All Forum Posts by: Chase Hoover

I have some oceanfront property in Arizona if you're interested!

Pickleball gets my vote!  You can't find a tennis court in the trendy cities out west, they've all been converted to pickleball.  It's picking up steam out east now.  That would be a very nice amenity.  Whether I'd spend $20k on it, I don't know..... I think putting lipstick on the pig and turning it into a nice patio with cornhole, seating, etc. might be money better spent.

Amazon has a nice selection ranging from budget to boutique, depending on what you're looking for.

Listen to recent BP podcast 604 - best 45 minutes you can spend today!

https://www.biggerpockets.com/...

As a former full-service PM, I'd encourage you to attempt self-management before dumping 20-30% on someone using these exact systems.  You can automate 90%+ of your operations by:

1) implementing a property management software with automated messaging (there are lots of options)

2) using a dynamic pricing software (Pricelabs)

3) finding a GREAT housekeeping company who is familiar with STR and can self-schedule with automatic notifications and live calendar access from your PMS

There is a lot of great info on the forum about self management and PMS recommendations.  For housekeepers, google "airbnb cleaner [your location]", ask for local recommendations, check out turnoverbnb, and search this site.  This is what you should be spending your interviewing efforts on, not property managers.

If this is the worst thing to happen to you in this business, consider yourself lucky!

Expenses can usually be estimated to a relative degree of accuracy. Ask the owners if they have utility bills. If not, wager a guess given your experience with other homes in the area. Property tax can be found through the county. Insurance is an educated guess. Everything else is operational - housekeeping, laundry, supplies, maintenance, tv/internet - which you can estimate based on your expected occupancy and experience with the area. Put together a pro-forma with your estimated revenue and expenses (always make this conservative). Debt service can then be deducted from the projected NOI to find projected cash flow.

While I think it would be difficult to quantify exact ROI, I think any exterior updates would obviously make your listing more attractive (depending on your market) and therefore would therefore justify higher occupanacy and ADR.

If you're in a super competitive market with lots of cabins, small touches can make the difference between someone booking one place over another.  If you're in a less competitve market, you may not have to do as much.  

There are many inexpensive upgrades you can do like paint the front door, ditch the wood railings and do a modern cable railing system, landscaping, etc.  Exterior paint goes a long way if you have the budget- "moody hues" are definitely in style these days and will be more attractive than a standard stained wood cabin.

Remember, the wives/girlfriends are the ones doing the booking.  They want to book a place that looks welcoming inside & out!

Google "Airbnb cleaners (your city)" for starters.  Call around and talk to as many as you can.  I always prefer to use companies vs. individual cleaners.  You'll pay a bit more, but if one cleaner calls in sick or their car breaks down, you're not SOL.

We had success converting multifamilies into Airbnbs in the West Palm Beach area of Florida and were able to maintain 90% occupancy among our porfolio of around 30 units.  Our town was beachfront but did not have many hotels.  If you can find a similar location on the Gulf side, I'd imagine you'd do well.  Of course, it's a bit more management-intensive to have multiple doors, however if you have the proper cleaning team and automation tools in place, it's a great way to boost your revenue.  Also be sure to check city regulations before pulling the trigger on anything.  Work with a local agent who is familar with what you can and can't do.