All Forum Posts by: Wendy Vaidic

 Interesting perspective.  "When others are fearful be greedy and when others are greedy be fearful." 

I definitely was in the never California camp because I assumed all of California was ridiculously skewed toward the tenant.  I'll look into the area you suggested.  Thank you!

We have a beach STR & we've decided we'd like our next property to be in the mountains. Are there mountain towns where sub-600k homes cashflow? We're willing to BRRR so numbers will work & are willing to pay more for multi-cabin and/or super unique properties.

We checked out Blue Ridge, GA this week & loved the area but the numbers don’t seem to work at these rates.  We will self-manage from a distance.

Thanks!

Hi @Adam Marx!  Congratulations on getting started in real estate investing.  

We have flipped many properties in Brevard, although we have pivoted to short term rentals the last few years.  I initially had the same plan as you.. flip, flip, hold but didn't end up holding.  Boy, I wish I did!  We would have so much more  wealth in equity if we had.  

If you have any questions feel free to reach out.  

Great post!  Thanks for sharing your insights on how to balance maximizing ADR, while not missing out on bookings.

 I agree, for Pricelabs to work best it is not set it and forget it.  You need to adjust settings based on the changing market and new offerings in your area.  

Are these charts from the Pricelabs market data?  

Hey Glen! There is a REIA meeting in Melbourne every month. Shoot me a message & I will give you the details.

Thanks!

Wendy

If you're confident in your ability to build a team give it a try.  You can always pivot later.  There's also the option of hiring out portions of it that you don't enjoy.  

I would definitely suggest staying in your property a few times a year if possible so you can keep an eye on things and experience what your guests do.

I love Pricelabs.  It gives me a great idea of demand & has a lot of features to fine-tune the pricing.  Their customer support is great too.

That said, I don’t suggest set it & forget it.  Keep up on local events, competition prices etc to ensure your prices remain competitive without leaving cash on the table.

I believe you can try Pricelabs free for one month & then it’s only $20.00 per month.

I avoid HOAs because the area I invest in only has a couple of HOAs that are short-term rental friendly and I don't feel there's enough value in them to pay the fees.  

Neighborhood HOAs are a danger because they can disallow short-term rentals, and then you have to pivot to another strategy or sell.

I can't remember which podcast it was, but a guest mentioned the HOA changed neighborhood amenities to owner-only unless you used the in-house property manager who charged a very high percentage for the area.

I just don't love HOAs

Hi @Ben Jimenez

I own a short-term rental in Cocoa Beach and it's been great.  It's a popular vacation destination, and it's very close to where they launch rockets so you get a great view right from most properties. There's also bioluminescence here part of the year, where the water glows when it is disturbed.  It's a really cool experience and it's not something you can see everywhere.

Melbourne Beach is a quieter beach south of here and it also does well too.  It's less touristy but that also means more room to spread out on beaches and relax in the quiet.  There are also more turtle nests down here than up in Cocoa Beach so you are more likely to see hatchlings and mamas building nests.

Indian Harbour Beach is between the two, and has a lower price-point but also lower occupancy and rates. If you can afford the first two, that would be my recommendation.

All of these locations are on barrier islands so they have the river on one side and the ocean on the other.