All Forum Posts by: Cole O'Dell

Hi, 

I am looking for a website designer that specializes in STR websites.

Some functionalities I am needing are as follows:

- Direct Booking capability

- Integration of calendars, prices, and listings with PMS

Please let me know if there are any recommendations.

Thank you

@Andrew Freed - Thank you. I will look into that some more!

Quote from @Andrew Freed:

@Cole O'Dell - Yes, have another agent do a CMA on it to determine the market value of the property. Additionally, see what current rents because if it rents for $1400 and the cost is $199K, it doesn't sound very profitable as a long term rental. You'd want something closer to the 1% rule.

Also, some other strategies to consider would be a medium term rental, airbnb, seller finance / subject to, novation agreement to flip it with your family member as a partner. I would explore all of those options to see how many exit strategies you have. If you have very few profitable exit strategies, it probably isn't a good deal. 

 Thank you for the response, Andrew. 

Could you explain how a seller finance would work in this situation? I have basically no knowledge on how that would play out. 

Hello,

A family member is preparing to sell her home, and we are trying to decide what would be beneficial for us in purchasing her home, and something equitable for them as well.

Here is some of the info:

-Wants to list home on the market for $199k,  her realtor said she would get minimum $175k if she did list it. 

- She owes $90k on the mortgage on the home.

-Home currently has tenants and rents for $1,400/mo. Tenants would likely stay if whoever purchases the home wants to continue renting.

We are trying to decide if we should buy and continue renting, buy and flip, or something else. I am skeptical of the pricing evaluation given by her realtor. The house is older and likely would need upgrades and repairs to get into a good shape, and the neighborhood is not very desirable. Should I get my own realtor to evaluate and see if the conclusion is the same? Can I pull comps myself in some way? The house is probably twice the square footage of the other homes in the neighborhood.

I have been racking my brain for a way to get involved, so I wanted to see what other ideas people might have. 

Thank you in advance!

Quote from @Josef Hardi:

Hi Cole, 

Pretty close to real life situation. What I ended up doing was getting a duplex in Southern California, I plan to live in one and then STR the other. It'll be a learning experience for me. But I did my research via Robuild shows as well as airdna analysis.

My next STR would probably be in destinations that I would love to personally visit every year. I'd probably try to get a second home loan for that.

I did explore mobile home park, but after further consideration, I'd rather get a duplex / SFH because of appreciation factor.

I also did explore flipping and/or BRRR, however, I would first need to have a solid construction/renovation team. I decided to wait on that until further notice.

All the best!

 Thank you, Josef! Sounds like we really have had some similar thought process. I wish you all the luck with your duplex!

Quote from @Robert Wilson:

I would buy a deeply discounted vacant lot that I could subdivide and build 2 houses on. I already have massive amounts of experience wholesaling so I know that in the future I would be able to find more vacant lots. (bc I've found them in the past) Then with my newly acquired development/new construction experience, I would do what I just did building those 2 houses except on a much larger scale. 25-30 new builds in a subdivision development. Take most of the profit I make from selling the houses and roll it along with debt into buying large multifamily deals that CASHFLOW!!

I hadn't really considered the idea of building new properties. My main concerns with that are: increasing prices and time to build, as well as I have really no idea how to get started on project of that scale.

Process could take 1-2 years before ever seeing a penny in return, correct? Market demand should certainly hold up though as far as value for a new build. 

Quote from @Peter Mckernan:

Quote from @Cole O'Dell:

What would you do if you had $200k to invest today? Would you invest in STR, if so, where? Would you try and get a mobile home park? Would you try and do flipping or BRRR?

I am looking for creative ways to try and invest. STR market (Broken Bow) is extremely hot right now, and was wondering if there are maybe some better ways to invest today?

What would you want to do? Could you and are you willing to BRRR? Or are you willing to House Hack? The mobile home park avenue is great; however, the $200,000 amount would get you an LP position. An STR would bring in big money, and that is a great avenue, make sure you know the area and regulation in that area you will invest. The areas where STRs are can change quickly, so be sure to stay up on them. Do you want an active lifestyle in investing (flipping) or more of a passive one?

A lot of questions for you to dig deep on before you know which route to take. 

 Thanks for the response, Peter. 

Flipping or doing BRRR would be a difficult task for me currently due to there being three people investing together and us all living in different states. So, managing a reno project could be pretty difficult due to proximity.

For the last few months we have been looking at doing a STR in Broken Bow, Oklahoma. The revenue generated there seems to be very promising. However, property prices have skyrocketed in the last 3 years from 150% to 400% increases on some properties. We actually just went under contract for a house that seems like the best deal we could find, but we got hit with 7.7% interest rate on our loan- making expenses and margin for error drastically different. We are trying to be smart about our options and make sure we are not acting out of FOMO. But we just aren't as confident as we were say 90 days ago.

What would you do if you had $200k to invest today? Would you invest in STR, if so, where? Would you try and get a mobile home park? Would you try and do flipping or BRRR?

I am looking for creative ways to try and invest. STR market (Broken Bow) is extremely hot right now, and was wondering if there are maybe some better ways to invest today?

Quote from @Marshall Leipprandt:

@Cole O'Dell I currently manage two properties remotely. Don't pay someone 30%, that's absurd. It is totally doable yourself, but you do need a few things. Here's a quick list:

-Trustworthy cleaner, reliable handyman, a vendor for everything that can wrong (and will), a local contact if possible for emergencies (although it looks like you're 4 hours away so could trek over occasionally for an eyes on), good systems to manage the property (IGMS, PriceLabs, Hostfully are all tools I use), and the time and motivation to ensure you respond to guests quickly and provide a seamless experience. 

Some other things that might help: programmable keypad locks for remote entry (I use Schlage locks), HVAC system that has an app where you can control temperature when no guests are there, and reliable internet. There are many others but this is a quick useful list.

 Thank you, @Marshall Leipprandt. 

Do you have any properties in the area? Also, do you have any recommendations on finding these connections? Specifically, the person who would be willing to go to the property in the event of an emergency. I want to ensure that guests can get what they need in a timely manner, in the event that something is broken or isn't provided for them by mistake. That is the hardest thing for me to come to terms with on finding a solution for at the moment. 

I am in the process of purchasing my first STR in Broken Bow, OK. I have looked into the property management companies in the area and they charge around 30% of gross revenue, plus additional fees, which is a terribly large pill to swallow. What are recommendations on managing a property remotely and how to make sure your guests are best taken care of as quickly as possible?

In addition to this, I am looking to expand my network in the area, so if anyone has the contact info of reputable handymen, plumbers, cleaning services, etc. in the area, that would be greatly appreciated!