All Forum Posts by: Alice Horn

Quote from @Robert Geibel:

Market continues to be hot. Supply exploded in STR since covid. Are there still good returns or too saturated?

I recently attended a Visit Orlando market outlook presentation and they emphasized that Orlando is still the most visited destination in the US. While demand has softened slightly this year, (due to cruising or overseas travel) the travel industry is confident that next year will be particularly strong due to the opening of Universal’s Epic Universe theme park and new Disney attractions. The new Brightline train from South Florida is another exciting development. 

We have seen a lot of investors over the past few months take advantage of the much lower RE prices. In a saturated market with high traffic, the play is to create properties that are decorated and themed extremely well so they will pop out online. It’s also great to identify desirable locations within the resorts - homes with private views or near the clubhouse. The demand for top homes is always there, and the right product will perform.

Quote from @Keith Davighi:

I'm trying to estimate airbnb revenue for a bunch of properties in the Orlando area.  I've used AirDNA but I seem to have hit my limit.  I've also used Awning but the data seems to change so I'm wondering if there is a tool that is accurate and reliable.  I am also trying to collect as much as I can from the sellers but not everyone has great data which is why I'm trying to supplement with an online tool.

Where does the data come from when using AirDNA and Awning.  Are they pulling it directly from the airbnb site?  How reliable are these tools?

I'm willing to even pay for a subscription but AirDNA is pretty pricey. 

Any help would be greatly appreciated.  Thank you!

 @Keith Davighi did you ever find what you were looking for in Orlando? We have had some pretty dramatic shifts in the past 9 months, both with RE prices, and with rates and occupancies. Curious how you made out.

Quote from @Spencer Abeyta:

A PM company needs to have expertise in the area that they service. You should be able to learn from them so this makes you a better investor. 

They also need to be able to communicate in the form that you prefer, whether it be phone call, email, text, or online meeting.

Yes! Ask to see examples of the owner portal and any reports they use to communicate performance. Also, WHO will be the main point of contact? We have a dedicated Owner Ambassador who responds to owners. How quickly will they normally respond?

Quote from @Lolita Jamison:

Hello, 

My husband and I have a portfolio of 40+ doors of long-term rentals.  We are looking to expand our portfolio to include short term rentals and we are also looking to start real-estate development.  I'm looking forward to learning more on this platform.  

Welcome! If you haven’t already, follow and search keywords STR, short term rental, and Airbnb — you”ll receive an overwhelming amount of information. And should you be interested in the Orlando market for STRs, I am happy to chat.

Quote from @Alon A.:

Hey guys 

What do you think in general for STR in both of this cities

I came back from Miami and what ever going on there it's crazy , I also like Austin area alot but I know more regulation for STR there , in general I think the rental market in Austin it's not good

Median rent is 2-3.3K and house pricing is 400-700K  so it doesn’t worth for long term investment and cashflow , maybe only for appreciation. Unless I’m wrong.

I thought maybe to buy apartment in 400K range in Miami in some tower and make airbnb from this, I know there is huge competition but a lot of people always coming there for vacation 

what is your thoughts ? 

A bit on my self 

I have 3 singles in Dallas Forth-Worth area & 1 single Tampa area 

I sold 2 flips in Austin, TX

In DFW, I’m doing section 8 , I am getting properties with hard money loan , remodel them, and then re fi them for 30 years , I put around 45-65K for each property
I have 4 properties total that cash flowing $300, $500, $1000 (section 8) , $250 per month after all taxes, expenses , insurances , mortgages .. 

But I want to cash flow more somehow in thousands 

I’m happy to introduce you to some folks in Miami who are very familiar with the STR landscape there. Send me a DM with your email and I’ll introduce you to them.

Quote from @Danae Pitcher:

@Andrew Steffens  That's interesting about spring training - we have that in Lakeland with my home state Detroit Tigers, but I don't think that really has much of an impact on us.  @Alice Horn, what do you think?

Recently we actually had a guest who was part of spring training - he wanted his girlfriend to stay in one of our resorts, so she would have access to the amenities while he was off training. He didn't mind the short commute. That is an exception though - most of our sports related stays are driven by ESPN all year, including the summer months. We are fortunate to have so many events and attractions which do balance out Disney and the other theme parks.

