All Forum Posts by: Joel Case

Its interesting because there is significant infrastructure and rebuilt opportunities to make the area very attractive. Florida gets far more named windstorms and costs so much more from an insurance perspective, but still draws more investors. The Mississippi gulf coast offers far more value opportunity going forward in my humble opinion.

I have been focusing on the gulf counties in the last 2 years and there are niches of progress being established in several strategic locations. While my attention has largely been in Biloxi, the incredible strides being made in Ocean Springs, Pass Christian and Bay St Louis are worth paying attention to.

Its amazing what is NOT known about the Mississippi gulf area. There are incredible restaurants that rival nearby New Orleans and the casinos are clean and safe and top notch. Most people dont know that the coast actually has a beach and miles of sand and lots of sunny days with a hospitable population. Mississippi still has to work on its national reputation but, south of I-10, its an entirely different latitude.

Ive bought 2 SFR in the last year and after I complete this reno, I will probably get another and use for STR as the entire gulf is very STR friendly (there are some pockets in Biloxi that are rejecting them, but the city council is promoting the value and insuring that adoption is in-line with where the city wants to be in 10 years). The overall thinking is forward and open for business and revenue, and thats good enough for me.

All said, windstorm insurance is expensive. Wrap it into your numbers. Wind will happen.

I believe Biloxi is not as STR friendly as you are thinking. I have the Biloxi STR map, but it's not permitted in most of Biloxi outside of near the beach. Reach out if you need the map, although perhaps the city has an updated policy I am unaware of.

2 Votes

Quote from @Kyler J Sloan:

Thanks everyone. I am more attracted to mountain markets, but driving through the area did get me curious.

Not Biloxi specifically, but yes, our market provides some great returns, especially when you look at revenue per dollar spent. The mountain markets seem to be pretty saturated from the numbers I have seen over the last year, but our coastal area is a nice place for investing especially if you hone in on beach market STRs and what amenities bring the most income.

0 Votes

Quote from @Andrew Korcek:

I was just checking for the same question in the same area (D'ibervielle). Is it normal to have to get 3 separate quotes for home, wind/hail, and flood that area? I was stationed in Gulfport and we just left so now we are renting out our house. We had state farm, but they said they can't do landlord policies so I inquired with USAA and I had to get three quotes for for three policies through their partners to get full coverage. They would do the home, but I had to get a subsidiary of theirs for wind and hail, and another one for flood insurance.

Is that normal?

That is not abnormal, no.

1 Vote

West Gulfport, Mississippi

Rates out here almost doubled recently, so I am afraid that you won't find much relief. I am with Farm Bureau and MAC Coastal personally.

0 Votes

West Gulfport, Mississippi

Hey Beth, I am also on the coast, so welcome! I have a 3/2 short term rental in Ocean Springs. You should come to the Real Estate Investor Association meetings in Gulfport on the first Tuesday of the month, there is a lot of knowledge there for you to lean on. I would caution you on over-leveraging your primary residence. I don't know what your personal financial situation is, but I would be a bit cautious so that you have the financial reserves to weather any unforeseen circumstances that come your way, if you leverage everything you have to the max I just worry about things that could come up.

1 Vote

West Gulfport, Mississippi

Quote from @Kenji Sugimoto:

@Joel Case

I’m looking at adding price labs. Then I saw AirDNA just released an update with new pricing.

Any experience comparing the two? Thanks

I have subscribed to AirDNA in the past for market research, but not for dynamic pricing, so I can only speak to Pricelabs. Pricelabs just rolled out an update with more features, but I haven't delved into them too much as I tend to be a basic user.

1 Vote

@Pat Heidingsfelder, @Tanya Darrow you got someone?

0 Votes

Mobile, Alabama

Kristopher, I have lived in the area pre-Katrina and currently have been on the coast for 14 years. Biloxi can be hit or miss depending on the area, but overall is not a bad place to live. If you wanted to shoot me a message and give me a better idea of the area you are looking at, I can give you my opinion on class of neighborhood, rents, etc. I have a STR in the town next to Biloxi and am pretty active at the local REIA groups.

1 Vote

West Gulfport, Mississippi

Quote from @Lynne Majek:

Quote from @Joel Case:

I have an STR coming online within the next month or two, it will be my first. It is local to me and less than two miles from my primary. I plan to use Hospitable for property management. TurnoverBNB is what I plan to use for cleaners and Hospitable integrates with it, sending the cleaner(s) a message whenever a booking comes in letting them know you will need their services on XX/XX/XXXX date at XX:XX time and whether another guest is checking in after. Beyond that I plan to use a Schlage Encode smart lock that integrates with Hospitable and let Hospitable generate and cancel guest's door codes automatically. Beyond that Hospitable also automates a lot of the messaging through keywords and will automatically reply to renters.

I have no connection to Hospitable, I have just researched how I can make managing an STR as hands off as possible without giving someone a chunk of my rental income. At least in theory this seems like a decent solution for $25 a month. The cost/benefit is a no-brainer to me.

I would not give up control of my listing like @Michael Baum stated. Perhaps you could find a local PM or real estate professional who would be a co-host for a fee.

Joel, Have you had success with Hospitable?

I have.

0 Votes

Quote from @Dolev Zaharony:

Hello,

I have several Airbnb that I own and manage myself in the Raleigh, NC area.

I was approached by a person who owns a great place for an Airbnb- a large cabin with a pool and pond on a 3-acre land with tons of potential. He is looking to move out of the place, turn it into an Airbnb and have me manage the whole thing. How much do you typically take for that out of the profit? The location is in Raleigh.

Thanks!

STR management fees are generally 20-30%

1 Vote

All Forum Posts by: Joel Case

Joel Case has started 4 posts and replied 339 times.

Post: Mississippi Gulf Coast: Zone X and affordable

Post: STR Market @ Biloxi Beach, MS?

Post: Home Insurance for Investment Property in Gulfport, MS

Post: Home Insurance for Investment Property in Gulfport, MS

Post: NEWBIE Needs help :)

Post: STR Pricing - How do you set pricing?

Post: Looking for an Appraiser in Pascagoula, MS area.

Post: Looking for some input on Biloxi

Post: Anyone here uses Evolve or RedAwning to manage bookings?

Post: How much will you take for managing an Airbnb?