All Forum Posts by: Derick Bonsu

I will say that it will take time to build up the positive reviews to get the occupancy up. Your first year will be lean. There is almost no way around that unless you are in an area that is hotter than hot. Like the Pigeon Forge area. People seem to toss up a nice cabin and things just start rolling, but that is not the norm everywhere.

You have to have extra $$$ to make sure you keep up on not only the mortgage and expenses, but maintenance, repairs etc.

We only had about 40 days booked the first year which didn't cover the mortgage, but I was prepared for that. After that we were in the green and getting greener.....

This should be auto reply to every STR question about low occupancy on EVERY forum/social media. The amount of times I hear people on many Facebook groups complain about - "I just went to live 2 minutes ago but only have 10 bookings. Why am I not booked for the whole year.."

I'm exaggerating but you get the point. If they had this perspective.

1 Vote

Quote from @Michael Baum:

@Anthony R., Tiny homes.

@Chris Seveney I don't agree. Our place is pretty rural and we have been doing just fine for 5 years now. We are on a big lake. :) People want to get away. That doesn't necessarily mean somewhere where there is a lot to do. Sometimes it just means relaxing, swimming, hiking, biking and grillin'.

I think you added something that @Chris missed, big lake. I do think those no name rural places will die out but definitely not "house on the lake"

1 Vote

Short term is generally 30 days or less but honestly the source of truth is going to be whatever jurisdiction you're buying in. So unless you're planning to buy in the same place I am in, don't listen to me. Just Google short term rental regulations/law/ordinance + jurisdiction (state/city/county,etc)

0 Votes

In addition to what has already been said, you may want to get a WiFi enabled thermostat to keep an eye on your HVAC, especially when it's empty.

2 Votes

Austin, Texas

Congratulations. Love to see a local MD STR. Post a link/deal summary when you're set up.

For the most part RokuTV is all you need. Set it to guest mode and it'll even log the guest out of all services on checkout. I wouldn't worry much about cable unless your target guest is likely to be home watching games and such.

1 Vote

Congrats. Place looks really nice and the current nightly rate is higher than I've seen in some of these condos.

NC/SC are on my short list for the next STR location and I'll be reaching out if I decide to go to Myrtle Beach

1 Vote

Quote from @Jack Seiden:

Quote from @Allen W.:

Hello Everyone,

I'm planning to start some rehab I'm a few weeks. Ikea cabinets are on backorder for an unforeseeable amount of time.

Can anyone recommend another affordable cabinet option?

I use the Rtastore

I've used them in the past but their quality is more like B+/A so you'll definitely be impressing C Baltimore tenants

0 Votes

Quote from @Robin Simon:

Quote from @Cody Dastrup:

Hey everyone!

I just secured my 2nd STR and in May entered year 2 of my STR journey. The 2 properties combined should do about 95k in rev next year on about 3.7k in monthly payments ($370k and $260k purchase prices respectively)

I’m wanting to challenge myself a bit on my next purchase and look at something that can do $100k in annual rev.

My question: Are there any markets where properties are sub $800k and doing $100k in annual revenue?

We've done deals recently that fit this criteria in these markets:

Galveston	Texas
Indio	California
Kerhonkson	New York
Lakeside	Oregon
Grayland	Washington
Saint Augustine	Florida
Lakewood	New Jersey

Lakewood NJ? Huh?

I haven't been in that part of Jersey since 02, but am curious what exactly changed to bring that kind of earnings to Lakewood.

1 Vote

Salt Lake City, Utah

You definitely should've led with TikTok.

3 Votes

Buy in March 2020. Buy 2019. Buy 2018. Ah you get the point. Buy.

2 Votes

Charlotte, North Carolina

All Forum Posts by: Derick Bonsu

Derick Bonsu has started 6 posts and replied 91 times.

Post: Money set aside for Investment STR - how to evaluate purchase

Post: Your Guesses for STR Fads

Post: So what really is short term rental, 30 days or 7 days?

Post: Airbnb Automation - Out of State/Far Away

Post: Providing Streaming Services in STR

Post: My first STR in Myrtle Beach

Post: Where to Find Cabinets

Post: Best markets to do 100k in rev

Post: Is AirBNB really dead?

Post: STRs - What would you do differently if you could do it again??