All Forum Posts by: Ethan Cooke

@Wade Alderson - Yes, I think Evolve and Turnkey will do this for you. Last I checked, Evolve charges 10% of total revenue to manage marketing and guest bookings, and you can pay extra for them to also manage cleaners, re-stocking, etc. I imagine they would love to take 10% on a long-term rental since it’s less work for them. 

I encourage you to look for local property managers since you can probably find a better deal. I run several furnished rentals in San Francisco and just south, and I charge about 10% of revenue for marketing, communications, booking, maintenance and coordinating the cleaners. 

Good luck!

Ethan

@Account Closed - If I were to buy my own home again, I would buy either a duplex or at least a single-family home with an in-law unit. I own 3 single-family homes in San Francisco. I would rather manage one expensive home than 3 inexpensive homes because it's a lot less work. The two homes that I rented out to tenants were initially cash-flow-neutral or negative. They needed significant cosmetic work, and by spending $30K-$100K on each I gained twice that in value. The appreciation--from rehab and the Bay Area market--has been great, which was my main goal. And the rents have increased every year, so that in 5 years the cash flow has become solid and in 5 more years it will be strong. The downside in an expensive market like the Bay Area or New York is that often the cash flow isn't there. To balance the great long-term investment with cash flow, I've built a business renting homes from other landlords, then doing cosmetic repairs and renting them out to business travelers. It's been a nice balance so I can gain cash flow without needing to sell a property or refinance out of a low-interest mortgage.

Good luck to you!

@Julius Robinson - Great thread, thanks for asking for others' experience. If I were to buy my own home again, I would buy either a duplex or at least a single-family home with an in-law unit. I own 3 single-family homes in San Francisco. I bought homes that needed significant cosmetic work, but by spending $30K-$100K on each I gained twice that in value. Each home has appreciated significantly. The downside in an expensive market like the Bay Area or New York is that often the cash flow on SFR's isn't there. But to balance the great long-term investment with cash flow, I've built a business renting homes from other landlords, then doing cosmetic repairs and renting them out to business travelers. It's been a nice balance so I can gain cash flow without needing to sell a property or refinance out of a low-interest mortgage.

Good luck to you!

@Chris Egan - Although I don't know the Omaha market for traveling nurses, I have interacted with many travel nurses coming to the San Francisco area since I run a furnished rental business in this area. I recommend that you research your local market for other medium/long-term business travelers. I have found that other business travelers are willing to pay more than travel RNs (e.g. tech workers and construction workers whose companies are paying for the housing). Travel RNs tend to be very price-sensitive since they are on a per diem and they pay for their own housing.

@Andrea Cole - I agree with @Michael Greenberg and @Julie McCoy--I have a single account as a Host and Traveler and it works great. When I am inquiring or booking a place on AirBnB, the Host sees that I'm a SuperHost. And when I'm doing pricing and calendar management for my AirBnB listings using a computer or the App, I can easily toggle from Host to Traveler to see the exact pricing/fees that potential Travelers see with any of my listings.

@Jess White - Like Jon Arsenault, Rachit M and Adrian Chu, I like the www.cozy.co platform. It's simple and it's designed for landlords and tenants. You link your bank account, then the tenant can either link their bank account to pay rent with no fees, or they can pay with credit card for a 2.75% fee. It sends regular reminders to tenants and landlord about payment due dates and status. 

@Lee L. - I agree with many comments above, and I understand that you need to prioritize. Based on my experience running a furnished rental business, I think your top 3 priorities need to be: 1. Price aggressively (free), 2. Get professional photos (you might pay $150 or $200 but you will make it back in extra bookings in your first month!) and 3. Use the professional photos on your HomeAway/VRBO listing and on a new AirBnB listing (free). Good luck!

@Sid Payne - Thanks for the post. I agree with @Tim Schroeder—you have nothing to lose from using multiple platforms! The ABB and VRBO/HA calendars sync easily to avoid double-bookings. I have 9 furnished rental listings—4 in San Francisco and 5 just south of SF. All are 30-day minimum rental. All are on AirBNB and 2 are also on VRBO/HA. I keep my units 90% booked through AirBnB and I have not gotten any bookings through VRBO/HA. Low search rankings maybe?!

@Jason Blasenak - If you are renting out your property for 30 days or more, you can use www.cozy.co. The guest pays no fees if they connect their bank account to yours, or they can pay the standard 2.75% using a credit card.

@Neel Jain - I have been a homeowner in San Francisco for 20 years and have followed the market for SFH's during that time. I've seen the same pattern that @Frank Wong is referring to....a long run-up, then a modest 2-year drop, then a 2-year return to the previous high, then another long run-up. Barring an earthquake or other natural disaster, I think homes in SF will continue to be a solid investment over 10, 20, 30 years. But the numbers always have to be right. And given how hot the market is, that is more true than ever.