All Forum Posts by: Carson McGee

Quote from @Jaryn Pierson:

Do yourself a favor, at first glance AirDNA will give you some good data, but the free dashboard is really just an average.  Once you really get serious, pay for the market dashboard of the area on Pricelabs with a well thought out radius.  Try your best to frame the radius of the data set to include the entire surrounding area before the neighborhood changes dramatically.  $10 / month and will be the best $10 you can spend for some 'insurance' before you buy.  

 I agree with Jaryn, the price labs market dashboard is a really useful tool to help you get tangible revenue comps at a reasonable rate.

Hi Matthew!

My investment partner and I have purchased six vacation rentals in that area over the past six months. We have been self-managing and developing our own operations and systems. For us, the numbers made the most sense on the larger 8/9 bedrooms homes, but we analyzed a variety of options. We did invest significant Capex into building a team of our designers and muralists to rehab the properties. We are projecting $150,000- $165,000 gross revenue for each property, if you are interested I can provide historical data for the 3/4 bedrooms as well. It is vital in this market to have amenities that help you stand out. We did a full renovation of garages into custom movie theatres, elaborate game rooms, and a theme with murals throughout the entire property.

Quote from @Valentina Calla:

Hey Danielle! I am currently working with a couple of out-of-state investors looking for "Disney" themed STR in the Kissimmee/Davenport area. Although the market is saturated, that doesn't mean yours won't be successful if you present it the right way. From my experience, the occupancy rate is about 79% in those areas even in this market. The best part about STRs in those specific areas is that most of them are in STR communities that are already running as rentals and have Profit & Loss records to show before you buy so you can see how much you'll be cash-flowing. Good luck and contact me if you have any questions!

Hi Valentina!

Another pathway for your clients could be to analyze cheaper houses that are less turnkey. This only makes sense if they are willing to put in the capital/effort to design and theme them. I have seen success with making the properties as unique (murals/theming) as possible and providing quality amenities (custom movie theatre & game room). My team has seen great cash on cash returns from utilizing this model

Hi Danielle!

The area south of Orlando; Kissimmee, Davenport, Four Corners etc is an extremely short-term rental friendly area. A lot of these communities are in fact built to be a resort and don't even allow residents longer than six months. I would always double-check with city & HOAs. If you are interested in this location here are some communities to start your search in: Champions Gate, Windsor at Westside, Reunion Resort, Solterra Resort, Solara Resort, Windsor Island, Storey Lake, Providence Resort, Sonoma Resort, Windsor Hills, and Formosa Gardens.

Feel free to reach out if you have any questions, my team has been actively acquiring properties and managing in this area.

Hi Marcus!

My team is managing 11 Airbnbs and we have found Pricelabs to be a great tool. We also prefer the flat monthly subscription model of Pricelabs over Beyond Pricing which takes a percentage of revenue. 

We are using a software called OwnerRez for all auto guest messaging & channel management. 

Another good tool to manage cleaners is ResortCleaning. This gives your cleaners auto-updates of new bookings, allows them to upload pictures, and gives inspectors a checklist. 

Feel free to reach out if you have any questions, my team spent a good bit of time initially comparing the pros and cons of all the different softwares.

Hi Danielle!

My investment partner and I have purchased six vacation rentals in Kissimmee over the past six months. We have been self-managing and developing our own operations and systems. For us, the numbers made the most sense on the larger 8/9 bedrooms homes, but we analyzed a variety of options. We did invest significant capex into our homes with designers and muralists but we are projecting $140,000- $165,000 gross revenue for each property. Let me know if you are interested and we can set up a call to discuss other metrics, we analyzed all opportunities so I have some data on the smaller homes as well. Check out our properties at Elevated-Stays.co

Hi Eric,

My investment partner and I have acquired six vacation rentals in that area over the past six months. We have since been self-managing and developing our operations and systems. We are now at the point where we have enough staff to take on third-party clients. I personally believe that the best STR managers come from people who have their own equity invested in STRs. It brings along a mutual sense for all parties to organically maximize revenue and guest experiences. Let me know if you are interested in additional insight into this market.

Investment Info:

Condo commercial investment investment in Lahaina.

Purchase price: $1,100,000
Cash invested: $330,000

This is a short-term rental purchased in Maui for $1,100,000. This 2bd condo was purchased cash with delayed financing (70 LTV). The annual gross revenue is roughly $165,000-$170,000.

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

This deal was found on the MLS and was negotiated with cash and waiving contingencies.

How did you finance this deal?

We bought it cash and set up delayed financing through a commercial DSCR lender.

How did you add value to the deal?

The only value-added was furniture and decor to increase ADR and overall revenue.

Lessons learned? Challenges?

A big challenge was finding a lender to do 80 %LTV on Maui non-warrantable condos, we have to settle for 70% LTV.

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

Yes, contact me for more information.