All Forum Posts by: Jimmy Woodard

Yes, build rapport up front and let them know your intentions so it doesn't come as a surprise later.

I use Your Porter to automate my messages to guests. Most of your guest questions will come in the first 24 hours since it's new territory for them. Granted, I have an extensive house manual that answers most questions, but there will always be fringe questions that people need help with. Or if something goes wrong, they'll certainly let you know :)

@Daria Berenato if you end up choosing Orlando, make sure to focus on Kissimmee which allows non-owner occupied vacation rentals. Orlando does not.

Correct me if I'm wrong @Luke Carl, but I think when you're managing a business of that size you don't really have time to write in-depth forum posts on BP. While it may have come off the wrong way to you @Rebekah Hitt, the advice is legit. People waste a lot of time and money on STR courses from "gurus" when they could find answers to 99% of questions right here in the forums.

@Aaron Kerzner to answer your original question, it shouldn't be too hard to find realtors with local knowledge of the STR market. That's just the tip of the iceberg, as post-acquisition you'll also need a solid photographer, handyman, cleaning crew, and pricing tool/PMS or property manager depending on how you want to manage the property. Good luck in your quest and DM me if you have any questions!

@Casey Walker Conventus is another lender that will provide financing for Airbnbs

@Dallin Huso I would suggest partnering with friends/family on a JV deal. Your experience makes you the expert in your network, and people may be willing to take a flyer on you with cash they have lying around and no idea how to invest it in real estate. Good luck in your pursuits!

@Jason Wolohan a couple of things:

• Wish I had known how much of a pain neighbors can be. It's not their fault, living next to an Airbnb isn't the most fun place to be. Just make sure you do all you can to get to know your neighbors so they don't try to ruin the guest experience or jeopardize your STR permit.
• Wish I had known how much a reliable handyman and cleaner means to your business. Find the best ones you can and treat them like a million bucks, because they will be the reason you succeed or fail.
• Wish I had known how much good communication can help save a 1-star experience. We've certainly had some hiccups with guests (including 2 chairs breaking in 1 reservation), but because we stayed on top of communication we were able to preserve a 5-star experience. Remember this is a hospitality business, so the faster you can respond to your guests' needs the better you'll do.

Good luck and feel free to DM me with any questions!

@Steve Nafziger pre-acquisition, cross-reference tools like Airdna and Rabbu for a good idea of pricing. Post-acquisition, look into Wheelhouse, Price Labs, and Beyond Pricing instead of trying to update pricing on your own. You're leaving money on the table by not utilizing a pricing tool.

@Ben Joseph don't be afraid to self-manage from a distance if the numbers look good. Happy to drop some tips if you need them, feel free to DM me.

@Reina Bonilla it's a numbers game for rental arbitrage, so you're going to have weed through a lot of nos to find that 1 yes. 2 ways to do it:

1. One way to potentially reverse engineer success is look for Airbnbs that are condos. Although you can't see the exact address before booking you can see the general area on the map, and at that point Google/Apple Maps can help you pinpoint potential condo sites. Reach out to the landlord/HOA and ask them if the airbnb on the property is legal. If they say yes, you can do the same.

2. Find a realtor who does the legwork for you. They have local knowledge of the market and may be able to save you time by already knowing which condos allow it.

Good luck!

@Pearce Trenary follow the cash flow. A nearby property won't do you any favors if it barely makes any money.

And don't be afraid to manage from a distance as it's completely possible whether you go with a property manager or self-manage. If you decide to self-manage, biggest things to know are below:

1. Find an agent who knows the hot spots for Airbnb
2. Research revenue potential with sites like Airdna and Rabbu and look for a minimum 20% cash on cash return
3. Do market research for competition on Airbnb to know what amenities you need to stand out
4. Find a solid cleaning crew and handyman as they are the lifeblood of your business
5. Use a pricing tool like Wheelhouse and a PMS tool like Your Porter 

Good luck and DM me if you have any questions!