So, you’re looking to buy a short-term rental property but nervous about its potential to make money.
What if you could buy a STR that’s already doing well on Airbnb?
Alex Breen is Founder of BnB Buyer, a biweekly newsletter and website where you can find existing short-term rental properties that are on the market.
On this episode of Get Paid for Your Pad, Alex joins me to explain how he identifies properties that have a STR history for BnB Buyer and which markets have good deals on existing short-term rentals right now.
Alex walks us through the advantages of buying an existing STR versus a home without a history on Airbnb and discusses the downside of limiting your search to existing short-term rentals.
Listen in for Alex’s insight around trends in the STR market in the last 12 months and learn how BnB Buyer can help you de-risk the process of buying short-term rental properties for your portfolio!
- How Alex’s own search for STR properties inspired the creation of BnB Buyer
- How Alex identifies properties that are good candidates for Airbnb or likely to have a STR history
- The advantages of buying existing STRs vs. homes without a history on Airbnb
- Why selling an existing STR as a business adds value to the property
- Why Alex hasn’t seen a significant price difference between existing STRs and comparable properties in the same area
- How most properties on BnB Buyer bring in 15% to 20% gross revenue to purchase price
- The disadvantages of limiting your property search to existing short-term rentals
- Alex’s insight around trends in the STR market in the last 12 months
- Why real estate prices have come down a little (but not enough to offset interest rates yet)
- What markets Alex suggests for finding good deals on existing STR properties
Connect with Alex