All Forum Posts by: Jason Regan

I since implemented profit first.  I love using this method.  It gives me a much better view of my money.  I can now easily tell what I have to use towards flips, operations, and I have 20k sitting in the profit account now!

Hey man I have one in Kissimmee.  Looking at your expenses there are a few things that are different from mine.  I have a 6 bedroom in Storey Cove.

$245/Month - Insurance (based on Zillow listing in Regal Oaks) - This one seems very high.  I pay about $133 a month. 

$145/Month - Cable/Internet (based moneysavingpro.com) - This is included in most HOA in the area

$117/Month - Repairs ($1/sq. ft. for Zillow listing in Regal Oaks) - Seems right in a condo a newer small home

$180/Month - Capital Expenditures (best guess) - This is high if you have a condo as you wont have much capital expenses.

$475/Month - HOA (based on Zillow listing in Regal Oaks) - About what I pay

To add - Supplies

In the end it looks like your about $300 or so too high. As example my one I bought for $650k has expenses between 4,500 and 5,000 a month. Now I do have a better rate then what's out now but I am still looking for other STR. The margins are a little tighter but there should be no way your coming up negative. Feel free to reach out if you want to talk more

In my market (Massachusetts) when adding additional space we need to pull a permit.  This is usually good enough for the appraiser to take into account.  There is a caveat with this as certain things wont be taken into account at 100% value.  For example a finished basement is not worth as much per square foot as the main living area.  When I list I usually take this at 50% value of the main floor price per square foot.  Appraisers don't use this exactly but, as explained to me by an appraiser, its a bit of a sliding scale and depends how much is above or below grade.  The easy way is to measure it yourself tell the appraiser how much square feet you added

Hey everyone I have a STR in Kissimmee with a private pol, its in Story Cove. My electric bill was INSANE when keeping the pool heat on so I currently have it off and let the vacationers know that. I have yet to get a bad review because of it. There is a device in the future I will get that you can control the heat from your phone and many people tell guests pool heat will be on for 8 hours a day only. As for the pool being worth the price. On Price LAbs a pool is a common amenity. Without it you are going to have to be priced lower. That being said I think this is much more of a thing in larger homes. My 6 bed needs a pool but a 2-4 bedroom condo probably will be fine with the complex pool. Just remember you cant price yourself with the pool homes average nightly rate

Id urge you to rethink the management. They charge a large portion that can really erode your revenue. If you have one STR that is set up right then it is not that labor intensive to run. I went to my STR when I bought it for a week and fixed or replaced everything I thought would be a problems. Examples would be a coffee maker that was hard to figure out (I actually replaced all countertop appliances to ensure I wouldn't have an issue, a non comfortable bed, a fan that was discussing, etc. This makes it so I have les service calls I have to deal with and can focus on the guests. As for working with the guests and pricing you have aps such as hospitable and price labs (may others too, this is just what I use) to help automate communication and pricing. I am spending less then an hour a week on my STR. I dont think 4 hours a month is worth 20-30% of my revenue. That's just my opinion. Shoot me a message if you want to talk more indepth

I have a list I got from the Robuilt channel. It gives you what to buy, prices, and links to buy. I have to say the amazon bed he has on there is amazing. I found it at the bottom of one of his videos and used it on my last STR

Wow this will make an appraiser's head spin. I would would subdivide the duplex or triple off the land if so and keep the garage and one other property together. There are two ways this could go. The appraiser could look at the like it is a 2 family (residential), a 3 family (residential) and garage (commercial). If you are getting a standard conventional loan they will most likely use the Comparative Market Analysis method to figuring out what your house is worth large issue with this is good luck trying to find a comparable for your property. This leaves a wide array of results that could come in. I would call a commercial bank and see if you can grab a commercial loan on this and see if they will treat it like a commercial level property that will value based on the income (this would not involve a subdivide). Find out what CAP they value it on and then you can do the math to see about what it will appraise for once complete. For example if you have 5 units with $1,000 in rent each and the Garages renting for $500 each then you have a total of $6,000 coming in a month. Lets take away 50% for to get an NOI of $3,000 then get the yearly, 36,000. Divide this by the cap rate and you have a value of $600,000.

Hey David.  I just bought in Kissimmee in March.  Shoot me a message and I can talk to you about how I ran the numbers and share my sheet.  I used Airdna to get a general consensus then dug deeper into Price Labs to get more.  I bought a six bedroom and I got a 72% occupancy and $325 nightly rate when i did the analysis.  This is my first year so we will see how it pans out :) Looking good so far.  April was booked all month at an average closer to $350, Only 6 Days booked in may(expected) but June is already booking at a higher rate

Welcome!  HELOCs are great as their rate is much less then many other options

Id love to see the Data too.  Using Airdna I don't see anything special