Hello 10X – Here is my question:
Q: I’d like to buy a short-term rental property (STR) in New Hampshire – where should I look?
Thanks, Travis K, Boston, MA
A: Hi Travis,
This is a complicated question, and can be answered in multiple ways. I’ll focus on two below:
My first recommendation would be to do some research on both Airbnb and VRBO…check out the number of listings in the Lakes Region and Seacoast Regions of NH. Specifically, look at the cost per night, and then at the number of nights the property is booked. This should provide a basis for running some basic numbers on how much money the property can generate. Use this to work backwards into how much the property should be purchased for.
Secondly, I personally own STR in the Lake Region – in the town of Gilford, close to Gunstock Ski Mountain, as well as the Bank of New Hampshire Pavilion. This is an excellent area to invest in, with plenty of demand for STR’s. In addition, you’ll need to ensure the property you are interested in has a certain X-factor that you can use to attract people to the property…such as an excellent firepit, game room, or view that people don’t normally get to enjoy!
The short-term rental market is very complex, and there is a lot to learn! Feel free to contact me directly and I’ll walk you through how I approach this myself.
By Matt Savage
Founder, 10X Real Estate
Investor & Realtor, contributing ‘Expert’ at 10X.
Email: [email protected]