirDNA directly for more information.

Keeping A Database

As we progress in our search for interesting properties, we will benefit from keeping a database of potential leads with relevant details and financial information. Microsoft Excel works well for this. Some of these line items are discussed in further detail below. We suggest that investors track the following information, at a minimum:

• Property address

• Bedrooms

• Bathrooms

• Square footage

• Guest capacity

• AirDNA Rentalizer revenue forecast

• Actual annual revenue histories, if available

• Actual occupancy rates, if available

• Actual nightly rates, if available

• Property tax history

• HOA or similar fees, if any

• Name and contact information for the listing agent

• Any additional comments (on renovation history, unique property features, etc.)

Collecting property-level information

As mentioned previously, the most valuable component of our analysis is quality historical earnings information. This data will underpin the rest of our analysis and obviously be the key driver of our returns analysis. Away from that, we will also need to collect information on our expected expenses in order to properly forecast the cash flow which will ultimately come to us.

Purchase a Domain Name & Email Address

Before you buy, it will likely benefit you to create a new legal entity which will own your asset post-close. We discuss this in more detail in the “Financing & Structuring” section below. Name this entity whatever you like. Once you’ve decided on a name, we recommend that you purchase the online domain name for this entity (“www.XYZrentalinvestors.com”), and set up an email address with your your name or a certain title at this domain. Domains can typically be purchased online for an annual fee of as little as $20 per year. While additional costs are never ideal, this step will be worth our while in the long run. Once you’ve registered your new domain name (which can take a few hours to process) and established your professional email address (which can also take a few hours to get up and running smoothly), you are ready to move on.

The benefit of the professional email address is mostly optical when interacting with listing agents. Agents are frequently contacted by potential buyers, many of whom are not serious parties or are not equipped to actually close on a deal, for a variety of reasons. When you contact a listing agent from a domain name that you own, and introduce yourself as an investor, you immediately set yourself apart from the others in the market who do not have this advantage. You may never have purchased a home before, and you may not even be seriously interested in the property you are evaluating, but when the listing agent sees that you have taken the time to establish your own legal entity, it shows a level of care and effort that creates credibility and works to your advantage.

Historical Revenue: Just Ask For It

The best way to obtain historical earnings information for a particular property is to ask for it. At some point, you will come across a particular property that meets your criteria, and you will want to learn more about it. These criteria might be:

• It fits your budget, ie. the down payment you are willing and able to afford.

• It is in a location with a reliable STVR regulatory framework.

• It is in a location where property management services are readily available.

• It has a history of having been operated on Airbnb or otherwise as an STVR property.

• A quick check on AirDNA’s Rentalizer tool confirms that the revenue might be enough to support our 15%+ return target. (See our Excel calculator at the end of this guide to see how to run the math for this return target).

• It is in good condition and not in need of major repairs or furnishings.

We encourage investors at this stage to reach out to the listing agent directly to make an introduction and ask for historical earnings information, if it is available. The easiest way to do this can often be directly through the inquiry forms on sites like Zillow or Redfin. Make sure to enter your new professional email address. Make sure also to introduce yourself as an investor looking to purchase a new property. We encourage investors to customize the messages they send, rather than using the pre-filled text on the inquiry forms on the listings sites. Again, this demonstrates interest and is a way to show effort and create credibility. If you can provide additional detail on your creditworthiness or your financial ability to close, that will help your case as well. Running a google search for the listing agents name and approaching them through a direct email to their professional email address can sometimes be a shortcut as well. As before, make your note short, to the point, and personal.

We advise you not to be demanding or pushy with listing agents when asking for detailed revenue information. Remember that this is sensitive data for some sellers, and they may not be interested in sharing it with anyone who asks. If you sense that this is the case with a property you are evaluating, feel free to negotiate this topic with the listing agent. Mention that you would need this information to close on any investment, but that you would be willing to make an offer based on a rough figure of revenue from the seller and that you would be open to confirming this in the diligence period before you close. These points are always negotiable, and you never know until you ask.

The ideal response from a listing agent is an excel spreadsheet with detail of every listing over the last several years, with gross revenue from each listing. This allows us to evaluate seasonality, occupancy rates, and month-by-month expectations in revenue. It also allows us to evaluate year-over-year trends in recent months. However, this data quality is rarely available. Often, sellers will be willing to share two or three years of annual figures. Make an attempt to get as much detail as possible without being overly aggressive.