Quote from @David Sanders:

I appreciate all the insight and for the most part I do agree with you all on this being the typical experience with STR's. However it seems to me like the units that are themed really well do significantly better than others. From my research, a well themed unit can easily bring twice the nightly rent of a lower end, same size house and the occupancy is higher as well.

I know themeing is expensive, but I was planning on doing that myself (I own an artisan construction company). I'm not just talking matching bed spreads with a wall mural, but more like a castle bed that you can walk into with a slide, for example. That's what I refer to as more "functional" theming.

Honestly I'm not looking to buy this as just an investment, I want it as my own vacation place for my family, but I'd like the net costs to be as low as possible and I'd like for it to be a long term investment if possible. and if it could make money, that would be a super bonus.

@David Sanders thanks for clarifying on the theming. We would consider a “walk-in castle bed with a slide” to be highly themed. That will make all the difference in the rates. We don’t have any good examples of 4 bedrooms with that type of theming, but a nicely themed 5-6 bedroom in Emerald Island or WH should gross anywhere between $55k-$70k, maybe more. That gets you closer to your goal of $48k net profit (after commission, but before expenses) if I understand correctly. Happy to run some numbers on specific homes if that helps - shoot me a DM!

@Danae Pitcher I’m always surprised how few questions people ask when they’re getting to know us as a vacation rental manager. Here are some questions they SHOULD be asking 😀

1. How long have you been managing vacation rental properties and how many do you manage?

2. What is the average occupancy rate for the properties you manage?

3. What services do you provide for property owners?

4. How do you communicate with property owners and guests? Who will be my main point of contact if I choose you as a PM?

5.How do you handle maintenance issues and respond to emergencies in your homes? 

6. What marketing channels and other strategies do you use to book your vacation rental properties?

7. What are your management fees and commissions?

8. Can you provide examples of positive guest reviews? How do you respond to negative reviews?

9. How do you ensure that properties comply with local regulations and ordinances?

10.  Do you carry liability insurance? Worker’s comp? 

11.  Do you pay the local taxes on my property?

12.  How do you screen potential guests to ensure they are suitable for the property?

13. Can you provide data on rental performance and revenue for properties you manage? How do they compare to other local listings?

14. What kind of lock systems are you using to ensure the security of guests? If there is a pool, how do you handle pool safety?

If you are self-managing or using a co-host, this list might also serve as a useful checklist to make sure all the bases are covered. Hope it helps!

Quote from @John Underwood:

Quote from @JD Martin:

I wouldn't do it right now unless you plan on adding a good AC system to the garage. I don't know if you've ever used a game room in a garage in Davenport/Four Corners in the summer but it is an excruciating hell hole without AC. Double hell if your garages faces south or west, even if the door is insulated (most homes down here are not). 

We have a game room inside the house (not in the garage), in the AC, and it doesn't get used anywhere near as much as you might imagine. We have retro video games, basketball hoop shooting game (with soft basketballs!), board & card games, etc. If you go for a pool table you are going to want to get something really good quality or count on replacing it often because unless you get something with a real slate top the cheaper tables will be worn out quickly. 

Keep in mind that most people coming into this area are spending a lot of their time at the parks or in the pool, and that we rarely get heavy, all-day rains here that keep people stuck inside for many hours at a time. Also, right now bookings are really slack down here so you are unlikely to get much of a return on your money at this time. 

 JD, how are you finding out what is used a lot and what isn't?

Are you asking each guest, or going of what appears to be used?

Just a few more game room observations. Indeed, it is hot in Florida. Adding a split AC or portable AC unit is a must. You can keep the garage door, but it's helpful to insulate the inside of the door. I don't believe you need a permit since it's not a full renovation done this way. However some HOA's don't permit game rooms in the garage, so you will want to check on that.

We know from observation and positive reviews that well-equipped game rooms are used extensively by guests in our market. Homes without game rooms don't book as well, based on our booking data. Some owners will compensate by adding some gaming equipment to an upstairs loft or another living area. Hope this helps!

Hi @Caesar Bhagroo and welcome! We are vacation rental managers in the Disney market -Kissimmee and Davenport. Happy to chat if you would like to learn more about the STR space locally!