All Forum Posts by: Dave Stokley

Hmmm I was gonna say Google Voice. You could get a landline and just tell guests that it's not monitored and all communication must go through the Airbnb app. It's really best practice and for your protection to have it all documented on the app.

What are you using it for? @James Maradits is right, neighborhoods like this can vary dramatically street-to-street. It's not somewhere I would buy because I only do STRs and guests would not want to stay there, but if you're just looking for cash flow it could be ok. I personally haven't seen or heard much about any targeted redevelopment in that part of town, so I wouldn't go there looking for crazy appreciation.

A good PMS platform should do this. We're also getting started with service called Properly that has visual checklists and real-time photo verification that the work is done correctly. E.g. if you want two towels left on the bed you can require the cleaner to take a picture showing it was done. Believe the service costs $3/cleaning.

Look for a company that automatically does the codes for you. Check out Operto and Point Central as two examples.

@Tonye Jack yes

Yeah totally understand that. I own a few multifamilies here that are/were all BRRRs and I have a company that operates Airbnbs for other investors. I think you can probably get 10% here after a BRRR, but the market is definitely tighter than it used to be and you'll probably have to work for it.

You all need to come to Cleveland to drive the neighborhoods and meet some agents. "Stay away from the East side" is bad advice because it's way too general. There are nice neighborhoods, up-and-coming neighborhoods, and ghettos. In many places it changes dramatically from street to street. But there are definitely flippers making lots of money on the East side of Cleveland and its suburbs. 

A round-trip flight from NYC is < $100 right now. Even when there's not a pandemic it's about $200. Worth it to get familiar with the city!

Some banks will refinance it based on market rents in the area, rather than your actual Airbnb revenue. Ask around until you find one.

@John Underwood do you manage STRs for other investors? If so, does your management company have professional liability or general liability insurance?

Curious to hear how STR managers are insuring their business, and whether you are requiring subs like cleaners and handymen who go into the property to be insured.

If so, I'd appreciate info on what company you are using for insurance and what it costs.