All Forum Posts by: Christopher Cockrille

Quote from @Sarah Kensinger:

I don't know much about the area you're looking in, but if you need help running numbers just DM. Managing a rental is very much strategy, what improvements can you make that the other condos don't have that can't boost your numbers, does your property have amazing design, 5-star service, guidebooks to the condo and area, plus carefully planned marketing. If your numbers clear the property so its cash flowing positive you should be ok, then with all these in play typically you can do better than anyone else around. 

Hi Sarah, apologies for the delayed response. New to this app. Thank you for your reply.

I appreciate your offer, that's very kind. From my newbie perspective, I would agree that there is a substantial amount of strategy that comes into play that differentiates one investor from the next. I'm confident that we would do those things you listed, I suppose I just lack the overall confidence from not having a rental under my belt yet. I'll need to take the leap at some point, it just felt like I was forcing the numbers too much on this one.

Quote from @Richard F.:

Aloha,

You should absolutely ignore the Selling Agent's and Owners numbers, unless they are providing very complete financial reports to back them up. Research the area and comps on your own. If you have signed a separate Buyer's Agency agreement with an Agent, then they should be able to provide some solid information and stats to back it up. Be sure you understand who the "agent" is lawfully representing.

Hi Richard, apologies for the delayed response. New to this app. Thank you for your reply. 

I eventually was able to get much more accurate numbers from the seller. I received roughly $16k gross which was a combination of both the mgmt company and AirBNB. This is quite low and perhaps if I was more experienced (this would have been my first property) I could say that I could easily ignore owner numbers because I know what I bring to the table. Unfortunately, I'm not in that position yet and found myself trying to make the numbers work far too often during this deal underwrite.

Quote from @Michael Baum:

Hey @Christopher Cockrille, so have you looked at competing units in the complex? Check AirBNB and VRBO and see what others are going for.

I think I found the condo and ran the address through the Awning.com estimator. There are 2 other 1/1 in the complex (assuming it is the complex) that have 16k and 13k revenue listed.

The average daily rate for each is $63 and $140. The 16k is 66% occupancy rate and the 13k is 25%.

So I think 26k might be optimistic. The 3/2 in that complex shows 34k with 32% occupancy.

Hi Michael, apologies for the delayed response. New to this app. Thank you for your reply.

I have looked a few competing units but in all honesty, I was not completely sure how to do a comparison based off the listing price since there is dynamic pricing. In other words, I wasn't sure how to get the avg daily rate from a single listing to create a rough quote to do the comparison.

Based on what you were able to dig up (thank you for that) I agree that it does sound like 26k is quite optimistic. Perhaps with a bit more experience, I'd be able to say that I could achieve that. However, this being my first property I felt it might not be the best property to learn on.

Hi Gerald - thank you for posting these tools, I'll take a look. Much appreciated it!

Hey all, I currently do not own any properties and am looking to have my first self managed STR. (My wife will help, she was a CAM so has rental property management experience).

I’m underwriting a property at Snowshoe that is a true first floor ski in/out right in front on one of the lifts. The problem is that it’s been quite difficult getting true rental numbers from the agent and owner for this unit. I’ve seen numbers from 16k to 21-22k gross to include also being told that these type of units can easily do 26k gross.

The 1 bed 1 bath condo is listed at 180k, agent thinks I can ask for 170k.

Since this is my first property ever, I don’t want to purchase it based off of fictional higher “it should do this” numbers especially when it’s currently being managed through a property mgmt company that is only grossing 16-22k (numbers far apart as a result of inability to get clarity on true numbers).

If you own condos at Snowshoe, are any of these numbers reasonable? What are you doing? Or with properly self management unit would we do better/worse?

Thanks in advance!