All Forum Posts by: Alec Dressler

@Bryant Xavier 

I have had the same fear about scewd numbers, so I love the idea of reaching out to hosts in similar positions. Thank you! 

@John Underwood 

Very interesting idea, I wouldn't have thought of that! Is this different from an arbitrage type deal or are they similar? 

@Andrew Steffens 

Yes, low data definitely makes it riskier. May be worth the full version. Thanks for the advice! 

@Dominic Mazzarella 

Thank you for the info! I'll have to check out that other software too and use those tips when pitching my case!

Hello Everyone! I am a young, new investor looking for some advice on a potential buy. For some context, I have been listening to Bigger Pockets for over a year now and have big ambitions to get into investing. My wife and I just bought our first condo over the summer and plan to turn it into a rental later on down the road.

I’ve been trying to learn a lot about Airbnb and want to get into that side specifically. A few months after purchasing the condo I found a property about an hour outside Salt Lake City. It’s a small cabin built off the grid within the last few years and on roughly 2 acres. I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away. It has solar power, a compost toilet, and other things of that nature to be self-sustaining. It's in a newly developing area with houses being built and other lots selling nearby. It is a unique cabin and in a great location. However, there aren't many Airbnb's in the area to compare to. 

Since we have recently bought a condo we don't have the capital to go all in by ourselves on this property. We have family and friends who would be potential investors. Before I try to sell the idea to them I'd like to have the best data I can on potential earnings, upkeep costs, likely occupancy, and other points like that. I have used AirDNA's free version to get some rough estimates on a few things but wasn't sure how accurate it was based on only a few comps in the area. Does anyone have any good ways or software to get better data? Or any tips on how to better back up my case for potential investors?

Thank you all,

Alec

Hello Everyone! To give some context before my questions to everyone, here's a little about me and where I'm at in my investment journey. I've been listening to the real estate rookie podcast and others like it for over a year now. I'm a young investor with big ambitions and ideas about getting into rentals. Over the summer my wife and I bought our first condo with the idea of renting it out later on down the road and kicking off our investment journey.

However, recently I have discovered a small cabin about an hour outside of Salt Lake City on roughly 2 acres of land for sale. The property is off grid, but already set up with solar and a compost toilet and things of that nature. Without taking a proper tour of the cabin and only driving by and seeing pictures of the inside. It looks just about ready to be rented on Airbnb right away. It's a little remote, however, the community seems to be new and growing and there are other houses and developments going up near by. There aren't too many other cabins like it in the area on Airbnb to compare it to. It's very unique and I think would be attractive to guests looking for a comfortable get away in the mountains. 

So now come my questions. It's not too expensive however, after buying our condo in the summer we are lacking the capital to go in on it by ourselves. I don't want the opportunity to pass so I'm reaching out to family and friends who would potentially want to invest too. Does anyone have any tips or software tools to help give estimates on pricing and the potential occupancy of the rental? (I have tried AirDNA's free version and have gotten a rough estimate on revenue) Or any other ways to get a solid idea of the potential of the property to show to our potential investors? Plus any other advice would be greatly appreciated as this is all still very new to me! 

Thank you all,

Alec