All Forum Posts by: Jimmy Woodard

@Vijay G. there's a method to increase the likelihood that your offer will be accepted that hasn't been mentioned. I'm amazed more people don't know about these companies, but I've been in your shoes before and it's a terrible feeling being outbid. Feel free to DM me and I can share the details with you. 

@Christine M. it seems like you already answered your own question about which market to choose. If the Smokies is the market you're most interested in, go with the Smokies!

You mentioned you want big increases in appreciation and then stated the fact that the Smokies had the largest % of YoY price growth in any market you looked at. Sounds like a winner...

Even if you think you're overpaying for something and it plummets in value, your 30-year fixed mortgage will be locked in no matter what. And as long as the cash flow is at a level you like, the property will pay for itself and then some. Sounds like a winner...

There's a pretty awesome quote by George Addair that says “Everything you've ever wanted is sitting on the other side of fear.” Don't let fear get in the way of an opportunity you've been saving up money for years to take advantage of. 

Good luck! And if you need specific, actionable advice related to acquisition, renovation, or self-management, feel free to DM me.

@Philip Coiro check out Rabbu which is a free data source for revenue estimates. I don't agree with DIY research for pricing. The occupancy and pricing change on a daily/weekly/monthly basis so whatever you see today will be obsolete soon enough.

However, where DIY research comes in handy is amenities. You should figure out what the top hosts offer at their STR that you can emulate or do better than through your own renovations. Good luck and feel free to DM me if you go through with Plan B and need more guidance!

@Justin Brown @Kaohuhealani Trueman Jr @Kyle Cross @Becky Deaver here's a simple spreadsheet you can use to determine if a property is worth investing in: https://docs.google.com/spread...

Justin, really spend time on point number 2 as that will make or break your business. The STR market is not a "list it and they will come" solution. You have to figure out how to stand out from the crowd or pay the price the hard way.

Good luck and feel free to DM me if you have any questions on acquisition, renovation, or self-management!

@Maryann Weyhmiller if your goal is just to cover costs then my advice would be to ask the hotel program for a pro forma that shows all of the revenue and costs associated with the studio. If the numbers pencil out, you have yourself a winner! 

Self-managing and investing in renovations can potentially help you achieve higher cash flow, so if you have any follow-up questions feel free to DM me!

@Mike Stillwater is your goal to own a vacation home or a short-term rental? If it's the former, then just pick a vacation market you like, find a realtor, hire a property manager, and call it a night.

If it's the latter, I would recommend avoiding property managers if you can. They typically charge 20-40% of gross income for work that you can do on your own spending no more than 1-2 hours per week.

There are plenty of tourist locations across the country that allow for non-owner occupied short-term rentals, you just have to google "[city] short term rental laws" to dive into the details of ones that interest you most. 

Once you've picked your city of choice, a quick shorthand you can do for high-potential properties is look for a gross yield (revenue/purchase price) > 15%. Sites like Rabbu and Airdna can help you find revenue potential based on an address. Once you find these high-potential properties, do further research on Rabbu/Airdna to find out what renovations you can add to your property to stand out from the crowd. 

Good luck and DM me if you have any further questions!

@Matthew Hunter here's a list of regulations in Pinellas County: https://pinellasrealtor.org/sh...

You have plenty of options across FL and you don't need to be near your property to have a successful STR. Good luck and feel free to DM me with any questions!

@Al Caan we're about to launch a STR near Disney World and I also manage other out-of-state properties. There is A LOT of competition in Kissimmee (Orlando doesn't allow non-owner occupied STRs), which is why just buying a property isn't enough. You have to be ready and willing to drop another $20-90k on renovations so you stand out from the competition.

If you have that budget, you should see great returns. If you don't, there are plenty of markets across the country (even in your own backyard of SoCal) to produce great returns. If you need any help, feel free to DM me!

@Daniel Baran here's an example furnishings list for you which will vary depending on market, size of the property, and number of furnishings you need to shop. In terms of what you need to do to get an STR up and running (self-managing of course), please see below:

• Purchase furnishings and supplies
• Set everything up yourself or hire a local crew
• Source all your vendors (utilities, internet, pool care, lawn care, pest control, STR insurance, plumber, electrical, and the most important 3, photographer, handyman, and cleaning crew)
• Create your listings on Airbnb, VRBO, etc.
• Set up your PMS tool (Guesty or OwnerRez are two popular ones)
• Set up your pricing tool (Wheelhouse and Pricelabs are two popular ones)
• Ask friends and family to stay at your place for free in exchange for early feedback and 5-star ratings
• Grow your bookings from there!

Good luck and DM me if you have any other questions related to acquisition, renovations, or management

@Ramada Evans if you end up investing in a short-term rental in Colorado, I'd recommend working with @James Carlson. He can tell you all the hot spots and is pretty active in the BP community as well.

FL is the best state in the country when it comes to the number of cash-flowing STR cities. We have one STR live in Miami and another launching soon near Disney World in Kissimmee, so if you want tips/tricks on how to acquire, renovate, or manage a STR feel free to DM me!