All Forum Posts by: Jimmy Woodard

Start by figuring out your budget. How much do you have to invest? That will dictate what markets you can go after for your BRRRR strategy.

Then go about finding the right team in those markets. Find an investor-friendly realtor first because they can usually point you in the right direction for a contractor, hard money lender, cash-out refi lender, and property manager on the backend. 

Good luck getting your first property!

@Jessica Flint here's a pro forma I use to analyze properties. As mentioned above, use airdna and rabbu as starting points to estimate potential revenue. If you have any questions on the pro forma feel free to DM me.

@Jason Ricardo salgado Make nice with the neighbors. It's no surprise that neighbors hate Airbnb and you'd be amazed the lengths they'll go to so you lose your permit. Turn neighbors into your friends before they become your enemies.

I agree w/ Evan and Nathan, the juice ain't worth the squeeze here. UNLESS you're just running this as a lifestyle business and don't care about your return. In that case go right on ahead since you're not losing money. 

However, if your goal is high returns most Airbnbs should produce 15%+ CoCR and I don't see how you can achieve that with these costs.

@Austin Green if it looks optimistic, take a look at the amenities/features other Airbnbs offer in the area. Most people who complain about Airdna overestimating their revenue think you can just list your house on Airbnb and profits will pour in (South Park understood this fallacy best). 

We added features to our Airbnb in Lake Tahoe and surpassed Airdna's estimate within 6 months. The key is to differentiate your offering!

@Austin Green cross-reference Airdna and Rabbu to see what the potential revenue could be. Also do some research for Airbnbs near the property to see how busy their calendars are and what prices they charge.

Self-managing remotely is not as hard as you might think. Beware most property management companies charge between 15-25% of gross revenue, which makes it harder to be profitable. Franklin Home Store and Vacasa are 2 local ones I found with a quick google search and I have no idea what they charge.

If you want to consider the self-managing route, DM me and I can walk through the details.

@Brandon Ribeiro check out Visio or Conventus. They should be able to help out.

To @John Underwood's point, Airdna isn't entirely accurate but they usually come in on the low end so you can always use this as a baseline.Also go with any one of the vacation rental insurance providers he mentioned.

Airbnb charges you 3% if you're a small-time host, or 15% if you're a bigger player. See here for more details.

If you want an easy to know what furnishing could cost, sign up for Furnishr and tell them what you need in your house. That will give you the high end if you buy everything from them and let them install all the furnishings. Another way is to take all of their suggestions and go find secondhand items on craigslist and facebook marketplace to save money. Don't skimp on beds though, because poor bedding ruins the entire experience. 

Themes add an extra flair, so if you can afford it go for it. Your goal is to stand out from the competition and themes is one of many ways to do so.

If you have any other questions, feel free to DM me!

If your goal is to achieve greater cash flow, go with Airbnb hands down. If time is more important to you, go with a traditional LTR and hire a property manager. Personally I'm in this for cash flow, so I focus on Airbnbs. If you have any questions on how to get started feel free to DM me!

If you can't afford to buy your own property as suggested, rental arbitrage is a numbers game. You're going to have to go through a lot of no's before you can even get 1 maybe that potentially converts into a yes. This is a great resource that I purchased before starting my Airbnb journey: https://www.bnbformula.com/get...

Also, make sure to look into Nashville zoning laws. Even if you do get a yes, if the apartment complex is in the wrong neighborhood you won't be able to list it on Airbnb legally. Good luck!