All Forum Posts by: Eric Ullmann

Hey @Eric Ullmann, I just got into the STR market myself at LOTO. I bought a 2/2 condo in Osage Beach. I am not going to come close to hitting the AirDNA numbers. I am not sure if it's due to me being inexperienced in managing an STR, or market saturation (especially in the 2/2 condo space). I have a friend that owns 4 properties down there. One of them is a 4BR cabin on the water, and that is the only one doing well for him this year. I am on Airbnb and VRBO and my reservations are almost split down the middle. I have heard that it's a VRBO market as well, but that hasn't been my experience so far. Again, I just got in the game, but I thought I would weigh in with what I have seen so far.

We just invested in a STR in this area - I don't recommend a condo, hoa dues kill the numbers. I'd look into buying a lake front house that is NOT in an hoa. Reach out if you want more info!

Hey @Eric Ullmann, I love the Lake of the Ozarks. A quick look shows a few nice places all along the lake. Larger places definitely do better on occupancy. The sweet spot is 4/3 or 4/4. Sleeping around 12.

The average nightly rates on the larger cabins seems to be $400 plus. Occupancy is around 70% with some showing nearly 100% occupancy.

Yes, I have been working with a few realtors and was looking at 1 - 2 bedroom condos to get started. I had conflicting information because one realtor said I needed to be in Osage Beach or Lake Ozark. They were saying Sunrise beach wouldnt do well. Where the other one said, Sunrise Beach does really well with VRBO. When looking at Airdna the data shows the same as well. 

Well, occupancy is a crap shoot. It will all depend on how well it looks, how you have it setup, what amenities it has etc.

You first year will be lean of course as you build up a rep and reviews.

A quick look at Awning.com's estimator shows a lot of rentals on or near the lake. Occupancy is under 50% for most of the properties.

I plugged in a 1/1 and estimate is 30k a year gross with 58% occupancy rate. Just looking at units shows most 1/1's are closer to 40% occupancy.

Now you can't trust that data 100%. It is just a single point of data that covers AirBNB only. VRBO isn't included. You should take a look at both platforms and then search for properties like what you are considering. Look at their nightly rates, occupancy and amenities and you should get a better idea.

It's more about your ability to set up a good stay and host well than it is 1 vs 2 bedroom. Both would work well if you are a good host. Bookings come down to price, location, and amenities. Find the best combination of those. I prefer to maximize the number of bedrooms for your budget, so 2 is better than 1 if it is in your price range/limit. It's the same amount of work for you to host whether a place is 1 bedroom or 8 bedrooms. It is more work and money to get furnished and setup, but once done, you're still just communicating with the individual that booked it regardless of party size.

My cousin manages a about 20 lake front properties in the Ozarks. It's VRBO market, with about 80% of the bookings coming from VRBO. If you're going to use the enemy method to track calendars, make sure that you track VRBO and not just airbnb. 

Another thought when looking at a place is proximity to fishing tournaments. That's a big driver of tourism in the spring that could really help offset the seasonality of a lake property. 

Well, occupancy is a crap shoot. It will all depend on how well it looks, how you have it setup, what amenities it has etc.

You first year will be lean of course as you build up a rep and reviews.

A quick look at Awning.com's estimator shows a lot of rentals on or near the lake. Occupancy is under 50% for most of the properties.

I plugged in a 1/1 and estimate is 30k a year gross with 58% occupancy rate. Just looking at units shows most 1/1's are closer to 40% occupancy.

Now you can't trust that data 100%. It is just a single point of data that covers AirBNB only. VRBO isn't included. You should take a look at both platforms and then search for properties like what you are considering. Look at their nightly rates, occupancy and amenities and you should get a better idea.

Hey @Eric Ullmann, I found this bit of text on the rules -

The City of Osage Beach does NOT have specific regulations that restrict
or prohibit short-term rentals within our residential zones or in
commercial zones where residential condominiums are a permitted use;
except for the R-3 multi-family zones, which do have a requirement of a
30-day minimum stay.

Make sure it is legal in that specific condo unit and the HOA permits it as well.

It looks like a nice area. Nightly rates are about $100-$125 a night for a 1/1 or a 2/1. 

A Single Family beach house would net you more money.