All Forum Posts by: Heather Carrow

I think the key to getting off-season bookings is by reducing your rates and actively managing them. I do drop down significantly, but I factor in what it would cost to run my place on a day-to-day basis and make sure not to go lower than that. My goal is to fill the vacancy, even if I am not making that much per night. At least it is going towards paying the bills. Most reservations I get in the winter are weekends, but thats enough to keep me happy. Of course, summer makes up for it! Thanks for sharing your experience with your place in Rehoboth! 

Thank you for sharing your knowledge!! I will look into this and consider it as an option as I do very much love managing my own rentals I feel like I would enjoy helping others with theirs too. 

& yes! I am a realtor and I say that all the time. Marry the hose and date the rate! You can always refi down the road.

I have a few STR's and I only use Airbnb and VRBO, with 80% of my bookings coming from airbnb. What are others doing in terms of damage when booking direct? I understand doing a security deposit, but what if the damage exceeds that amount? Airbnb has been helpful (although sometimes a headache) when dealing with damage reimbursements. That's one thing that I really like about the platform. VRBO can be frustrating with this too since you either have to request a security deposit or make the guest pay for coverage.

Thanks! 

@Lauren Kormylo How is the market in Rehoboth for STR's? I have one in Bethany and the off-season is so tough compared to Ocean City. Ocean City does so much to drive tourism year-round and I have found that Bethany does not do this as much. Summer is great in both markets though!
 
@Sarah Kensingerundefined I like this idea. Would you be willing to share a bit about how you found hosts to allow you to co-host for them?

@Michael Baum I do have equity built up due to appreciation so that Is an option. & I did a DSCR for 2 of my properties in the past. I enjoyed the process, but rates are very high right now.

@Robin Simon one is a second home loan with a great rate and the other is a hard money DSCR loan also with a great 30 year fixed rate (thanks to the covid rates).

@Account Closed agreed it is a scary time. I am seeing listings sit longer in this market and competition is lower. I think that if you can get a deal that makes sense and then refi down the Road when rates lower it could put you in a good position when everyone else wants to start buying again. 

Hey Jason! I thought about doing this too. It is an option for sure, but I'm not fully committed to it yet.

Hi Sarah! Are you acting as co-host for owners and charging commission? Is this what you are referring to? 

@Sarah Kensingerundefined

@Claudio Meira I have also seen a lot of success managing my own rentals in OC. I think the best part is that you can go in and change your pricing each day to reflect vacancies, local events, holidays, etc. Since commenting on this post 2 years ago I've acquired 2 STR's in Ocean City and one in Bethany Beach. It has been a dream come true to manage my own rentals in my home beach town. I've found that my oceanfront does very well all year while my bayside does lag behind a bit during off-season weekdays. Do you rent off-season?

Hi BP community! 

As my investing career has been advancing I wanted to start a thread for people interested in short term (or long term) rentals in Ocean City, Maryland and the Delaware beaches.

I have two STR's in Ocean City that are doing very well. I also have one in Bethany Beach and Lake Harmony, PA. So far, Ocean City has been my favorite market. I am also a realtor in MD & DE and have been helping other people get STR's in that area.

My goal is to acquire another property this year, but I am struggling to build capital fast enough to amount to a down payment. I have used hard money for my last two purchases and rates are so high right now that it kills most deals. What are others doing to raise capital?

Hi John!  

I have 2 short term rentals in Ocean City, MD & one in Bethany Beach. I prefer Ocean City because the township does a lot to drive tourism year-round. We do have a slow season, but I am still booked up most nights with lower rates in winter. Bethany on the other hand is a ghost town in the winter and the prices for property over there is very high. You might have a harder time turning a profit. If you're looking to buy something in the area I am a licensed realtor in both MD & DE and I specialize in helping folks get into short term rentals in the area! 

Thank you for the mention, Brian (Sorry I am very late to respond. Just now seeing this)

@Brian Tomeundefined.

@John Schnyderiteundefined

@Bill Ames I am also searching for a short term rental in Ocean City. I'd love to connect sometime! I really like what Al said about the extended stay. You could offer that during off-season if you didn't want to offer it during the summer.