The STR industry is changing. With more investors, bigger companies, and new laws cropping up daily investors (like us) are asking what the best way is to scale?
For us, the answer is turning our focus to buying properties you can legally run as short-term rentals forever.
The biggest opportunity in our industry right now is acquiring old vacation rental communities to convert into modern short-term rental experiences.
But how does the process for acquiring these properties work?
On this episode of STR Conversations, Eric and I discuss why the next natural phase in the STR business is acquiring boutique hotels.
We'll walk you through our search for the ‘right' property, how we found the property we are working on acquiring, and the features that make this hotel perfect for adding to the Freewyld portfolio.
Tune in as we discuss the steps in the hotel purchasing process. We share the scenarios and analysis process we used to develop our offer, how the due diligence process works, and what we're learning through this transaction.
Listen in to learn the most important things to keep in mind when working deals to purchase hotel properties. Plus, a behind-the-scenes look at how we plan to integrate this property into our Freewyld brand.
- The big shift in the current real estate market that's increasing investment buying power
- Why it's vital to look at now but also look ahead when investing in STR properties
- How we used the property abundance plan to build the relationships that led to this opportunity
- The 2 BIG perks with this property for immediate cash flow and next-level income for our brand
- The benefits we offered to the seller to make the transaction go smoothly on both sides
- How this purchase will affect our staffing needs (hint: we'll remain 100% remote)
- The most critical aspects of due diligence when working bigger deals like these
- What the numbers for this property look like now vs. the potential
- Why markets where you can maintain higher occupancies are the biggest opportunity for STR investors right now