All Forum Posts by: Ashley Wolfe

@Luke Carl @Ken Latchers @Michael Baum @Bill B. @Nathan Gesner
Thank you all for weighing in. I truly appreciate your perspectives. I agree that the big sites dominate and trying to build a successful direct booking website is not the best use of my time. I was just wondering if there is a movement among STR owners toward the direct booking strategy. I keep hearing on podcasts that this is becoming more popular with hosts "again" like it was 20+ years ago when there was no online platform presence like there is today.

Our cabin is on Airbnb, Vrbo, and GlampingHub.  BDC was way too convoluted and caused me more headache over the last year with not enough reservations to validate continuing on with their platform.

I'm taking on management, as an agent, for a second property and have started hiring cleaning staff since it's well over three hours away but in an area I used to live in the TX Hill Country. As for owning a second property for STR, I need to get creative and I need about 5 more hours in the day, every day, and 10 more hours added to the weekend to take on owning another property.

Have any of you acquired properties for STR with no money down? That would have to be my route so I could use available capital for getting the property outfitted and ready for listing.

Thanks again!

In an effort to gain a bit more independence from the large platforms, do any of you build your own direct booking websites?  I'm looking at Lodgify right now and I'm wondering if its just paying another platform fee in the effort for more "direct bookings".  Plus, when the platform handles the payments, seems like they handle the problems too.  Thoughts?

@Mike V. One question about Co-Hosting: In your particular case with the properties you represent, do you agree that the owner of the property have inside access to what’s going on through the online platforms?   In other words, is this a true Co-Hosting situation or just on paper and you have 100% control of operations?

@Mike V.

Wow!  Great perspective and information on how to manage without being a technical property manager.  I’ll start looking for some real estate attys to talk to in the area where my rentals will be.  So, if the smaller properties are a pain, what do you search for?  Thanks so much!!

@Sofia Sharkey

I'd be looking to only manage short term rentals. What's the difference in STR and SRT?

@Paul Sandhu LOL! I heard of a seller finance option for acquiring STR properties from motivated SF sellers. Something like, contact a highly motivated seller about their property that hasn't sold on the MLS. Offer to pay cash in a seller finance deal with no money down and 90 days before the first payment. In those 90 days, the property is rehabbed for STR and the guests start coming in. This particular host on the podcast said that, usually within 45 days, he's already cash-flowing from STR and is finding a mortgage company to pay the seller in full. Mortgage payments commence after that. I don't know how realistic this is but it sounds pretty good, if you're in the right location, with the right management.

@Luke Carl and @Paul Sandhu How did you acquire your properties?

@Paul Sandhu

I've heard of that strategy but my husband is averse to it... he's risk averse to a lot of stuff but it balances my Ready, Fire, Aim mentality.

@Samantha Kay  Excellent point!  I will research that for sure!

@Luke Carl and @Paul Sandhu  Its worth mentioning that I'm looking to get our of my current W2 job of elementary librarian so I can work for myself, even if that means working for others.  There are LOTS of options to weigh out, pros and cons lists to make.

This is actually just a means to an end, however because I have an idea of a STR PMC that consults with apartment investors and owners. So I'll have to have experience in operation my own STR PMC if I want to be an expert in the industry.

@Luke Carl @Paul Sandhu @John Underwood

Thank you so much for your words of wisdom.  Lucas, you should have seen my jaw drop when I read your suggestion NOT to manage properties for others but I totally trust what you’re saying.  I’m looking into the legal requirements of PMCs and talking to seasoned prop mgrs and realtors about it too. Lucas, when you say, “get your friend’s property in your name” does that mean on Airbnb?  I’m assuming so.

I’m getting just a bit of remote hosting fatigue but not enough to quit.  And, at the moment, we’re not positioned to personally acquire more properties to manage unless it’s some creative, no money down, seller finance situation.

I'm looking to create a property management company for STRs in the area of Texas where my cabin is, the Hill Country.  I've self-managed mine remotely (4 hours away) for almost a year and a friend is asking that I manage his house located about an hour north of mine.  I'm willing to take it on but I want to make choices in the management of both properties that will help me scale.  I'd like to add up to 10 properties to my management portfolio in the next 12-18 months.

I don't use any mgmt software for dynamic pricing because its not available in my area yet (through Beyond Pricing) but it could be for properties closer to Austin/San Antonio.  I need to know the best PMS software to use that will allow me to scale and add more properties easily.

I'd also like to know what your tips are for managing properties of others.  I'm taking in so much information from Vacation Rental Success by Heather Bayer.  She has sooooo much great info!  If you're not listening to her podcast, go ahead and subscribe already!