All Forum Posts by: Charlie Moore

As I run the numbers, which I am trying to do conservatively, I am seeing that PM companies severely hurt my margins. Obviously there is going to be a level of ease that comes with it, but I am really interested in cash-flow. I'd love the opportunity to speak with someone who has managed STR from a distance w/out property management. Am I crazy?

I've found a cleaner and handyman, but even with that I want to know how to best manage them and set them up for success!

I'd even love to know some of the specifics of checkin and check out. Is there a certain Smart keypad or lockbox I should be using so as to change the code for each guests? Is the airbnb price-setter good or should I pay the 1% to app that will price it so as to increase my occupancy?

These are a few of my questions. If someone was well versed I'd be happy to pay them a consultation fee!

Thanks in advance!

0 Votes

After completing a major renovation in preparation to BRRRR, I finally got one side of my duplex rented!

The tenant regularly called the PM company and the other tenant requesting that someone make her a hot pocket or sandwich. If she did not get her way she would lay on the horn for 45 minutes at 2am.

Invest in real estate they said - passive investing is fun they said.

In all seriousness, I've only been in investing for a year and a half and the crazy stuff is what makes you a better investor.

2 Votes

I am having a hard time finding good reviews for HML. I've only worked with a few, and I personally don't get super great vibes from them. I finally found one that came recommended from a few people but now I am seeing awful reviews on BP.

Does anyone have a HML that is responsive, transparent, professional, and sticks to their originally quoted rates? Or are they all mediocre?

Thanks BP community. Very thankful for this resource.

0 Votes

Originally posted by @Jimmy Woodard:

@Charlie Moore I always like to cross-reference Airdna data with Rabbu which is another great source. Remember that whenever you're looking at Airbnb properties, that's a specific timestamp, not the average daily rate (ADR) spread out over the course of a year. That could be why there's a discrepancy.

Also as you're researching other properties, see what amenities they lack that you can add in your property to maximize the ADR. Good luck and DM me for any questions!

Thanks! I'll check out Rabbu! I hear what you're saying about seasonality, and that is kinda what concerns me. You'd think August would be a great month for the Mountains, but everything is still a good bit lower than AIRDNA. Thanks for the invitation to reach out to you, I may take you up on that.

1 Vote

Originally posted by @Bruce Woodruff:

You're gonna get guys like me saying that you need to do your own numbers. Not hard to do, but takes some time, Ultimately way more accurate.....

I've spent hours searching multiple dates and numbers of guest for comparable listings. I guess what I'm asking is, is there a better way to "do your own numbers"? Cuz what I'm seeing isn't awesome.

Thanks

0 Votes

Originally posted by @Paul Sandhu:

How steep is the driveway to your house in the mountains? Does a person need a Jeep to access it?

Still just looking. Just comparing what I can afford to what is on the market.

0 Votes

Originally posted by @Brett Matherne:

I too am looking at that same exact market (as are many others that I think are looking at alternatives to the Smokies). I think that what AirDNA is showing may be a little optimistic, although I've heard from others that it's actually a little low for their properties... I have started to assume around 80% of their projected annual gross revenue when analyzing theoretical deals, since I know that I won't be making that same income on "day one" of operation as my listing won't be as established. Another concern of mine is that the Airbnb strategy is catching on so quickly that it's driving up prices in these markets even more rapidly than other "hot" markets... while at the same time, as the strategy catches on more and more, you're going to have a larger supply of STR's 2-5 years from now... supply may grow a little faster than the demand, thus dropping the nightly rates. So I'm trying to account for nightly rates becoming stagnant or reducing slightly when analyzing my deals just to make sure they still work with conservative assumptions.

My thoughts exactly both on the 80% of AIRDNA and the influx of supply. Definitely gives me reason for pause. But the potential is there if you can stand out from the competition.

0 Votes

Hey all, this is my first post on BP - thanks in advance! This community has been so helpful!

I am cashing out of a rental and would like to turn this into some good cash flow. I am debating between multi-fami and STR. I'm leaning slightly towards STR int he Blue Ridge Mountains. My questions concerns the data and setting realistic expectations. AIRDNA and property management companies are projecting numbers that will make me financially independent in 6 months.....I'm slightly exaggerating, but the numbers are good. However, whenever I get on AIRBNB I am seeing homes with excellent size, finishes, and views (probably better than what I can afford) that are renting $50-$70 less per night than the numbers I'm being quoted.

How accurate is AIRDNA? It is risky to get into a market with hundreds of STR? If anyone has a STR in the mountains feel free to reach out. I'm still early in my investing career and can't afford to break even on this bad boy. Thanks so much.

0 Votes

All Forum Posts by: Charlie Moore

Charlie Moore has started 3 posts and replied 8 times.

Post: STR PM Long-distance

Post: QOTW: What is the funniest thing to happen to you in RE Investing

Post: Most Transparent/Best HML

Post: STR Realistic Data/Expectations

Post: STR Realistic Data/Expectations

Post: STR Realistic Data/Expectations

Post: STR Realistic Data/Expectations

Post: STR Realistic Data/Expectations