All Forum Posts by: Andrew Steffens
Andrew Steffens has started 40 posts and replied 2993 times.
Post: Home prices appear to be settling in the Smokies
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
Quote from @Chris Watson:
Quote from @Andrew Steffens:
If rates settle in at 4.5 what do you think the Smokies will look like?
At 4.5% most DSCR 20% down will be around 5%. This is a around 2% less than current rates. So theoretically this is close to $2k savings a year per $100k financed. On a $1.25M property 20% down it should increase cashflow close to $20k a year. I believe across all markets you will see an increase in purchases initially and if there rates stick for more than 12 months you will see an increase in sale prices. Lastly, this rate reduction would increase guests disposable income as credit card interest rates would reduce also.
Sounds good to me! Only potential issue I see is further increase in inventory driving down ADR
Post: Home prices appear to be settling in the Smokies
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
If rates settle in at 4.5 what do you think the Smokies will look like?
Post: Do you use an inspector?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
I do not think it is necessary if your cleaning team is good. I do have maintenance follow up with pre-inspection checks especially for pool homes (i.e. if its cleaned on a tuesday and we have a friday check in) maintenance goes and skims the pool and tuns through the house, so that helps.
Post: 3 Ways to Boost Your Airbnb Bookings Without Spending on Ads
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
This should be in classifieds.
Post: Expensive Lesson: Vendor Due Diligence Red Flags I Missed (STR Management Support)
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
Wow - I was contacted by Charles / HostGenius a while back and spoke with him. I do not remember all of the details but I remember he was a bit pushy and tried to make me feel small for not "partnering" with them. Glad I dodged the bullet and sorry you had to deal with that :(
I did end up working with another marketing company that delivered less than stellar results and I think cost me around $80-100k in marketing losses.
Post: Where should move to if at all?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
Welcome Back! I am also in CFL (Tampa). Recently I have had an uptick in working with clients doing house hacks, and it has been going well for them. Feel free to reach out if you want to explore something like that further.
Post: 🏨 Boutique Motel STR Loophole Hack - Is Depreciation Possible if Owner Operated?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
Good idea/questions. Ill add another - I have had an influx of house hacker clients where they live in one unit and STR the rest. Can they qualify for accelerated/bonus depreciation if it is also their primary residence?
Post: Ways to cleanly separate and style a large STR basement on a budget?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
"A ton" of spending is relative to your area, expectations, and the project itself. I think you have a good idea to have a big hangout area that also has functional uses like laundry, seating, etc. Id recommend some sort of sleeping area via pull out sofa or a murphy bed etc. It does look like it needs a lot, me personally I would hire a designer and arm her with pinterest or other STR basements for inspiration.
Post: Str property manager
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
Quote from @Dawn Harris:
@Andrew Steffens
We are fine with the regular maintenance charges for pest and pool but the other charges like drain and dishwasher or thermostat reset, these kinds we see almost every month. Apart from his monthly fee of $150 he gets 15% from each booking and on top of these repairs every month add up to a lot!
It makes sense, this could be inefficient management for sure. For example we have instructions on each house to have the guest or cleaner reset thermostat to avoid having to charge a trip charge etc.
Post: Str property manager
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,046
- Votes 2,547
I am based in Tampa, and have managed in the Orlando market. Some of these fees make sense i.e. pest control, pool - but some do not but could be one off repairs. I would need more details to make a determination. I am happy to take a look and have a discussion. Good luck!