All Forum Posts by: Andrew B.

I'm looking at implementing StayFi in our existing STR and a new one we are under contract on. Our market is not a vacation market but a regional hub in an otherwise rural area so we get a lot of families visiting family, sports teams for tournaments, etc. that are a good market for return customers and a focused marketing campaign.

I was wondering with StayFi a few logistical questions I haven't been able to find answers to elsewhere:
  1. Does it work with your existing router system or does it fully replace it? I currently use TP-Link Deco mesh routers and have 3 in our home. Would I have to replace all of those, or is just 1 StayFi access point needed?

  2. I use Roku TVs with Guest Mode turned on so guests can use their own streaming accounts. Does the StayFi device interfere with this in any way?

  3. Have you found other practical issues with StayFi with your networked gear or otherwise? I see the benefit but want to make sure it doesn't break the experience for either the guest or myself. 

Thanks!

@David McCracken Did you ever have any luck pursuing this? What was the outcome? Any advice?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $310,000

4/2 STR to be used for STR/MTR. 10 minutes to 3 major hospitals, 2 universities, tons of shopping.

What made you interested in investing in this type of deal?

Sleeper market, good house, decent return profile, and to rip the band-aid off on our first purchase.

How did you find this deal and how did you negotiate it?

MLS, little negotiation.

Lessons learned? Challenges?

Furnishings are hard.
Work local - designers, vendors, etc.
Having local people on the ground (family) is invaluable.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

@Andrew Adam no question.

@James Kats Thanks for the great response. Good to know your smaller properties are performing stronger. I saw you were converting properties from LTR to STR. Curious, are you buying any currently or strictly converting?

Hey all, glad I found this post. My wife and I are looking at SF for STR. She is from nearby and her parents retired in SF so made sense for us to look somewhere we know.

Initially, we started looking and were really encouraged by the numbers, particularly 4-bed homes. Then we started digging deeper into data from PriceLabs and spotted that occupancy in Jan-Apr 2021 vs Jan-Apr 2022 went from an average of 54% to 43% and median ADR from $162 to $156 for 4-bed. For the overall market, the numbers are 58% to 49% and ADR stable. The significant drop in average occupancy is concerning since it drives so much of the analysis. With the price of homes in the market, rates rising, etc., and this being our first deal, I am just trying to gain a little confidence in the numbers. 

My questions then are: Has anyone seen these numbers play out in their own properties? Maybe not exactly, but has occupancy dropped significantly YoY? What is the general state of the STR market at this point? Are you seeing a slowdown of bookings? @Benjamin Aaker@James Katsare the success of your properties mostly driven by traveling workers and are you seeing tourist travelers drop off?

Lastly, I'd be interested in what size properties you own that are performing well. We'd like to get in and buy a couple this year then buy a few in a traditional tourist area.

I definitely fell into analysis paralysis at one point and finally overcame it to start making offers, but when I stumbled across these numbers it gave me pause, so any help is greatly appreciated. We have a couple properties a week we find we are interested in and keep hesitating based on our confidence in these numbers. 

Thanks again.

Andrew

@Ryan Moyer Everyone has their comfort levels. Like @Curtis Eickenloff said, it is the buy-in to the partnership. Both parties benefit. One has experience and deals, the other has money. If everyone is happy with the arrangement, it really doesn't matter. I've looked at deals with both better and worse terms. As long as I get what I'm shooting for, and the risk isn't overly lopsided, then it is still a deal.

First, I'd find out if you can even legally do the conversion: is it zoned to have multiple units? If not, easy answer. If so, then I agree with @Nathan Grabau. Either way, I'd start stockpiling cash for the next move.

Here is a good article from the Denver Post back in February about the current status of Denver STRs. Should be helpful.

https://www.denverpost.com/202...

4 people were charged with felonies but the charges fell apart but that seemed more to make a statement than anything. And if I remember correctly, 2 of the people were real estate agents in the area, so they wanted to make an example.

I recently was sent a deal by a prominent face here on BP doing exactly this. They basically were looking for a partner to bring the DP and the mortgage. They manage. Have some other terms in it but pretty straightforward. This is for a single partner. Others have started syndicating, which is a whole different animal. Let me know if you want the whole doc and I can send it over for reference via DM or email. 

 You should be able to find a low-cost handyman to take care of this for you. And if the PM is worth their salt, they should have one that can resolve this tomorrow. Since they are new toilets, it should take about 10 minutes each to correct.