All Forum Posts by: Jon Martin

Is there an AirDNA equivalent for hotel data by city? Looking for the same metrics: Occupancy, Revenue, ADR etc. 

Thank you in advance

No direct experience in ABQ but I have looked at other NM markets. Is there something special about the Nob Hill neighborhood? Nice views and/or walkable to restaurants? Close to a hospital or university?

If "No" to all of the above the less appeal it will have as a STR. Property taxes are low, which helps cash flow no matter which route you go.

This sounds boogeymanish to me. Criminals by definition dont care whether the city allows STRs or not, and will simply use low rent apartments, motels, campers etc if there are no STRs. 

The bigger issues, which I think are fair game for criticism, are the impacts on housing cost competition for local residents and the way it changes the feel of a neighborhood. The latter is the toughest part, because there are people who simply don’t like the idea of a different group of people next door, even if the guests are quiet and respectful. I try to look for properties with higher DOM and privacy aspects that minimize these impacts. 

Quote from @Mohamed Youssef:

@Jon Martin

That is a great price for a cost seg. study. Do they do the site visit or offer any audit support?

@Mohamed Youssef Site visit is remote. They use whatever photos from the MLS listing, your AirBnb listing, and any other information you provide them such as the Scope of Work for your rehab or anything else. I believe they offer audit support. Feel free to PM me for a referral

Quote from @Jonah Slove:

This is helpful as I am trying to decide which direction to go.

I now own 12 acres in Victor, ID. 40 minutes from Jackson Hole and Grand Teton. I run a small organic farm and I can build 6 "cabins" for agritourism. I am trying to decide what size will perform the best and have the best ROI.

1 bedroom units optimized for couples all day. For a place like that a sleeper sofa would be appropriate if there are kids traveling with parents, but IMO even 2 bedroom units would have 1 bedroom go unused most of the time. 

The nice thing with a setup like that is that groups of multiple couples can always rent their own cabin, just be sure to have some shared amenities where everyone can hang out together whether they know each other or not. Win/Win

Quote from @Michael Baum:

I have seen that cost seg studies often don't make the grade. The first example is far more common.

Plus the fact that the bonus depreciation is going away by 2027 (it is at 40% for 2025) will make it harder for it to pencil out.

I disagree, you can get a cost seg $600-700 for a SFH. Kind of a no brainer for any investment property at that price IMO

Quote from @Robert Ellis:

Quote from @Jon Martin:

I dunno, while a great market from a general investing standpoint, I’m not sure the revenues/ADRs in Columbus are strong enough to handle a 40%+ management fee haircut.

 most developer managed condos don't take that much and most of these are very small units with on site management and house keeping already. economies of scale get lowered when you have on site staff already. that would never be the management fee in a developer owned and managed unit. it's much lower 

That's cool, assuming that the contract states that they can't raise the percentage later, which I doubt. 

I ran numbers on a Condotel in Myrtle where the purchase price was in the low-to-mid $200s at the time but the fees were 40-50%. Even with $60K revenue the take home was maybe $500-600/month. Plus there were all kinds of rules about who gets to use which amenities, front desk assistance, towels etc. The only way I would ever agree to it if the guests were treated the same as everyone else which again, they can most likely change their policies on at any time. 

I dunno, while a great market from a general investing standpoint, I’m not sure the revenues/ADRs in Columbus are strong enough to handle a 40%+ management fee haircut.

Quote from @John Underwood:

Plus they tend to be in the best part of town and are therefore more walkable, more restaurants, proximity to attractions/amenities, character, larger lots etc.

The older neighborhoods in the urban core of Columbus have all of that, so I'd be surprised if other parts of town actually do better solely because the construction is newer? What exactly is the draw?

Quote from @Andrew Steffens:

It is similar here in FL - our smaller cheaper units consistently have 80+% occupancy and the luxury houses have a 50% occupancy, but ADR is much higher. Usually, ROI's tend to be about the same.

Do you see more advanced bookings with the larger properties? I have a 2- and 5-bed unit in the same town and the 5 bedroom books out further in advance because of all the weddings and other group events that people plan for.