The end of a Quarter, The beginning of an Era
OUR NEW SHORT TERMRENTALS
We experienced growth in a new way in Q3.We started implementing a HybridInvesting Strategy to transition apercentage of our units to short-termrentals (STRs). From June - August wesuccessfully furnished, designed, and listed3 units on Airbnb & VRBO. In the offseason,Sept - May, we will convert to weeklyminimums and rent to traveling nurses andbusiness travelers.
We see this strategy as a way for thebusiness to add tremendous value to ourexisting portfolio. We aim to have 10% ofour portfolio converted to STRs by the endof 2023.
107 Union Ave
Union Avenue is one of the most desirable areas to live in Saratoga Springs. Lined with historic mansions and extending from Congress Park to Saratoga Race Track the location cannot be beaten.
22 Lincoln Ave
Gorgeously restored apartments overflowing with character and charm. Exposed brick, fireplace, reclaimed woodwork, vaulted ceilings, and much more.
1439 NY-9P
Just minutes from downtown SaratogaSprings and walking distance to SaratogaLake. Gardens, flowers, and fresh lake breezes surround this property.
Meet the Property Manager
Kristin was Green Springs’ very first team member, joining us several years ago to show apartments. As our company has rapidly grownKristin’s role has expanded exponentially.
She is now a member of our leadership team and fills the role of Property Manager where she oversees day-to-day leasing operations, heads our property management team, and personallymanages our short term rentals. Kristin was previously a Middle School math teacher and now resides in West Melbourne FL with her husband and three children.
HOW DOES THIS IMPACT YOU AS AN INVESTOR?
Upcoming Opportunities
Given the early success of our short-term rentals, we plan to convert even more apartments into STRs by the end of 2022. Our plan is to continue this transition from long to short term over the course of 2023 with a goal to have 10% of our portfolio STRs. As more properties are acquired we will strategically convert the most viable locations, in the same way, to continue our hybrid investing strategy and boost cash flow.
To de-leverage risk, we will continue to conservatively underwrite acquisition targets as 100% long-term rentals. This will allow us to preserve our investing standards and ensure we can still secure attractive debt from our lenders. Converting to STRs will serve as a value-added option where and when it is viable which will allow Green Springs to achieve higher returns for its investors.