Once you have your revenue data, we can move on to the forecasting stage. If you can’t get revenue data, or if it isn’t of reliable quality, use your judgment to decide how to move forward. If the comps you have evaluated suggest very high returns for this property, and if AirDNA’s data suggest very high returns for this property, it may be worth making the investment despite lack of clarity. Objective #1 must always be balanced with Objective #2. However, if you decide that the forecasted returns are too low to justify making an investment without further detail, politely communicate this to the listing agent. They may have other properties for you to look at in the future, and you should make it clear that you are interested in continuing to work with them.

A Note on Occupancy and Nightly Rates

Don’t worry about these metrics. In practice, predicting occupancy rates in a granular way is very difficult to do. Similarly, nightly rates will vary in the short term and will ultimately be determined by the surrounding marketplace. An detailed focus on predicting occupancy and month-by-month nightly rates is an inefficient use of time for two reasons:

1. Occupancy and nightly rate data is only useful in that it helps us to arrive at what really matters: total revenue. While seasonality can drive significant changes in revenue from one calendar quarter to the next, it is not relevant to the analysis of annual revenue. Recall Objective #1: we are long-term investors who think in years, not months.

2. Once our property is up and running, our property manager will handle the marketing and booking process, including determining pricing on a day-to-day basis. Consider that your property manager will (or should) have advantages that you do not: they will have a broad presence in the local market and will have access to revenue information for the other properties they manage. They are the best positioned to select appropriate pricing for your listing. Additionally, the property manager’s compensation scheme, which almost always involves a percentage of your revenue, aligns their incentives with yours when it comes to revenue. Both you and the manager are looking to maximize revenue. Let them do the work for you. Recall Objective #3.

Expense Items

Once we have collected as much historical revenue detail as possible from the seller and/or from third-party online data services, we can turn our attention to future expenses to complete our analysis.

• Property tax information can usually be gleaned from the public online listing. Note that in most jurisdictions, property taxes are linked to the the tax assessed value of the property, which in turn is usually based on the value of the property when it was purchased. So, if you purchase a property for $300,000 which had been purchased by the seller ten years ago for $150,000, your property taxes are likely to be higher than whatever has been paid recently. Make sure you understand the calculation mechanism for this. It will vary state by state.

• HOA fees are sometimes necessary for condo-like units that have shared services with other units in the same building or campus. These are paid monthly and are usually stated in the public property listing. Make sure you understand them and whether or not they are likely to change during your ownership term.

• An insurance policy is a crucial step of setting up our low-risk investment. Most mortgage lenders will require some homeowner’s insurance policy to be in place before closing anyway. However, we will need a renter’s insurance policy which specifically covers short-term vacation rentals. Unfortunately, short-term rental insurance is more expensive than traditional long-term rental insurance, and certainly more expensive than a simple homeowner’s policy. Every case will vary, but you can expect to spend at least $2,000 and sometimes up to $5,000 or more on annual insurance premiums that will provide sufficient coverage. This is not worth cutting corners on. Recall Objective #2: we are only interested in an investment where we can reduce risk as much as we possibly can. Insurers who provide STVR policies include Proper and CBIZ, among others. We encourage you to obtain multiple quotes and understand the details of the policy you are purchasing.

  • Importantly, many insurers will require proof of the property’s operational status before they can give you a policy to cover it. The insurance policy, in turn, must be in place in order to secure financing and close on the home purchase. Anticipate this early on, and make sure you are working with your insurance provider to get them what they need in order to have the policy in place and avoid nasty surprises on closing day.

• Utilities are another important cost component. The exact components and costs of this line item will vary according to the specifics of your property. Aside from electric or gas heat and water, modern STVR properties should certainly have a high-speed WiFi connection and several TVs. The WiFi is the most important component. Do not cut corners on speed here, as slow internet service can lead to bad reviews. Have a good understanding of what this might cost in your target area before making an offer.

