STR Development
SHORT TERM RENTAL REAL ESTATE DEVELOPMENT ....
... can be a complicated and risky process, from site selection, design, construction, to managing once complete. We have experience building and operating short term rentals, and can help. Here are some common questions we get:
What may be possible with my property? (# of units, # of bedrooms/baths, # of stories)
We are Architects and can guide you through the zoning language and building codes to see what may be possible.
What are the latest regulation or proposed regulations, and how may they affect me?
As STR owners ourselves we stay on top of what is going on at City Hall, often to find the information in the news misleading or just plain wrong.
How do I deal with my neighbors or neighborhood organizations?
We have experience obtaining Land Leases for construction from neighboring properties and, as well presenting at neighborhood meeting and can accomplish your NPP (Neighborhood Participation Process) if required by the City.
What are some financing avenues and how best to present our needs?
FHA financing, tax credits, to mortgage brokers, we have experience with them all and can help.
We can give you (and maintain if warranted) a proforma estimating all possible costs involved in the transformation of a property. This is basically a spreadsheet that accounts for all money and time in the development, from acquisition (if not already owned) to financing, construction and through operation. With comps we can estimate your rental income as well as associated operating costs so you can see what life may be like on the other side. We can even help you make those final decisions like which rental platforms, cleaning services, or bed linens may be best.
If you are thinking of developing a Short Term Rental, it is what you don't see that will cost you most.
From abandoned or severely blighted properties (commercial or residential), to interior retrofits or single family homes, we can handle it all. Our experience comes from years of practicing architecture, managing construction, and our own multi-unit short term rental property which we designed and built ourselves. Check it out: