All Forum Posts by: Jon Martin

 Houfy does not accept payment unless you add a Stripe or Square account. Submitting an ID for verification is voluntary. They are basically a Craigslist for STRs. I plan to have the guest send me a picture of their photo ID. 

I still use AIRBNB and VRBO. The difference is that Houfy is not collecting 15%+ in fees, so I can offer a better price to the guests while also putting more money in my pocket. I don't see myself moving away from them, however I want to have the foundation in place to eventually take control of my own guest lists and not be at the mercy of their rules and algorithms. I also don't like that those platforms collect interest off my guests and my property in the time between booking with full payment and payout 1-2 days after arrival. 

Yeah I hear you, which is why I am cautious as well. That said, I am trying to have options where I don't rely on OTAs so I have to face this issue one way or the other. 

Just got my first inquiry . . . . No red flags in the messages, seemed like genuine and polite person. Only alarm bell was the international country code but it's the UK, not Belarus or Nigeria. 

Asked for a photo government ID and payment in full via payment app. Is this enough? Are any of asking for anything else in the way of verification?

Thanks in advance

Keep in mind that if they do everything, they will charge you accordingly. I personally don't think it's worth paying mid 4-5 figures for someone to pick out couches, wall art etc. That's a lot of bookings to make that money back before you even start paying down the furniture, let alone the mortgage. 

I hired a designer and it costed me around $1000. I had no idea what I was doing and she made some great suggestions and talked me off the cliff from some that would've been awful. Well worth it . . . But spending $5-10K+ would've been excessive and unneeded. She basically gave me some direction and I picked stuff out based on her suggestions. With future properties I will probably pay for an hour of her time to fly some things by her and then take it from there. 

Look at what the best performing properties are doing and add your own spin. You will also see some common themes: 

-Decor that is appropriate to the theme of the area 

-Mix of nice wall hangings and hard objects without being cluttered (again- place appropriate; don't hang an anchor and ship wheel in a mountain cabin)

-Items that provide a "Pop" of color in photos; can be throw pillows, bed skirts, tile backsplash, bar stools, back side of front door etc

-Some coordination of color scheme throughout. The human brain is wired to find and be attracted to patterns 

Like I said, a designer can be great but better as a consultant than a full service IMO

What @Michael Baum said . . . Which is really just a starting point. Keep in mind that this is a rural area with a lean labor pool and a long drive to the nearest home depot. Towns like that aren't exactly full of skilled labor and contractors waiting around for someone to give them work in times like this. 

Furniture: Optimize for ease of assembly, as in preferably none as much as possible. Especially anything with drawers. Cheap nightstands will cost you more with labor figured in than one that is already assembled, and will also last longer. Metal bed frames that fold down and a headboard you drill into the wall is much easier than putting a bed frame together and looks the same in the photos. If you have time and the ability to pick stuff up, buy high quality used furniture so long as it fits the look. 

Design: Hire a designer to consult on the overall look and keep you from doing something ugly or outdated. If you tell them "design my place" then it will cost you a lot because they will bill you for everything. Instead, have an idea going into it and ask for their input on what direction to go ad then you find the decor from there. After one design job you should get it and can apply the concepts elsewhere. Look for unique elements and touches of color that make photos pop. Make sure your decor fits the theme of the property and area. 

Finishing Touches: You should have a handyman and a cleaner already. They should be able to help with this. Make a punch list and let them bang it out. 

I’ve had my eye on Stuart for a while. Looks like it has great occupancy stats in the winter so it would offset other markets nicely.

What gives me pause are insurance rates. Easily $500-1000/month for an STR policy. Which I think is manageable, but if you ever need to sell that could be an impediment for your buyer pool, who will likely have higher rates at that point. Inventory is tough as well.

Heard good things about Savannah but regs are tough about where it’s allowed. Not sure about the other markets you mentioned 

Agree with @Andrew Steffens above, it ultimately comes down to the property, your goals and what kind of work you can put into it. Lots of properties work great as an LTR but not as an STR and vice versa. There is no better overall, only what's better for the situation.

Most STR owners avoid HOAs like the plague, for good reason. Even if the rules allow it now it can change at any moment. The only situations where I would consider it is if it is in a vacation area where numerous owners rent their places out and therefore have enough seats on the board, such as in Florida or the Carolina coasts.

I think you are talking about the fact that they collect payment immediately upon booking and don't pay the host until the stay? This gets to me as well. I am always getting emails from guests asking if they can pay later, and I explain to them that it is out of my hands. They are basically collecting interest from the guest off of the host's capital.