• Maintenance and repairs is our last expense item. We include capital expenditures in this category, which would include higher-cost, long-lived items like HVACs, roofing, and appliances. This category is a difficult one to forecast. Before you close, you should have a good understanding of the age and the rough cost of any capex items in order to anticipate how these expenses will need to be paid out in the future. On the maintenance side, we typically use $100 per month as a conservative estimate for costs of typical upkeep. Frequent turnover of guests leads to wear and tear, and things like heating, cooling, electric, and plumbing will occasionally need to be tweaked.

• Cleaning fees are usually paid by the guests, depending on the property management service you decide to work with and the distribution channels they decide to market your property on. Make sure you discuss this with them prior to closing.

• There may be other fees and expenses for you to consider. Homes with a backyard area, for example, may require a gardener to occasionally stop by and mow grass and/or water plants. Homes in areas where pests and termites are common might require an exterminator to occasionally stop by and spray parts of the house. Make sure you work with your realtor and with your property manager to understand what unique expenses might come along with owning your property.

Financing & structuring

One of the keys to generating the above-market returns we are seeking under Objective #1 is access to financing for a portion of our property purchase. The ability to borrow money at low interest rates and apply leverage to our investment is the way we are able to achieve the mid-teens returns we are after. Of course, the use of leverage comes with risks. We are entering into a contract with a lender where we must make our monthly payment or risk losing our entire investment. Everyone investor’s creditworthiness and ability to take on new debt will be different. You should decide how much leverage you are comfortable using, and make sure before you begin your property search that mortgage lenders will be able to lend you money for an investment property purchase. We offer a few other comments related to financing and structuring below.

• A traditional 30-year fixed mortgage from a commercial bank is often the way to go. This is a deep and liquid market and the long-dated nature of the loan minimizes the ongoing prepayments we will need to make.

• Be aware that loans for investment properties will typically be priced at around 100 basis points more than what a typical primary home loan would be priced at. Thus, if you were able to get a loan at a 5% interest rate for a home you were going to live in, the same lender would be likely to offer you a 6% loan for an investment property.

• Lenders will likely need you to personally guarantee your loan, and will look to your income and your credit score in order to approve your loan. You will likely not be able to use forecasted income from the property alone to secure a loan. Some lenders may give a credit to your personal income equal to 75% of the forecasted income from the STVR property, but every case will be different.

• We are not lawyers and do not provide legal advice, but there may be significant benefits to setting up an LLC to own your STVR property post-close. LLCs can help protect investors from legal risk if there is an issue post-close. You should look into this on your own and consult an attorney if needed. Setting up an LLC is not especially difficult, and can be completed via filling out a few standard forms and registering with the state of your choice after paying a small fee.

• It may also benefit you to create a business checking account under the name of the LLC you create, in keeping with our aim to avoid potential legal risks post-close. Recall Objective #2. Your LLC must already be created and registered before you meet with a bank. You will likely need to go to a bank in person in order to complete this step. You will also need to create an EIN number with the IRS for your LLC before the bank account can be created. This can be done fairly easily online. It will probably make the most sense to keep all transactions (both revenue deposits and expense payments) in the new business account. We acknowledge that not all STVR jurisdictions allow for STVR ownership under an LLC. Research on this topic during the initial property screening phase will be worthwhile for avoiding these areas.

Forecasting performance

Recall Objective #1: Our objective is a 15%+ return on cash invested. We can estimate our future return by using the Excel calculator which can be downloaded at the end of this guide. Enter the individual metrics shown in blue to calculate your expected returns at the bottom of the sheet.

How Will Revenue Change in the Future?

Forecasting revenue from our STVR property is difficult, and future revenue will ultimately be driven by a variety of macro factors well outside our control. Changes in population, changes in economic activity, changes in tourism flows, and changes in local regulation are all potential risks that could impact our investment. Many of these are nearly impossible to anticipate without exhaustive research and expertise, and even then, the future is still uncertain. We suggest investors use the following framework in deciding on what revenue to expect from their property:

• Be conservative in your expectations. In general, do not assume revenue growth from a property where there has been none historically.

• Leave room for error. If you plan to purchase a property, make sure your forecasted return is still attractive even if something goes wrong. If you would be happy with a 15% return, aim for properties where you can reasonably expect an 18% or 20% return based on the calculator. There are always unforeseen risks looming ahead of us. It is better to acknowledge this ahead of time and budget for it rather than being overly encouraged by uninformed optimism.

