All Forum Posts by: Estrella Carolina Mckinney

@Estrella Carolina Mckinney Great story! What did you do in the military? I've been an active duty Navy officer since 2009, and I've been building my real estate portfolio on the side since 2016.

I own properties in Florida, Wisconsin, and Oklahoma, and I'm a passive investor on 4 commercial real estate syndications, (two multifamily, one RV park fund, and one mobile home park). 

Are you concerned about the oversupply of STR's? Where are yours located?

Congrats to you! Thank you for your service!

I'm still active duty (about 15 months to go).

Look forward to using my experiences to help our local community.

I wish you all the best.

Dynamic pricing is better than fixed pricing.

You can adjust pricing by using a pricing tool and discounts. For our pricing tool, we use Wheelhouse and it's a lot better than Price labs. I heard Price labs might've get more venture funding so it may change in the future. We don't let Wheelhouse automate everything because the market is moving too much (especially now). Our team changes pricing every week and we also use various discount incentive strategies to get guests to book with us.

There are data providers you can use in tandem with your pricing tools. Analytics are also provided by the OTA's and you can use your PMS if you have historical data.

There is a calendar section in our pricing tools that compare our nightly rates with comparables and we can see how much more we are getting. 

My vote is for dynamic pricing.

We are the odd hosts out because we use a flat rate.

I am sure we could make a bit more money, but people see the right rate from the get without a bunch of different daily prices.

We have been thinking about looking at Pricelabs. We will see.

Aquí algunas cosas en las que es vital pensar al invertir en un STR exitoso...

1. Ubicación : encuentre una ciudad o suburbio que necesite estancias cortas (por ejemplo, vivo en Indianápolis , que es una importante ciudad anfitriona de convenciones, eventos deportivos, etc.) que atraiga gente y que también sea de fácil acceso.

2. Experiencia única : desde la decoración hasta las comodidades, las tiendas y restaurantes locales, asegúrese de que su alquiler ofrezca algo diferente... ¡apunte a un nicho de mercado !

3. Ejecute los números:  hay varias cosas que debe tener en cuenta aquí, pero el uso de herramientas como AIRDNA ​​junto con un agente amigable para los inversores puede ayudarlo a tener el mayor conocimiento posible para poder calcular precios, tasas de ocupación esperadas y potencial de ingresos general. después de impuestos, hipotecas, gastos, etc.

I think this differs depending on the region you are in.  As an investor/manager in FL I look for properties that embody Florida:

1. Close to beach/attractions i.e. location

2. Outdoor space:

  a. Pool

   b. Lush tropical landscaping

3. Indoor space, clean and updated.  As modern as possible but depending on budget properties do not need to necessarily be super modern, they can be clean and comfortable.

Most people come to FL to be outdoors, so while a nicely updated and furnished property is still important especially in a softer market like now, the importance to me is the location and outdoor space.  I am also an avid traveler to the mountains (TN/NC) in winter.  There is spent quite a bit of time indoors so the interior esthetics are important, as is the location/views and having a hot tub.  

Lots of good answers.  I will add walkability to the list.  I am placing an offer tomorrow that is distinguished from much of the competition by walkability.   Virtually all have pool/spa access, they are nice interiors, beach access, but the walkability of the one we are planning to offer on is a bit better.  It also has a private beach that some of the competition is missing.  

Good luck