All Forum Posts by: Grant Vincent

Awesome! Thanks for the feedback, everyone. If anyone else has any not-so-great experiences that may have lessons that apply here, please don't be shy!

@Brian Barch

That’s what I thought too. At least as far as being close to production hubs goes. It’ll be part of my discovery with client. The vibe I got from the initial talk sounded like they assumed the cool areas of ATL proper would be sought after…maybe by the more established, high paid actors. Also this would likely have more general demand, presumably.

I’ve done some film industry work in Transpo, Location scouting, and PA…seems like convenient logistics were the priority but it was a different area with a much different housing and social scene. Some were housed in some really nice stuff as a group. We certainly did a little better for the actors, none of which were superstars.

Realistically, I’d think servicing the crew is a bigger pool of need but I’m also curious what they do for the stars. Do they shack up in fancy accommodations in cool areas or just the best they can find close to facilities?

@Lauren Kormylo

I knew this but clearly forgot to factor in all those costs. Big oversight! But what about an outdated interior? For the STR plays I am more familiar with, my default is a sharp reno inside.

For this type of experience, would you expect to have to do the same or is there some charm to the throwback, stuck in the 60s farmhouse vibe?

I’d say on average, it is overwhelmingly quiet except for during seasonal peaks of farming activity. Could potentially schedule around this, too, just to avoid problems.

@Bill Brandt

100%. We’ve sold and demolished houses (rough shape) on 2 other farms…in OH btw. Good call!

@Andrew Steffens

So glad I asked the follow up. I almost didn’t for fear that I was being needy. Thank you. Just what I was looking for.

 You're probably right. I think that is what my gut was telling me.

I have a client that wants to buy an Atlanta rental property. They had a really positive experience with their STR in Colorado. They are interested in an STR or MTR in Atlanta and specifically targeting the film industry here. While I have a decent handle on general STR stuff, I'm interested in educating myself on this angle.

What is your opinion about this niche? Any tips or nightmares?

If it wasn't clear, I meant that the area's high end of $200ish/night doesn't seem like it leaves much room for pricing out the goofballs.  

@Andrew Steffens and @John Underwood, thank you! Managing expectations makes sense. 

Silly question: what does that actually look like? Suppose a simple "Please stay out of the beans?" or "only park in designated parking area" would be sufficient? 

Screening makes sense, too, especially in a LTR scenario. Any thoughts about strategies for screening out the bad news bears on an MTR or STR? The only tactic that came to mind is possibly higher pricing to weed out some of the riff raff, but the area's existing accomodations seem to be largely $200ish or less per night. I'm ignorant. What other moves are there?

Cool. Thanks for the feedback. This all makes a lot of sense.

@Lauren Kormylo Yes, there's a chance anyone would bug the owners. I like the idea from you and @Patricia Steiner about targeting the right kind of tenant or guest. 

Using some dismally low assumptions...$150/night, 25% occupany, and a 50% expense ratio would allow me to break even while paying them like $500/month (obviously very low). It generates a few grand/year towards maintenance paid out of my end, plus up to 6k that could be paid out of the rent...surely I could beat those rental #s. 

And, yes, I could probably keep up the house myself and vacation there. The house is probably 70+ years old. Without a revenue component, maintenance costs could be higher than I should consider personally funding. It's something for me to explore with the owner. 

@Lyndsay Zwirlein, arbitrage is one arrangement I have in mind...If I can get them onboard and the #s makes sense.

To get them onboard, I anticipate needing to address up front how to minimize the potential issues (caused by guests) and set proper guest expectations for the limits on the use of the surrounding area. The house is right around the barns, grain bins, etc. and the 2 sides of the yard are directly adjacent to planted crop fields during growing season.

Is it realistic to accomplish this sort of respectful use with clear instructions or intake orientation process? Not sure if potential guest penalty fees could be applied for damages or violating expectations. No question, prevention would be far superior than trying to make it right with the farmers.