• The COVID-19 pandemic was a massive disruption to the U.S. STVR industry. Many properties across the country generated zero revenue during the months of April and May, and revenue from June onwards was often significantly below the levels seen in 2019. Make sure you have a firm understanding of how performance was impacted at your property. It doesn’t make sense to expect 2019 revenue levels any time soon when the recent numbers indicate that is very unlikely. Use your own judgment to estimate what is likely to happen over the next several years. Be wary of overly confident predictions on TV and the internet. The reality is that the future is uncertain and no one fully understands how the market will recover, or how quickly.

A Note on Leverage

Remember that your investment is levered, meaning that a portion of your purchase has been made with borrowed money. As we discuss above, leverage has the two-sided effect of increasing returns but also increasing risk, through the form of higher mortgage payments and a higher debt balance which needs to be repaid. Decide for yourself how much leverage is appropriate. Ensure that the revenue forecasts from your property are more than sufficient to meet your mortgage payments. If you are targeting 15%+ returns (after all expenses, including debt service), they will need to be anyway.

Why do We Add Back Amortization (Principal Repayments)?

We don’t consider the principal repayment component of the mortgage payment to be an expense. Take an example where we own $10,000 of cash and have $10,000 of home equity, for $20,000 in total assets. If we repay $2,000 of our mortgage, we now have $8,000 in cash and $12,000 in home equity. Our total assets are unchanged at $20,000. Yes, there are nuances to amortization. It is a real cash outflow that we must be mindful of when forecasting the cash coming in and out of our investment. Of course, paying down principal also reduces the future interest payments that we will need to make. However, we don’t consider principal repayments to be an “expense”, since we are really moving value from one asset we own (cash) into another asset we own (home equity). Therefore, we like to look at returns on a pre-amortization basis, and in our calculator, we focus on “Cash Flow Yield to Investor, before Amortization”, highlighted in green.

Making the purchase

Numerous resources are available online which detail the general process of closing on the purchase of a home. We defer to those resources, since every homebuying case will be different, depending on state laws, the particulars of a negotiated deal between buyer and seller, the particulars of any financing involved, and many other factors.

However, we can offer several comments for STVR investors that are relevant to achieving our three goals of maximizing returns, minimizing risk, and minimizing time invested.

• During the diligence period between making an offer and closing, ensure that the existing STVR permits will transfer to your new property.

• You will (likely) not need to be physically present at the closing, helping us to achieve Objective #3. Confirm or clarify this with your realtor as early as possible to avoid any nasty surprises.

• You will need to have access to a notary public who can notarize your closing documents, since you will not be physically present at the closing. Make sure to arrange this as early as possible. Many banks offer notary services for their customers.

• You may also need to have an attorney present as a witness to the notarization, separate from and in addition to the notary. Many law firms will not provide this service for you, even if you offer to pay. If you have a friend who is an attorney, ask them to help. Make sure to clarify whether or not an attorney’s presence will be necessary as early as possible.

• You will almost definitely need to be physically present at a branch of your bank on the day of closing in order to wire your down payment and closing costs. This is for security and identity verification purposes. Make sure you will have access to a bank branch in person on that day. Not all banks have branches in all cities.

Once you have closed, the hard work is mostly done. Next steps should include a check-in with your property manager to complete remaining paperwork before making the property market-ready. You will likely need to fill out some basic data about yourself and the property for their listing software, and you will need to get on-boarded onto their online owner portal, if they have one.

Things to remember

• In your screening and research process, real historical information on any given property is always the best. Estimates from other sources are always helpful, but should usually not underpin an investment.

• Be patient. Finding properties that generate above-market returns in a low-risk way is not easy. Be persistent and learn from each interaction you have.

• After closing, it can be helpful to set calendar reminders for important renewal dates, such as your STVR permit with the city, your insurance policy, and your LLC registration with the state, if applicable.

• Develop a good relationship with your property manager. They are extremely important to your investment’s success, and the difference between a motivated manager and an apathetic one is huge. Keep their phone number handy and communicate frequently to avoid problems.

Disclaimer

STVR Analysis does not provide investment, legal, or tax advice.

Our disclaimer can be found here.