All Forum Posts by: Calvin Baughman

I'm going to bake cookies, set up a Christmas tree, make gift wrap, scissors and ribbon available next to it. Maybe I'll put up some lights in the courtyard, but I don't want to get too deep into decorating, as some guests don't like that very much, so I'll keep it just enough to set the mood for celebration in an elegant way. And I'll update the photos of the property in my listing, of course.

 This is a great one! I usually say something like "I would love to hear from you if there's anything I can do to improve your experience next time" instead of mentioning I want a 5-star review back. That way they feel I'm interested in their well-being instead of my rating on the platform!

Hey there! Sounds like you've got quite the budget to play with. Personally, I'd lean towards diversifying your investments across the different locations you're considering. Each market has its own dynamics and risks, so spreading your $5.3M across Hawaii (Kona), Miami, and Honolulu could be a solid strategy.

For the short-term rentals in Kona, Hawaii, the tourism industry there is pretty robust, but do keep an eye on local regulations and potential changes in the vacation rental landscape. Miami is a hot market too, with a mix of short-term and long-term rental potential. As for Honolulu, multifamily properties can offer stable returns, especially if you plan to live in one unit.

Consider the local economies, job markets, and future development plans in each location. Also, think about your risk tolerance and whether you prefer the stability of long-term rentals or the potential for higher short-term gains. It might be worth consulting with a local real estate expert in each area to get more nuanced insights.

Given your budget, you could potentially diversify by allocating a portion to each location. This way, you're not putting all your eggs in one basket. Just my two cents, I don't own any properties in any of these locations, I'm just curious hehe – hope it helps!

Looks like John Marston's house in RDR haha.
But seriously, it doesn't seem bad, it looks clean and well-kept!

Quote from @Paul Meyer:

My STR is actually in Vermont but that doesn't even exist on BP. lol. I'm starting up again after a 10 year lapse. Exiting flipping back into rental market. My question is how many hosts or property managers request an ID before the customers checks in. I'm probably over paranoid. I have a max of 12 on my 4 bedroom in a rural spot and I got 12 adults for a 2 day stay on New Years and I requested an ID to confirm name/age. Female is not responding back with a front picture of any ID. I'm just a bit surprised but not browsing the internet on the subject. I will say my sister had a house party at her trailer but I don't know if her property manager actually requested any ID. I've got a pretty expensive remodel with furniture so I only want the right crowd. I plan to just cancel the reservation and lose the $800 profit over the stress. When I went to Puerto Rico the host requested an ID plus picture of my vaccine card and I didn't think twice and showed it. A hotel you always have to show an ID.

Other thing is insurance. I tried BP STR insurance but they wouldn't insurance my vermont mobile home. I'm having such a hard time getting insurance on a $400k property. It's scary. Anyone suggest that they will even if rates are high? Thoughts on ID's? I feel I'm going to lose business. I did put in all my channel descriptions "Host requires identity confirmation before check in".

thanks, Paul (from VA Beach)

I only ask for the ID of the guest who is booking the property. I've never really had a problem with that, but if it makes you feel safer and sleep better at night, I say go for it! We are the best people to decide what is best for our business and the type of guests we want to receive. Personally, I don't worry too much about it, as my guests generally respect the rules of the property. I also use Turno to clean up any mess they make, the cleaners from the app never let me down. But each case is different, maybe you had worse experiences than me with your guests!

I 100% agree with you. Those are very valuable points to have in mind when it comes to STR, especially if you're running your business remotely. I travel a lot, and sometimes I can be there personally to take care of my property, so I can also consider myself a remote manager/host hehe. I'm gonna give you some tips on pieces of software I already talked about on a previous post of mine (you can go there and see the replies if you want):

Some tools I'm all about:
• Guesty: for reservation management, communication, and payment processing.
• Turno: for finding cleaners, organizing and automating cleanings and cleaners’ payments.
• Personal Capital: for budgeting, investment tracking, and retirement planning features. It also provides insights into your overall financial picture.
• KeyNest: simple and secure key exchange solution, it helps to improve the guest check-in experience.

Oh God! This was very smart. You got the moves, Theresa haha. I'll definitely gonna try it!

That makes total sense. I had never stopped to think about it from this point of view. Sometimes we have the idea that STRs are more profitable because they have higher prices for guests, but sometimes we ignore factors such as the cost of the property and the investment time until the business becomes profitable.
My question was focused on what kind of strategy to use in a property already purchased, without considering those factors. But I really enjoyed reading your answer, it made me think from a different perspective!

Yeah, sure. I was just giving a quick solution for hosts who don't have much time to think of it properly. Of course there are different ways to organize your property, I didn't mean to say it as a rule, you're right.