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SHORT-TERM RENTAL ER GA
So, you decided to jump? Welcome to the wagon ride of Short-Term Rental, hereafter referred to as “STR”. We are glad you have decided to join us, and thousands of others, to provide safe, secure, and beautiful accommodations for the temporary housing needs of so many. Now that you have made the decision to jump on, what is the first necessary step? Your first thought may be to run out and get your first 2-3 properties and start making income as quickly as possible. You could totally do that, however you will likely find yourself with a mess in short order. Whom are you renting to? Obviously people, but what people? You can’t say “everyone”; that is just too wide a pool to manage. You would not try to make a cake without a specific recipe, so why on earth would you invest thousands into setting up a business without first establishing a demographic? If you are not viewing this endeavor as a true business, you are looking at it wrong. Whether you have one unit, or 20-30 doors (units), you are running a business, and should treat this as such! As the saying goes, “if you treat it as a hobby...it will pay as a hobby, if you treat it like a business, it will pay like a business”.
Your first order of business should not be to run out and start grabbing up units. Why not?
