All Forum Posts by: Bien Nguyen

 Hi Ken.  I guess I wasn't clear in my original post.   For the colder months, the hot tub would be used as normal- hot.  

But guests may not care about a hot tub for hotter months.  I was just saying it could be used with cooler water as well to cool off.  I hate swimming but I, myself, would consider sitting in cooler water to "cool off."

My husband and I close on our first STR in a mid-August. I am curious to hear feedback on pros and cons of having a hot tub as an amenity?

We live in an area where it is nice weather for 8-9 months out of the year but a hot tub can have cool water as well, to cool off if needed.

We're trying to have an amenity that is different in our area and hot tubs are not common with any STR in our area.

Thoughts?

How long have you been using Owner Rez?  I would love to hear your experience about switching over, tech support, and what you like best about Owner Rez.  Thanks for the feedback!

I'm curious about anyone's direct experience with either of these 2 STR PMS? My husband and I are under contract with our first STR property and looking for recommendations on PMS. I know some say just use Airbnb and VRBO with only 1 property but I also don't want to be reliant on Airbnb with all the negative feedback I have seen on other STR managers forums in which I follow.

Any recommendations... and what specifically do you love about the PMS you use?  Thanks in advance!

We used the various calculators that BP provided, AirDNA data for that specific property (we compared a number of properties before putting in an offer), and were conservative with the AirDNA data knowing that bookings are down being compared to prior years with the pandemic.  Our first year goals were to break even and grow from there and the CAC data was showing 10% or higher with using a management company.  Since we intend to manage it ourselves, then the CAC jumped to 20% or higher.  Our market has a lot of tourism and with employers moving to the area (Hyundai plant and it's suppliers), we could also do mid-term rentals for people relocating or receive appreciation if we need to sell in a couple of years.  

Investment Info:

Single-family residence other investment.

Single family home with 3 BR / 2 BA and close to our primary home, Savannah, stores and restaurants, and lots of local activities. Beach lovers can find the ocean within 45 minutes for Tybee Island beach, or drive in slightly different direction and experience within a 60 minute drive Jekyll Island, Georgia down I-95 S, or Hilton Head Island, South Carolina taking I-95 N.

What made you interested in investing in this type of deal?

Close to home, seller was willing to negotiate seller concessions, and the layout of the home had potential for us to do minor renovations that were doable for us.

How did you find this deal and how did you negotiate it?

It was on the MLS but we noticed the seller was a part of a relocation package, and this property was contingent and then went back on market. We felt due to the relocation and it previously being under contract, the seller would be more inclined to negotiate.

We also demonstrated financial strength by being pre-approved (not just pre-qualified), having a higher down payment for earnest money, and a quicker due diligence deadline.

How did you finance this deal?

Conventional 15% down and $5K seller concessions towards closing costs

How did you add value to the deal?

TBD

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a real estate agent and my brokerage has access to lenders, home insurance, and other added benefits.

Hi Ben,

We were previously under contract with a cabin near Helen, GA but pulled out before the due diligence deadline.  We literally just went under contract with a property within 7 minutes from our home and although the property required us to put more money down and more sweat equity needed to get it up and running, we feel like we can get more renovations done ourselves and save some money so the CAC will be better once we get established.  We ran our numbers conservatively as AirDNA showed really high numbers for the property.  

We are also thinking about the amenities and how to differentiate ourselves.  We noticed our market basically had properties that looked nice - like a hotel.  We are brainstorming ideas on having wall murals, or themed rooms in the house that are relevant to the area, etc to stand out with our interior design.

Bien

Thank you!  I feel like we are getting analysis paralysis because of the current interest rates being higher and all the gloom and doom around the economy and inflation.