All Forum Posts by: Lynn Burson

Old Capital Podcast has a recent episode (last week?) explain this specific to MFRs, cost segregation, depreciation recapture,... its approximately 25 minutes. 

I have not read all of the comments BUT I know this ... becoming a millionaire does not happen by ACCIDENT!  Being intentional, planning, discipline ... are all involved in the process.

This is an important question... but just like everything it "depends".  The PMs fees tend to be regional (IMO) and next it depends on the level of service provided.  I would say next is the track record of the PM (regional footprint, nights over the year, own website,...)

My business partner does self manage and then utilize booking fees (negotiable) with other PMs like 360 Blue, Beach Reunion,... depending on location of the property, time of year,...

The other PMs in Destin / 30A that is they're primary business model vs developing, building new / reno...  Sooo I'd probably look at regional PM websites and directly inquire the packages they offer? 

@Sean Wilt ... the situation is similar to a college professor I encountered 30 years ago.  He stated that he does NOT believe in giving an " A " in his course.  I remember thinking he was joking ... and he wasn't.

Now there is rate my Professor, blah blah,... and people have an idea prior to registering for the courses.

That is exactly the way some people are with VR reviews.  There will be more (guaranteed) and even better like shake downs for a refund.  Having doing this approx 10 years the VR world is a hospitality business wrapped around a piece of real estate.  

@John D.   enjoyed the chat regarding larger VRs.  Any questions let me know & if specifics needed happy to share.  

Micah we do build VRs on/near the beach in Destin/SoWal.  My business partner has been doing this for a while but the area will ultimately determine profitability.  We do large homes for several families, events...

Local banks are your best bet via portfolio loans.  Off season is very important as to how well this concept will work... Peak season pays bills,... but the off season determines your profit IMHO.

It can be done especially in coastal areas &/or locations with a longer peak season.  There are several PM companies approaching us with rent guarantees... like anything else due diligence with VRs.     

@Clark Hess the cleaning fee is usually charged separate (not your Mgmt fee) & to the guests.  However this can change to the location, usual/customary...  In parts of the NC Coastal area I have observed patrons bringing linens.  It just depends on your area.

I would use the various sites (HA, VRBO, AOV...) and see what is the norm.  Viewing a contract of local VR PMs would be helpful in your start up.

Lots of good information from previous posters.  HA has a message board with experienced individuals & The Vacation Rental Success podcast has a lot of info from a VR PM perspective.

@Megan Hunt, @Arianne L. has my vote with Coastal realty. I haven't heard any negative info but only positives with they're PM.  It's a really small area and info spreads quick and easy in the NWF panhandle. 

@Patti Longworth you have  stated a good plan/points.  I think working as an REA gives you a great start with that first deal! This is very important due to all the competition... The obvious reason is NWF is becoming associated with the tourist destination moniker. An example is Destin on flip key is now the number one searched destination and with our 2016 rents I believe it.  As you get closer in you/family decision feel free to ask regarding school districts, area for VRs vs personal residence or just general questions. BP is a large & helpful community.