All Forum Posts by: Collin Chan

Pretty strong.  #1 is 90% booked for Feb and 80% booked in Mar.  #2 is also 90% booked for Feb and 80% booked in Mar.  The open days are all orphan days so will drop the price possibly to fill occupancy.

The others have less bookings in the 40-50% over that same time frame but they typically book last minute.

Getting ready to launch another for peak season in a week or so.

Location Northern AZ.

Depends on how much money you need for retirement.  Would the paid off house give you enough to live on and retire early?  

If not you probably want to leverage the cashflow to buy more properties through saving that for a down payment and/or borrowing more money against your current property.  

Also just look on Airbnb at some of the properties and see who is hosting them.  You can find a lot of co-hosts and see who has a diversity of properties and good reviews.

How much is the land worth? How big is the lot? I've seen some STRs operators depending on local policy add value by putting multiple rental units on a single lot. Look up how others are adding glamping sites or small structures that can generate large CoC returns and see if this is doable with the property.

It's not as hard as you think.  We started by partnering but now are managing our own once we learned the process and systems.

Taking the first step is the most difficult so the key is to get started.

You'll want to check your area specifically.  There are a few companies in CA specializing in "ADUs" but laws will definitely vary by state and city.  You can search G for Maxable, Cottage, and Dwell but some of them are CA specific.

We turned ours into a large game room.  Exactly as @Nathan Gesner stated with a 5 in 1 game table (usually set up for foosball), dart board, and overall hang out space.  It still has a garage door but the previous owner had it fully conditioned and put insulation panels on the garage door.  It's attached to a bedroom that we have a bunk and queen in already so the game room is a hit with families and we've been booked at 97% occupancy for the last 3 months with March already 80% booked due to the family friendly vibe.

FYI it's not the first in the US as Phoenix has a few Intel fabs already and TSMC is looking to build more there.  Silicon Valley of course earned it's name by manufacturing chips for many decades as well.  That being said, I would leverage Phoenix's growth as an example of what could be possible although there are of course many other factors to consider.

Collin

Wayfair has this with their credit card.