All Forum Posts by: Andrew Bosco

@Jamie Banks seeing similar trends in the NE. Boston is a continual hub, but the stipend amounts have changed drastically, which impacts housing demand by us locally. I'm seeing a strong uptick in remote workers needing affordable housing + medical professionals around major hubs. 

Quote from @Glenn Mangold:

Hello BP family! 

I am in the initial stages of planning converting my detached over sized 2 car garage ( 30x26, 780sqft ) into an ADU. They will have a private drive and private fenced back yard on the corner of the property. I've attached some floor plans we are considering.

My question is should we do a 2 bedroom with smaller rooms ( plans don’t have a washer/dryer, we could probably squeeze one in ) OR should we chose the 1 bedroom where everything is larger. We are thinking to make this nice so it stands out from the competition. 

I have a friend 2 miles closer to the beach that has a 450 sqft studio garage conversion that is getting $1,600/mo and is getting blown up on Furnished Finder, even getting offered up to $2,000. Our future conversion will be about 8 min from the beach. 

We are open to using AirBnb but are thinking FF will be our primary source. Will a travel nurse want a nicer 1 bedroom or do they travel in pairs and won't mind the smaller bedrooms. We also want to stay in a nice price range of $1,800-$2,200 as going above that changes our competition. On the Airbnb side, more bedrooms might be better but will that negatively affect FF tenants? We can mix STR and MTR when needed. Anyone have experience with 1 bedroom vs 2 on FF? Will a bigger 1 bedroom space create higher occupancy and stay length?

Any thoughts or opinions would be greatly appreciated as we want to maximize the potential of the space. 

 Nice floor plans! 

Personally, I'd go with 2 bedrooms, but post the ability to lock 1 bedroom at a reduced rent for 1 bedroom rental. That flexibility has been quite nice for my team and I. It cost more digital locks (camelot from Schlage), but the flexibility for travelers on FF and also AirBNB will be notable in a higher booking rate :)

How do you go about analyzing large complexes, farmer inns with tiny houses, campgrounds, etc? It seems a bit overwhelming, but if you piece it bit by bit - should  make sense. does anyone have a calculator they would be willing to share? 

Example: I'm looking to analyze large properties such as this: https://www.cliffhousemaine.com/ or campgrounds of any nature here. Just to gain some exposure to the field. 

Hey all!

Just wanted to share some helpful info on the subject line. I have been scaling up the STR/MTR business. Here's a few helpful items:

1. Cleaners - populated areas - I use Toro. That said, I feel that Care.com or hiring a local housekeeper when it's remote is ideal. You supply a job locally and the housecleaner adds their own touches. It has made a huge difference!

2. Doorlocks - Schlage encode is grade B/A, but I also use the Schlage Camelot and change the passcode every month when we do drop bys/have the housekeeper run. 

3. Furniture. This is HUGE. I have a great list here for furnishings: https://docs.google.com/document/d/1RzTpNu1Vsm1_PJxPa_uTk5vL...

That said, I think targeting the big sale of the years (Feb clear out sale, summer sale, black friday, etc) and using Camelcamelcamel to track prices helps for niche items. The bigger sales at Costco and furniture retailers are where I found success though. We furnished 5 units for 40% less than non-sale and non-bulk items. Highly recommend targeting those sales! Lastly, if I want to be cute about something, then I go antiquing and have done very well with niche items (like animal mounts or decorative pieces). 

What calculator or resource do you like to use when analyzing larger properties or complexes (think 10 unit motels or inns). Are they even comparable when analyzing properties? To me, analyzing an MTR is an art vs. a science. 

Hey @Bailey Kramer. Tons of success with ALE. I am a preferred partner with them. It's about building the relationship and adding value where present. I broker many of their placements in the northeast. Happy to chat if you need some advice!

best tip is to put all your housing on their website https://www.alesolutions.com/register-housing/ and then if someone eventually reaches out - just own that relationship. NC gets a lot of love so just be ready to pounce. 

Hey all, 

What would you consider are the MUST have tools to scale a STR business? Here are some noteworthy tools that I've used and looked into;

1. PMS: Hospitable / Guesty

2. Dynamic Pricing: Pricelabs

3. Task MGMT: Breezeway (im 50-50 on this one. I underutilize it)

4. Guidebooks: Ruebarue  (not used, but been told is great)

5. Slack: Team comms (love this)

6. G-Suite: Document Repository

7. Channel MGMT: Uplisting 

Hey all, 

For those of you that are actively buying or have purchased a "Mom and pop" Inn or motel - what metrics matter the most to you? How does your underwriting look? 

I'm an active multi-family buyer/investor and vacation property owner. Just looking for subtle nuances that may be not so obvious in my underwriting. 

Hey there. I Run a MTR/STR on Seabrook beach. I never have a vacancy and the property performs well. Highly recommend!

I wanna hear the good, the bad and the ugly from everyone. Do you allow 30 day stays? Are you against them