All Forum Posts by: Ben Scarborough

I have bought my first STR and i am in the process of setting it up...my specific question at the moment is what software/aps do you all use to run your STRs. It would be great to get an exhaustive list of software that you rely on. Even the apps that you use once in a while for small things...thanks in advance for all your input it is really appreciated!

I have been using Guesty and PriceLabs both for about 2 years now. Really great softwares, and has made growing my portfolio very simple to date. A few others I started using more recently that are not AS well known are StayFi and Mount.

StayFi is essentially a security gate for your wifi that requires the user to enter their email address, phone number, and any additional information you want from them in order to be granted access to the wifi. Their information then goes into a database that can integrate with your Property Management Software and later into your Direct Booking CRM. This is a huge asset in the sense that when a guest books you are only getting that 1 person's info, but now when the guest that booked has 5 others with them for example and they all need to connect to the wifi, you are getting 6 people's info into your CRM instead of just the info of the person that made the reservation.

Mount is an upsell software that gives you the capability to rent out amenities at your property, such as bikes, paddle boards, kayaks, etc... When you sign up with Mount, they cover you under a pretty good insurance policy that is based around amenities. Next steps are Mount shipping you a label/sticker with a QR code on it, slap that QR code onto your amenity, and then you marketing it to your guests for hourly/daily rentals.

Feel free to reach out if you have any questions - happy to discuss more!

1 Vote

Bismarck, North Dakota

Quote from @Amanda Swanson:

Hi all - I currently have 2 STRs, looking at numbers and trying to narrow down a FL/AL beach location for the third. Is there any where in FL where the numbers still make sense to buy? Thanks for any insight.

Hey Amanda, sounds like you have some good momentum going and cool to read you are interested in buying in a beach market as you continue to scale! I wouldn't typically recommend beach markets for those looking for their first STR due to the seasonality in most. However, I will mention that Gulf Shores and Orange Beach have a great advantage over many other beach markets due to how easy it is for Midwest states to shoot down I-65 and end up here on a straight shot! There is still a ton of land to be developed here and it already has great STR regulations in place that separate the residential properties from the rental properties very well! I would be happy to discuss more and answer any questions you may have, but don't see the growth of the Gulf Shores market going anywhere!

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

0 Votes

Destin, Florida

Quote from @Troy P.:

Quote from @Derek Fike:

@Candace Pfab Yeah let's connect! I went to Gulf Shores & Orange Beach quite often when I was in college and absolutely love it. It's great to see how much the area has grown!

You know it's growing when they put a Buc-ee's nearby!

My family and I have been vacationing at GS/OB for the last 40+ years. I've always wanted to land a condo down there but could never look at the numbers. The insurance sounds frightening, the PMC sounds frightening, every time we have to call the PMC the experience is terrible. Like previously mentioned, today's rates make it seem impossible, but I still keep the area on my radar for a "maybe one day". Good luck!

A huge perk of buying in Alabama is the low property taxes (2nd lowest in the country). As far as insurance goes though, I would argue it is getting out of control everywhere. There are great hacks to getting large discounts on your insurance at the beach here though, such as buying a gold-fortified home. I would be happy to discuss more and answer any questions you may have!

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

1 Vote

Quote from @Derek Fike:

Hey Everyone,

I hope everyone is having a great weekend! I'm looking to purchase a condo in Gulf Shores or Orange Beach, AL and am curious if anyone has any experience in the ST vacation rental market in that area? It seems like the ideal spot for high cash flow and occupancy.

Thanks!

Hey Derek,

Gulf Shores and Orange Beach are beautiful areas and there is still a ton of room for growth here! It is essentially the bottom of the funnel for the whole midwest in the winter months as they can jump on I-65 and it is a straight shot south. It also already has great regulations in place that separates the residential and rental properties very well from each other. Happy to discuss more and answer any questions you may have. Feel free to reach out!

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

0 Votes

Quote from @Joanna Liriano:

Hey folks,

My name is Joanna Liriano and I am dead set that I will buy my first property this year. I am reading Real Estate Rookie by Ashley Kerr and I am learning about real estate as if it was a part time job. I've worked on my first goal and just wanted to share it with you guys. I feel that the more people know about your goals, the more pressure there is to make it a reality. #Accountability. I am open to hear feedback, advice, and/or some guidance. So here we go:

I want to profit $15,000 per month by 2033 because I want to feel financially free so I can still make a living without having to work as someone’s employee. I will do this by buying 15 small multifamily properties in North Jersey that yield at least $1000 a month in profit through short-term rentals.

Leads: I’m going to search for properties in Hudson County, Bergen County, Passaic County, Morris County, Essex County, and Union County. I will speak to a housing counselor for down-payment assistance programs. I will compare loan officers for the best home mortgages and pre-approval. I will also find an experienced real-estate agent who can help me find good deals.

Analyze: I will analyze real estate markets through AirDNA and estimate how successful Airbnb would be in that area by calculating average daily rates, occupancy rate, and revenue. I will compare these results with long-term rent prices to see which option is better.

Propose: I will offer no more than market value. One out of three offers tend to close. I need to offer at least one every four months. This means I need to analyze 5 deals a month, or one deal a week.

Success: Close on the first contract.

