Family owns an older 4/2.5 property on Lake Travis that was inherited, lake front. Was given an opportunity to buy into a portion of ownership to keep it in the family, a unique situation.

We're considering renovating a bit as it is very outdated hen doing a STR or selling outright to take profits.

* How do you best gauge pricing? I'd assume browse for similar properties.
* What kind of occupancy do you account for? Obviously not 100% but would expect higher in summer lower in winter. No idea how much of a drop off to expect and how much we'd get in the summer.
* Do you use a cleaning service, if so how'd you find them?
* How much work is it getting renters lined up consistently?


Any other insight or tips greatly appreciated. Thanks.

That's what I'm pushing for but not everyone wants to move it so the alternative is to do STR on it.


I'd have to use a good bit of my cash and a loan for the rest to be able to join the table. So obviously would need it to generate income to make it worthwhile.

How many "chefs" in the kitchen as it relates to making a decision? Could be a sticky situation - don't want to get into the wrong bed with the wrong people.

Valid point and part of the decision process for sure.

Would be 2 other decision makers along with myself.

Possible to create a way to be only decision maker? Buy them out, etc? Just shooting from the hip without being familiar with the (possible) ownership structure from a percentage standpoint and who's who in the whole deal. Do any of y'all have to kick in any money to become owner/partial owner? I know you said it was within family/inherited so curious about how that plays itself out

I'll shoot you a DM as to not sidetrack from the questions regarding STRs in particular

We have had multiple short term rentals since 2017 and host hundreds of stays per year. My contact info is in my profile. Shoot me a text and I'd be happy to discuss. Great questions btw.

AirDNA is a great first stop. It's not perfect, but does a decent job forecasting. Take what they give you for expected rates/occupancy, then do more of the due diligence you referenced (looking at other comp properties, etc.). I think you'll find a lot of their data to be a little on the conservative side of what's possible with a little creative advertising, rate adjustments, etc.

Hardest part is not getting renters. It's finding/keeping reliable housekeeping (a must or it turns into a second full-time job).

AirBnB meets all of my needs for a STR condo in Crested Butte, but I would probably sign up with others in your neck of the woods to diversify listing locations.

No matter what, you need to have an operating agreement with all the other folks who have a slice in this pie. How many days a year does each person/family get? Any days, weeks, holidays off-limits to maximize return? Etc., etc., etc.

bkag9824 said:

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No matter what, you need to have an operating agreement with all the other folks who have a slice in this pie. How many days a year does each person/family get? Any days, weeks, holidays off-limits to maximize return? Etc., etc., etc.

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This is a must, and make sure everyone understands the process.

I had a family member who would never commit in advance to use the house. Then she would request usage at the last minute when it was already booked and get frustrated that it was "never available."

Also spell out rules for things like charity auction donations, special occasions, etc. Basically any type of use you can think of. For example, don't let anyone hand the keys over to underage people for the weekend.