All Forum Posts by: Lynn Burson

@Megan Hunt what size SFR such as bedrooms, bathrooms,... My experience is some boutiques do better with condo vs SFR, higher end vs beachy cottage... Thanks

@Ana Marie B. my vote is with @Jenna Y.!   I have a sister in Los Angeles who is currently looking in to A similar project with a cottage specific to Airbnb. They are familiar with short-term rentals secondary to La Quinta,  Palm springs...  Also, I have been involved with VRs for a while and experienced the good & bad aspects of short-term rentals. Best of luck!

@Patti Longworth welcome to BP!  You have a good plan but it will require liquidity.  I along with other partners invest in VRs in the Destin, Miramar... areas. 

If you have questions/comments just let me know... It's a small world. 

@Austin Hughes

Rule number one:  Don't sweat the small stuff

Rule number two:  Its all small stuff

@Melissa Gittens

I would follow the list by @James Paine.  It is extensive but you may find smaller & less searched platforms like AlwaysOnVacation...  There are different websites that appeal to various demographics such as domestic vs international searches.  Example is in the panhandle of FL most of our business is via VRBO but if going to a metro such as SF it would be AirBnb...

@Charles Beyer the Orlando VR market is a good place to start IMO.  We (Partners / myself) do VRs in the Destin, Miramar Beach, SoWal... areas and it is a true niche / micro market.  It can be very lucrative or just a break even proposition.

Several good points have been made: Condo to Large House, HOA to city R/R, High end to Stack & Pack, PM vs yourself, portfolio loan vs 2nd home financing... but to me its still a Cottage Industry with many opportunities.  A lot of this is due to lack of institutional involvement & general market inefficiencies.  

@Mike R. you are 100% correct!  As you scale up and take new clients you will quickly notice different views, quality,... with VRs that clash with your concept.

Its RE with a large amount of a hospitality component that many owners seem to over look / ignore. 

During the good old days owners and PMs could transfer accounts and keep the reviews,... but a few years ago VRBO, HA,... changed this policy for several reasons.

As previously mention we have to log into each house unless it was set up in the beginning under one account.  Also, at least two emails & text messages can be directed to different individuals. 

Many owners complained directly & on the HA message board but nothing changed.  Some people like renting from the owner/individual but some feel safer with a PM/boutique rental company.

@Karen Margrave we bite the bullet and pay for insurance thru a local insurance agent.  The coverage is specific for short term rentals including missed rents from oil spill,...  It is not cheap and runs approx. 7K per house.  The companies seem to be smaller with names that most would not recognize.

@Gary Ennis

Congrats on the place!  VRs in the right place, price,... can do quite well. They just have a higher cost of business than a SFR.

The hospitality component is something most people underestimate when starting but I see the listing of restaurants, bars, venues... you guys provided.

The returns are higher but more work with turnover/furnishings involved (most of which can be somewhat automated).  I would think ABNB would boost occupancy sans fees?