Hey Joanna, congrats on getting started and creating a plan for yourself! Many people back out shortly after getting started because of how overwhelming everything can seem at first. Love how you took action to pick up a book though and begin educating yourself on where to start! I think you have a great plan and would be happy to help you out with any questions along your journey. Feel free to reach out!

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

0 Votes

Newark, New Jersey

Hey Tony, spoke with Natasha Santos not long ago about this and would be interested in discussing further now that I have had some time to think about it!

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

0 Votes

Quote from @Lyndsay Zwirlein:

Prob depends on your market and target client. Bill Faeth just put one in his Gulf Shores property - you could prob get more info if you follow him on social!

Very cool! Pickleball is getting huge down here in Gulf Shores. The sportsplex here just added 12 courts! A ton of fun to play, and several retired people we know love how they can enjoy the sport as well due to the size of the court.

Ben Scarborough
BNB Real Estate, eXp Realty Southern Branch
Ph. (850) 390-2350

0 Votes

I haver been using facebook groups frequently in my markets of interest (Gulf Shores/Orange Beach) to find cohosting leads and have found it very reliable! A lot of people need help running a successful airbnb so congrats for noticing this trend and wanting to help solve the issue! I think this is going to be a fantastic year to scale cohosting/property management portfolios. People who bought at the top of the market within the past couple years and have listings that aren't performing well are going to freak out and either decide to sell, repurpose the home, or find a cohost/property management. Best of luck, and feel free to reach out if you have any questions!

-Ben Scarborough

0 Votes

Albany, New York

Quote from @Patrick J. Mayo:

I'm new to real estate. My rookie brain would like to pick 3-5 areas to purchase STRs that compliment each other so that one area is cash flowing when the other is not. Like a summer beach house and a winter cabin. Is anyone using this strategy? Personally I'd love to have STRs on the Gulf Coast, near ski resorts, and a few other spots. I'd love to visit them with my family during the off season as well. If this has merit... what would be a good combination of locations? Thanks.

Hey Patrick, you will not find a better beach market than somewhere along the Gulf Coast. I grew up in Pensacola, FL and now live in Gulf Shores, AL and can't say enough how much I love these areas.

As @Brooklyn McCarty mentioned earlier, Gulf Shores is very reliable for income at least 6, usually 8 months out of the year.

When my wife and I were getting started, we decided to invest in the Smokies due to mountain markets usually maintaining tourism for more around 10 months out of the year. This data felt safer to us since we didn't have access to a lot of money at the time that we could tap into if there were an emergency. That being said, I would still start in a mountain market if I were to do it over again.

The TN Smokies, Blue Ridge, and Western North Carolina mountains are all great options.

Please feel free to reach out if you want to discuss anything more or if you have any questions. Happy to help!

0 Votes

Quote from @Matthew W.:

My wife and I are looking to purchase a beach vacation property where we can take the kids once or twice per year and then rent most of the year. We are not tied to a particular coastal market, since we understand that certain areas have higher taxes/fees/regulations/hostility to STR/flood insurance/etc.

I put together a 'short list', but please feel free to propose markets not listed! We really do want the most bang for the buck, and we're happy to consider sleepy areas or 'up-and-coming' destinations. It's probably relevant to disclose we have only owned 2 inland properties and are NOT experts at this, but appreciate your guidance and knowledge sharing. :)

Potential Markets:

Gulf Shores, AL

Corolla, NC

Rockaway Beach, OR

Myrtle Beach, SC

Charleston, SC

Port Aransas, TX

Ocean Shores, WA

** I assume the California coastline is not cost-effective, I never see it on a list of recommended vacation rental.

** We love and have connections to Hilton Head Island, SC but know it is hostile to STRs.

** Slight bias against Florida due to anticipated stress and anxiety of watching a hurricane hit your vacation home annually, ha.

Hey Matthew, I grew up in Pensacola, FL and currently live in Gulf Shores, AL.

You will not find prettier beaches anywhere in the US than the Emerald Coast of FL/AL. Yes, hurricanes can be worrisome, some much more than others, but with a reliable insurance policy, I have a hard time believing you will find a US beach market outside of the Gulf Coast that provides a more reliable income stream for at least 6, usually 8, months out of the year. In fact, from personal experience, majority of hurricanes are not nearly as terrifying as the news makes them come off. I am a structural engineer for my W2 job and it is actually insane how beefed up beach home designs are nowadays. Make sure you get a home that is gold-fortified as it can cut insurance costs almost in half.

I'd be happy to discuss more of my experiences growing up by the beach over the phone if you would like. Just shoot me a message!

Ben Scarborough

1 Vote

All Forum Posts by: Ben Scarborough

Ben Scarborough has started 13 posts and replied 142 times.

Post: My first STR, what software?

Post: Florida STR locations

Post: Vacation Rental Condo in Gulf Shores/Orange Beach AL

Post: Vacation Rental Condo in Gulf Shores/Orange Beach AL

Post: New to Bigger Pockets: First Goal

Post: Biggerpockets Is Looking For Agents In Gulf Shores, AL!

Post: PICKLE BALL COURT

Post: How to find investors or landlords who need help co-hosting?

Post: Diverse STR locations

Post: Best Beach Vacation Rental Market in 2023?