All Forum Posts by: Felicia Lucco

Quote from @Eduardo Bilbao:

I see that you have not had luck with pricing softwares. But maybe you want to take a look at Pricelabs. They have made me more money than what I could've thought possible. They do the analytics baed on my base rate and the software pretty much pays for it self. I am very satisfied with it I recommend, and just for clarify I do not have any affiliations to them.. I just think they offer a great product. 

Thank you for the post, I like to see we have educated people in this forum. 

Great read and interesting points. I am just starting to look in the Kissimmee area and have seen many voice concern over saturation. I've also heard the demand is higher and saturation is not an issue. However, this the first time I've seen any discussion about the effects of mismanaged rentals and pricing. I see how that can affect others in the area, especially those using dynamic pricing software. (This gives me reason not to!) What I can't comprehend is why would they struggle to rent in an area that attracts millions of visitors. 
I'll use your insights to look at some of these listings and see what NOT to do.  

Thank you for all of your tips. I will revisit this with my lender and realtor. I was also advised that should I get a really good insurance policy (like Proper), that would offer the same protection. 

Hi Ethan,

You should be nervous...  Unless you know for a fact that your tenant has experience/skills, I would not allow them to do any repairs. (Choosing a carpet and having it professionally installed within a given budget should be fine.)  

I once had a tenant who let me know of some cracks in the wall, then assured me that he could spackle them, and I didn't need to worry. Well! When I later saw the job he did, I was appalled. A 2 yr old could've done better. There was spackle everywhere (floor, door frame, etc) and none of it smoothed out or sanded. He ruined my walls! He also - for some unknown reason - used duct tape on the walls, which when removed took the drywall with it! Lesson learned! I then amended my lease to forbid anything other than a picture hanger to be installed on the walls and for absolutely no repairs to be done by the tenant. I suggest you do the same.  

We are actively pursuing the purchase of our first STR with a plan to add more. We've been advised by our accountant that each should be purchased in the name of an LLC to protect our assets.

The STR experts here advise using a 10% vacation/second home loan when purchasing these (in order to scale quicker), but they would have to be in our name then, not an LLC.

Any insight on this? Do other STR owners use an LLC?

Thanks.
 

Nick, I think it all depends on the house, area, target audience, etc. No matter what, it needs to be CLEAN and COMFORTABLE.  I've heard one 'rule of thumb' from Avery Carl: plan on about $10K per bedroom (that includes your kitchen, living room, etc.) 

Yes, Brett. I am interested if the numbers work with me renting and running an Airbnb. Sent you a connection request. I'll check out the area in the meantime. 

Brett, what is a 'master lease'? Are you referring to rental arbitrage? If so, would you be willing to agree to renting the place for X number of years and possibly buying the contents when you're ready to take it back? It could be a great way to get out of your sticky situation. Where is the property located?  

Krista, good info. The Short-Term Shop is looking for realtors like you to join their team!

Gerald & Shelly, I thank you for that referral, as well. I plan to work with the STS and already scheduled a consult with the Mortgage Shop. So excited. Thanks, Mel!