All Forum Posts by: Jimmy Woodard

@Alain Martinez I'm closing on a property in Kissimmee next week and can tell you the real estate market is just as crazy there. Here are some other good STR markets in no particular order:

• Emerald Coast, FL
• Smoky Mountains, TN
• Poconos, PA
• Scottsdale, AZ
• Galveston, TX
• Gulf Shores, AL
• Blue Ridge Mountains, GA

@Clayton Hepler congrats on the offer accepted! Check out Rabbu for free comps analysis near your property. The highest value renovations are what your competitors don't have, or as @Joseph Bafia mentioned, few competitors offer. Your analysis should uncover opportunities for renovations.

For long-distance managing check out Guesty or OwnerRez. Good luck and feel free to DM me for any other questions!

@Colin Hassell a $200-250k purchase probably won't leave you many options in today's market outside of condos. And those come with their own challenges in the STR market. Happy to provide some advice for you in your search, feel free to DM me.

Everything @Joshua Strickland said, and I'd add the following question: "Are regulations favorable for non-owner occupied STRs?" If they're not, the other questions all become irrelevant.

Thanks for sharing @Serena Kim! Great insights

Sure thing @Zack Berridge. Before I do a deep dive pro forma on a property, I developed a quick way to see if the numbers work out. If the purchase price is less than 7x the revenue, I know this has the chance to be a good deal.

For example, let's say purchase is $500k. I need to see potential revenue above $71k (500/7). There are many ways to do this, from Rabbu to Airdna to good ol fashioned Airbnb research.

If I see the "golden ratio" in effect, then I plug numbers into my pro forma spreadsheet to make sure it all looks good on paper. Once I validate the numbers, I'm ready to make an offer. Hope this helps!

@Sheeva R. I'm getting less than a 2% CoCR for this investment based on my own numbers, and that's if you're doing $90k/yr. I would suggest moving on from this deal.

Of course, reach out if you need any help @Sean Sarmiento!

@Jonathan Vese I own a couple STRs and I’m always open to working with people who want to get into the space. Feel free to DM me if you want any advice or have interest in partnering. Good luck!

@Kevin Hill let's go through a list of worst-case scenarios:

• You get a bad review: A 1-star review will not kill your business (take it from me). You'll have bumps in the road from time to time, but as long as you put your best effort into creating a 5-star experience for your guests then your reviews will be good/great on average
• A guest ruins your property or breaks something: This is why you get STR insurance from companies like Proper or CBIZ so they can cover any losses after you pay your deductible. Heck, even Airbnb and VRBO have host insurance to help cover damages (but don't just rely on the platforms)
•  A guest refuses to leave the property (this has actually happened to me): Call the cops. Leave it in their capable hands.

There are certainly more but the point is this: if you put together a list of what could go wrong and prepare for it in advance, you and your wife will be just fine. Get out there and try it! Not trying at all is worse than failing any day of the week. Good luck!