All Forum Posts by: Holly Kurtz

I am looking for advice on the best way to handle my first FIZBO. My current tenants want to buy my Denver condo, so I don't need a Realtor and don't need to maket or list the property. Can anyone recommend a Denver-area real estate lawyer who could work with me for a reasonable price, or another approach that would be better?

I furnished a 1,000 square foot home for about $1,000 by buying used-but still nice-furniture, shopping for some things at Goodwill, and buying linens at a deep discount store. $15K sounds like a lot to me for such a small place.

One person gave me the private advice that I needed to install a swimming pool in my backyard. Unfortunately she did not offer to pay for it. ;)

Last I looked, prices hadn't fallen yet even though this area is a ghost town. It's a very competitive market and overbuilt. But Windsor Hills is good-make sure you have at least a private splash pool and the place has to be updated. Reunion is also good. My Realtor Raquel Ells at Keller Williams in Orlando knows a lot about the area.

Congrats on your new place! I list on Airbnb and VRBO but these days I get most of my bookings from Booking.com They're annoying to deal with but they get you bookings because people who start out searching for motels/hotels are also shown your listing. Especially these days, many travelers rightly believe that a single family home is safer than a hotel. After some poor experiences with chaperoned school groups, I now require everyone in the home to be 25 or older unless accompanied by his/her own parents. Be sure to describe your setting very thoroughly. For example, racist guests will say in a review that the neighborhood feels "unsafe" if they see a person of color and Airbnb won't do anything about it. It is almost better to undersell than oversell your description--I'd never want to describe my place as a luxury listing now matter how nice it is because someone will always have an over-the-top vision of luxury. Put a lock on one closet and use it to keep supplies-as others have said-people will take anything that's not tied down. If you have more than one TV, label the remotes-people mix them up then call you because they can't turn on the TV. Also label things like modems w "do not unplug" since people love to unplug anything that's plugged in. Go ahead and furnish from Facebook marketplace, yardsales, etc---just know what bed bugs look like and make sure your cleaners also know! Also, I try not to buy any upholstered furniture and stick w surfaces that can be wiped down or -in the case of a futon I have-the cover can be removed and washed. I try to buy darker colored sheets and towels that don't show stains as much as lighter colors. I subscribe to a few sites that search the web for good deals (Brad's Deals, UntilGone) and just wait til I find a good sale. Quicker drying is better since it minimizes the time spent waiting for laundry to dry. If there's space, you might consider buying something like a pool table or gaming table (used, of course). Makes people feel like they're on vacation, even if they're there for work. Cornhole is also popular. And some people leave board games. I like to provide people w a broom, vacuum, etc. so they can clean up if they spill something. Although my current STR has carpets it's only because they were there and new when I bought it-when they wear out I'll definitely replace them w hard surfaces. For the door lock, I love my Schlage locks because you can assign temporary codes (from your cell phone) that only last as long as the visit. They are expensive though and I had one go out after less than a year because it was in direct sunlight most of the day in FL. If you go end up going to medium term rentals, I've had a lot of requests recently from students who don't want to live in the dorms due to COVID safety concerns.

I recently moved to FL after living nearly 20 years in Denver. One thing to consider is that there are few FL cities that offer direct flights to Denver, including nowhere on the Panhandle. I believe your options are Jacksonville, Orlando, Miami/Ft. Lauderdale, Ft. Myers, and Tampa. My Denver Realtor owns a STR in Galveston-and there are non-stop flights to Denver from that city. Let me know if you want me to put you in touch w her.

I believe the home needs to be your primary residence in Denver. This is what happened to my ex-husband-

https://businessden.com/2019/03/21/denver-revokes-homeowners-short-term-rental-license-for-first-time/

Mike, I live near Kissimmee and also recently looked into STRs there. I am also similarly cautious and assess everything related to real estate investing against the much easier alternative of leaving that money parked in mutual funds/index funds. My conclusion was similar to yours in that I just don't think Disney area vacation rentals are a great investment right now. I have looked at the financials of several properties and also toured some places with a Realtor, based on recommendations from a property manager who's been in the business over 20 years. The problem is that the HOA fees and hidden additional fees tacked on by the developments are so high that it's hard to make any money. Yet you need to buy in these specific developments (all relatively close to Disney) with lots of amenities because that's what vacation renters expect. Occupancy is also quite seasonal and tied to school holidays. Some of the properties I looked at were netting $40 a month-or losing money. And I did not see any with 50% occupancy rates. The other wrinkle is that this property manager told me that you need to get a place with its own pool-as renters expect that. (It's a little splash pool.) And the place should also be updated-e.g. granite or better counter tops in the kitchens, bathrooms, etc. All of that adds to the cost. The property manager I spoke to was Stephen Behlor. The Realtor I worked with was Raquel Ells.

I recently looked into this market and when I started viewing the financials for specific listings they were very poor investments due to high expenses. For instance, the communities that vacationers like best charge very high monthly fees because they offer amenities like water slides, gaming areas, etc. The occupancy is very seasonal- basically school holidays. The market is saturated too. Some listings were losing money- others grossing like $40 a month. Talked to a longtime property manager in Kissimmee who basically implied it was not a good place to buy unless you just happened to want a vacation home there to use yourself from time. You probably know this but STRs are illegal in Orange County so you’ll need to stick to the resort areas. 

Julie, I am renting my three-bedroom Denver home by the room for similar -ie personal rather than business- reasons (my boyfriend‘s son needed a place to live). The other tenant is on a month to month lease. A lot of people look for furnished rooms to rent longer term in Denver because the rents are so high. You can find them on Roomi, Craigslist, etc. It's probably less lucrative than AirBNB but it's also less work so far than my STR. If you do AirBNB by the room as a favor to your friend maybe you could ask her to take on some of the management or cleaning work or at least keep an eye on things. I AirBNBed a room in a large house over the holidays by the way and the place was run like a small hotel. Locks on every bedroom door. Cleaning fees were very low and house rules required guests to clean up the kitchen if they used it. It was a great value but not sure how much $$ it was making as most of the rooms appeared to be unoccupied.