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All Forum Posts by: Jefferson Brown

Jefferson Brown has started 6 posts and replied 86 times.

Post: Financing Out of state, Short Term Rental in Florida

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Originally posted by @Natalia Soares:
Originally posted by @Jefferson Brown:

@Eric Schroeder 

All In Credit Union has a program that has 0% down for investment properties.  We've bought two homes with them in Florida.  Its a 10 year balloon but has a 30 year amortization.  Try giving them a call.


Hi Jefferson, Do you have a contact that you work with personally that you can share? Thank you!

Looking back through my emails I find a Trina Causley but I can’t remember if she was the sales rep or the closer.  I tried to put her email in here but bigger pockets blocked it.  DM me if you want that.

Post: igms Vs. Your Porter Vs. Smartbnb Vs. ?

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Originally posted by @Karen Chenaille:

Smart BnB is great. Kudos to @Benjamin Vail for the summary. Their focus has been in beefing up their Air BnB integration. To my knowledge they can message on VRBO but their financial reports do not include VRBO numbers. They don’t leave reviews for VRBO either. 

I use OwnerRez as my PMS. It integrates at the API level with Air BnB and VRBO. It has a great direct booking website. You can use what they have out of the box or put a nice front end on it to dress it up. It cost me $800 for the front end. 

OwnerRez can get all the financials from Air BnB and VRBO in one place.  This is extremely powerful.  They also integrate with Beyond Pricing.  They have a robust messaging platform so you can set up the same message flows for bookings that come in off your website.  You can make mods to your listings in OwnerRez and they will push to Air BnB and VRBO.  You can also do credit card processing in their platform through a 3rd party integration.  You can import your Air BnB or VRBO reviews and post them on your direct booking site.

You can send emails to cleaners and also share a master calendar with ALL your bookings on it (website, Air BnB and VRBO).  

I will admit I did not like it at first but once I took the time to learn it and decided to take the plunge on my own direct bookings site I realized how great it is.  It’s also cheap.  8 listings costs me 102.00/month.

Their tech support is da bomb. Same day response during biz days. 

Just do it. :-)

 

We use OwnerRez too!  We switched from Hostfully and I have to say OwnerRez has been better in EVERY way.

Hey Chris!

We manage 8 in Florida and we're Utah so we're very familiar with how to do that successfully.  Although it has its headaches, remote management forces you to build scalable processes that can be repeated.  If your business relies on you to be present then it will eventually run you.  Here are my tips:

1.) Find a really good cleaner - Try to find a legitimate company with processes and systems.  Not bagging on the small business out here but you need a company that is reliable and will show up EVERY time and deliver CONSISTENT service.

2.) Maintenance Person - Here again its very beneficial to find a maintenance company that can commit to a quick turnaround time.  Speed is key with this service.

3.) Boots on the ground - You really can't avoid the fact that eventually you will need someone to go to the property and do something simple.  You don't necessarily have to have someone hired separately for this but make sure either your cleaner or your maintenance person is ok with house calls.

4.) An Inspector - We're learning quickly that even the best cleaning companies start to slack in quality when there is a labor shortage.  This is why we've actually hired a SEPERATE cleaning company to start inspecting the cleans of the first company.  They submit their findings through an app called Properly so that we can keep everyone accountable.  

Happy remote hosting!

Post: Destin vs Gulf Shores STR rates

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

Hey David!

We own a couple in Destin.  One is a 6 Bedroom townhome style with community pool and a half mile to the beach that rents for about $650/night on average.  The other is a 6 bedroom in Miramar Beach one block from the beach with a private pool and will probably average $800/night.  I would agree with @Luke Carl that your CoC is probably going to be the same in either area. The specific property you choose will be more of a determining factor than the area in my opinion so I would consider both and pick the best deal you can find.

Post: Financing Out of state, Short Term Rental in Florida

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Originally posted by @Eric Schroeder:

@Jefferson Brown thanks for the tip! Where did you end up buying in Florida?

@Eric Schroeder happy to help!  For the All In Credit Union loans we bought one in Destin and one near Orlando.  We currently have 3 in the Orlando area and 5 on the gulf coast.

Post: Financing Out of state, Short Term Rental in Florida

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

@Eric Schroeder 

All In Credit Union has a program that has 0% down for investment properties.  We've bought two homes with them in Florida.  Its a 10 year balloon but has a 30 year amortization.  Try giving them a call.

Post: Smart Thermostat / Locking the temperature

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

We've been using Nest but I'm thinking about switching to Point Central.  Supposedly you can sync the thermostats to your booking calendar so that it will only cool when you have a guest there and put limits on the temperature like you are describing.  I'll let you know how it goes!

Post: Airbnb / Short-term financing

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

Hey Ben!  Visio lending is the only bank we've found that proactively lends to short term rentals.  We're using them now and we like them so far.  Give them a call and ask for Tracy.

Post: Utah Valley STR, profitable?

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72
Originally posted by @Alexis Malan:

@Jefferson Brown

Do you mind me asking where in Florida yours are? Has it been difficult to manage remotely?

Sure!  We have 3 in Orlando area and 5 on the gulf coast.  Managing remotely certainly has its challenges but I think it forces you to build a saleable business.  Its definitely possible!

Post: Wisconsin Cabin STR

Jefferson BrownPosted
  • Investor
  • South Jordan, UT
  • Posts 89
  • Votes 72

Hey Matt!

I may not have experience in that area but we do a lot of investing out of state and we use a couple of data sources to estimate revenue.  It really takes the guess work out of your investment.

1) Airdna - A little more pricy but can give you some good Macro level revenue expectations.  Expect about $40/month if you want to cancel after 1 month.  They have the most history if you want to see what a non-covid year looks like

2) PriceLabs - These guys have some pretty accurate estimates on revenue generally and only cost $9.99/month.  I use them when I want to estimate how much revenue I can make on a specific home.