All Forum Posts by: Garry C.

I would start with the basic package on VRBO and see how it goes. You can always upgrade at any time. But if you go with the high end package and you didn't need to, they aren't going to give you any money back. Besides, you'll want to baseline what the basic package does for you before trying a higher package. Unless, as has been mentioned, you can make back the cost of the higher package with just a few rentals, then it's not such a gamble.
I've been running my rental on the basic $350/year package for 2 years and never had an issue keeping it full. But I think I do a better job than my competition when it comes to my listing and cultivating those reviews.

If you have a 'low season' where you won't see many rentals and therefore can afford to drop your rates really low for a few weeks, then your low end nightly average price will help put you at the top of the search when most people sort by price, lowest first.

I don't think the comparison to AirBNB fees is a fair one. AirBNB does not charge me a listing fee. It's like paying to go see a movie at a theater and then having to sit through commercials, they are making money on both ends.

I've not heard any complaints from guests yet, but March was the first month where more of my rentals came from AirBNB than from VRBO, so maybe they are voting with their dollars and going elsewhere.

They asked for my opinion on changes lately in a survey, I was dismayed by what I was seeing and let them know. Apparently they feel they need to 'be' AirBNB in order to 'compete' with AirBNB. I'm not a fan of the new fees, and I'll be making it known. At the very least, if they are going to start charging my customers, they shouldn't also be charging me a listing fee.

I recently picked up a bulk order of bath towels with hand towels and washcloths at Amazon for a decent price. I felt the quality was good, but not 'high quality' bath sheets or anything like that.

I'll be following this thread to see if there are any good recommendations.

If you are managing the property yourself in order to create more profit, bravo! Later in life if you don't want to be the property manager you can hire one and still profit. But only if you've factored it into your original deal numbers.

Don't TRY to make the numbers work. They either do, or they don't. But it's not black and white either, it's grey. How much profit do you want to make? If the deal doesn't cash flow with PM factored in, but does when you leave it out, then it's probably not a good enough deal to take action on.

Surviving the change should not be hard. If anything, the easy exit strategy is to simply convert to long term rentals.

The reason many municipalities consider the possibility of regulating short term rentals is because there is not enough local inventory, and therefore less rentals for those that want/need to live in the area. Right now short term rentals is a very profitable gig. In the future, it may simply be a profitable gig.
I don't believe the change is inevitable, nor would it be difficult to survive.

I've been doing the short term rental gig for a little over 2 years, and I'm about ready to step into a second unit. Mine is in a ski town outside of Denver, about 90 minutes away. As has been stated by others, systems that template and automate the processes are key, as is a good local team. I have a realtor that keeps her eyes peeled for deals in the area, a housekeeper that I've kept busy enough that she needed to hire an assistant, and a regular guy who delivers my annual load of firewood. I've got backup housekeeping and firewood delivery. I do my own maintenance right now (did my remodel on my own as well), but I'm currently looking for a handyman so that I won't always need to do it myself, especially as I grow my business.

I tried all the listing sites initially, but then paired down to VRBO only. I've since added back AirBNB, but only due to it's popularity. Most of March was rented to AirBNB folks, as opposed to VRBO, but they just got there first. I would have filled it regardless. AirBNB are a different type of renter, they require more hand holding, and don't take care of the place as well as VRBO renters. I'm liking the idea mentioned above, dropping the rates and catering to last minute renters with AirBNB, to fill in the weeknights between the weekends that VRBO people want. A little more work maybe, but I'm only putting about 4 hours a month into managing it now.

While I've considered the implications of the short term laws changing, I don't believe it will have an impact on my rental, since I'm in a ski town where most rentals are geared for short term. However, the fact that this business has become so popular means that a) it might become an issue at some point, in order to force people into long term rentals for seasonal workers and b) that's a perfect exit strategy from the short term game should that occur.

Feel free to hit me up if you have any specific questions. For me, this has been a great investment, very lucrative and while not requiring much work after it's up and running.

@Monika Haebich, I'm interested in the link to that tool that you mentioned.

Nice work. As has been mentioned, every deal will be different. :)

I'm considering a deal right now that should bring in about the same monthly, but it's a 0BR studio at about $85k. I look at a deal like yours and I feel jealous. I mean, if the numbers work, the numbers work, but outside of Colorado the prices for deals just seem like it would be 'easier'.

So, what's your next deal and when do you plan to add it to your portfolio.

As you've already noted, the response here on BP is great, lots of people ready to help. If you think you've found a deal, post about it in the forums and ask for advice. You'll get plenty, most of it good. If a few people say 'looks good, go for it', that should help you get over your fear and make a move. If it's not a great deal, people won't hesitate to point that out and let you know what to do differently in order to find better deals.

I'm interested in flipping. What positions are you looking to fill on this team?
Another guy who might want to play ball is @Daniel Eisman.