All Forum Posts by: Vincent M.

@Rhonda Blue. Thank you for your feedback. Certainly helps in my planing. 

I guess the one area that I need to learn more about is the whole AirBNB, or VRBO/HomeAway. 

Am I understanding you correctly that If I self manage my property with these systems, they will take about 15% of my gross receipts? That certainly takes a big chunk out of the pie... 

Thank you

Thanks @Luke Carl  for the validations of numbers. I like to have everything in a spreadsheet to start so I know what I am looking at. I know its can all change as you start with your rental. Your confirmations are very helpful. 

An are I am not familiar with is the marketing side of the property. What are these  costs like If I self manage ?

thanks

Hi again, Trying to pick up some of my research in the STR market in the Smoky Mountain area. I am putting together a spreadsheet with some costs to help understand a the end game a little more - i.e. cash at the end of the year. Was hoping some of you all who have cabins can weigh in a little with some real life costs ....

Avg Nightly rent for a 2 Bed - estimating from VRBO / AirBnB ~ $140 over the course of the year. Does this sound like a good average or am I shooting Low/High?

Vacancy - I am guessing about 15%? for this area? Again whats been your experience. Is this high or low?

I am estimating the following for expenses. Some I have guessed, Some @Avery Carl (Thank you) has guided me on &  Some I really don't know what they are in that area:

Garbarge - $50/Month

Water/Sewer - ? 

Cable/web/Phone - $150/month

Cleaning - $500/ Month. 

Electricity - $150/Month

HOA - Variable

Security - ?

Pest Control - ?

Gas - $50/Month

Insurance - $75/Month

Landscaping/External Maintenance - $75/Month

Capex - Going to use 5% of Gross receipts

Rental costs associated with VRBO/AirBNB and general Marketing costs - ?

Would welcome some feedback on these numbers any any that I am missing. I would be glad to share my spreadsheet once I have it put together

Thanks - Vincent

@Kole Kingslien Would not advise you to do this. Keep the lines crystal clear. My experience with this was not positive. I started helping my in laws with a building a couple of years ago after it became clear property manager was not doing right thing. One of the problem tenants was this guy who was the "handyman" for the Apts. (Reduced rent, no deposit). His unit was a mess. Long story short, it took almost a year to get him out, lost a few thousand in unpaid rent, loss of rent due to reduced rent for many years, and lawyers fees on top of that.. But hey, I got the experience of cleaning it up after the fact which is important to me as I start my journey.

Thanks Avery, definitely.  I just responded to you email . Thanks for your help. 

PS - Does anyone know if I can edit the subject - I just realised they typo....

Hi Everyone, 

I continue to dig into the Smokey Mountain region for STR's and am trying to learn more about the local areas before I commit to a visit down there. I would love some feedback from you all.

There are a couple different areas that seem to be where the actions is - Pigeon Forge, Sevierville, Gatlinburg, Wears Valley etc - can anyone share a bit about the pros/cons to each area. Is it a case where one area is saturated and people are moving to other areas to meet a need?  Is there an area that's up and coming and why?  Is there one area that I should be focused on over an other?   

Second question is more historical, how did the STR strategy in this area fair during the last downturn.  I know money is made generally based on the purchase price, but how impacted was the rental market from 2007-09?  Is there any information / stats available about this?

Thanks also for suggestion to connect with @Avery Carl. Very helpful so far.

Vincent

For those familiar with the current Philly market, are there turnkey properties available which will cashflow AND appreciate at this time?  Or are they hard to come by?    Should we be looking at properties that need some rehab to get appreciation?..thanks

thank you..will look him up and give him a ring

Hi everyone, 

Looking for a recommendation of a Broker who I could speak with regarding refinancing my current Mtg/HELOC. Someone who is familar with NY State, fees etc and can do a realistic analysis to see if it currently makes sense to do it given what I have (Vs. someone less experianced who just wants to sign the business)

thanks

@John M.  Thank you for your response - will keep all that in mind! Vincent