All Forum Posts by: Ben Pileggi

Jake,

What a headache. Thank you for sharing your takeaways. 

Hey Chris,

Jax Beach is a great area. It's a little tough to find good deals these days though. But there are still some out there. If you prefer to be hands-off with full-service management, then I'd plan on paying around 20% commission as that's pretty common. To Chris' point, you can find lower options if you handle some of the management responsibilities. In my opinion, your occupancy rate and min night stay seem in the ballpark for planning purposes at this stage. Your nightly rate will be influenced by proximity to the beach, interior design and amenities (ex game options, fire pit, pool, etc). I didn't see a budget line item for furnishings, interior design, and amenities. Depending on your goals, budget somewhere around $3k-$5k per room. Hop on Airbnb and scan nearby properties of similar size to get a feel for what they offer at the price points charged. Some tools that might help at this stage include AirDNA, Rabbu, Airbitcs and or STR Insights. Hope this helps.

Hey Jim, Congrats on taking down your first deal. That's huge. And sounds like you've already built a team. There are lots of books on the topic but there's not substitute for taking action and learning from your mistakes. Since you're in the Jacksonville area too, you might consider checking out the JaxREI. Seems like a decent resource for new investors with education and networking opportunities.    

I agree with others about insurance. It's possible to find cheaper options but make sure you evaluate the coverages offered. And don't forget to factor in design/furnishings into your budget keeping in mind your ideal guest avatar.    

Steve, Yes, Zach is knowledgeable in work with investors. He can def help. You might consider St Augustine but need to be strategic. I'm an STR investor myself and local to the area. So happy to answer any questions. The STR market is more competitive these days but it's still viable with the right property, right location and right guest avatar. Also supply growth (new listings) was just reported as having slowed down to pre pandemic levels. Check out AirDNA for details.

Not sure about between Jax and Tallahassee. But Jax REIA is great.

Hey Steve, Happy to help with questions about short term rentals. I recommend Realtor Zach DiFilippo. He's my go to for northeast FL. 

https://www.coldwellbanker.com/fl/saint-augustine/agents/zac...

 Have you found a property yet or just scouting the market?

Hey Michael,

We ran into the same problem in the past. I am not an attorney and I am not providing legal advice but happy to share our experience. 

We had an attorney review our docs and they confirmed we had no commitment beyond close. The agreement went with the seller, not the property. Yes, you'll need to start over with a new listing but it's completely worth it imo. All upside from there!

We are located in northeast Florida and offer full-service Airbnb property management. I'd be happy to offer a free property analysis and tell you more about our company. Where's the property located?

Ben