All Forum Posts by: Jimmy Woodard

@Johan Van Rensburg if you're willing to put 20% down, Visio and Conventus are 2 options for you that lend in the STR space. Otherwise get a second home mortgage at 10% down.

• Do you list your property on all the big STR sites or just choose a few? If multiple, is it relatively easy to sync availability? We go with Airbnb and VRBO. It's easy to sync availability, here's an Airbnb article and a VRBO article that shows how.
• Any recommendations for remote check-in tools? August is one but there are many others in the space.
• Any good software for automating communications with guests? Canned check-in greetings, check-ups, and check-outs? Airbnb has a great tool built in to the product you can use. If you want to automate across multiple channels, Guesty works as well.
• Any recommendations for analyzing current rates? I've just been using airbnb and looking at places near a property I'm analyzing at various times of the year, or considering purchasing airdna data. It's a pretty tedious process. It feels like there has to be a smarter way. The smarter way is cross-referencing Airdna, Rabbu, and your own research. You don't need to analyze rates, that's what the tools are for and will give you directional guidance as to a revenue forecast. Your research will help you figure out what amenities your competition offers so you know what to offer that's different and helps you stand out.
• Is there a good book on this? When I started flipping, I found The Flipping Blueprint invaluable. I can't find a similar brass-tacks book for short-term renting and management. Mostly just books trying to get me onboard with the idea (spoiler: I'm onboard!). The forums have everything you need my friend. You'd be amazed how many people ask the same questions. I'd also recommend setting up a keyword alert for "airbnb" and following that to see great content.
• Instead of a property management company, some people use marketing companies (for a much smaller fee) and still self-manage. Has anyone found that to be worthwhile? Or is it relatively simple to market once you do it once? Haven't found a need for a marketing company. Airbnb and VRBO (and all the rest) are incentivized to get bookings because that feeds their bottom line. Let their marketing machine work on your behalf! You can also create your own brand on social media and get influencers to post about your property in exchange for a free stay (mixed results personally, but worth a shot).

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

@Christopher Brown you can cross-reference Rabbu as well to compare numbers with Airdna. Your manual research into nearby properties should be focused on amenities, not bookings. The amenities your competition offers will determine how booked they are, and also will help guide you to figure out what you need to offer to separate yourself. 

Very rarely is this a "list it and they will come" situation. Good luck and feel free to DM me with questions!

Angi/Homeadvisor and Google are your best friends here as well @Paul Ellerbusch

If your goal is cash flow, STR wins in a landslide. Here are some general tips for you:

You can determine the revenue potential of a property with tools like Airdna and Rabbu, but make sure to research sites like Airbnb as well.

Find a reliable cleaning crew and handyman, they are the lifeblood of your business.

Also look into pricing tools like Beyond Pricing and Wheelhouse (you’re leaving money on the table if you try to do it on your own).

Last but not least, research your competitors in the space. Make sure to offer amenities guests will expect, and amenities that separate you from the competition.

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

@Alex Jenkins check out tools like Airdna and Rabbu to get a sense for what your property could make on Airbnb. If the numbers don't add up, it might be a better option to go the LTR route. Otherwise go for it with a STR!

@Patricia DaSilva 2 tools that can help you determine the STR revenue potential of any property are Airdna and Rabbu. Also look at the competition in the area to see what they charge and the amenities they offer.

As @Sean Delisle mentioned, do your research before buying a property. You can usually google "[city] short term rental laws" and the city or county website will pull up to let you know what restrictions/requirements are in place.

As for managing, see if you can self-manage first. Most property managers charge 20-25% of gross revenue, which will certainly affect your profitability. 

Feel free to DM me for any other questions!

@James Colgan check out CBIZ or Proper. Best in the biz for STR insurance. Hope this helps!

I just saw this Techcrunch article about Sundae raising an $80M series C round of funding: https://techcrunch.com/2021/07...

My question is simple: Who here has bought a property from Sundae and actually made money from the flip? I signed up for their e-blast in various markets but never could find a deal where the juice was worth the squeeze. Has anyone had better results that you can share numbers for?

@Mike Zawistowski check out Visio and Conventus. They lend in the STR space and may be able to help.