All Forum Posts by: Jon Martin

I agree with your point about whether you could improve revenue with $10-20K invested, I think that's a framework to decide if it's worth it to keep going or get out. 

The house itself looks like a very nice acquisition and in great shape, so you did good there. However if I were to see the listing on it's own with no background photos I wouldn't expect it to be a home in Sedona or even the desert southwest for that matter. Too much white space as well. 

I would add more decor that adds color and fits the theme of the area. You could also do a lot more with the backyard area. 

I've seen a few STRs sell for 20-30% higher than neighboring comps. They were listed as an operating STR with furnishings included and seemed to be based on a multiplier of past revenue. One of them sold in days because it is along a major bike path but was otherwise a dated house on a rough street.

Guessing that you would have to bring a lot of cash to the table because I doubt the banks care about its performance as an STR, or go the DSCR route which is also a higher DP.

My market is showing increased revenue and ADR YOY going into late 2023 and 2024. 75% occupancy for my place last year that went strong all the way through the holidays. January was not great at ~40% but it at least it covered the PITI, and February will finish around 60ish%. March is already booked to 45% and I expect that to fill in given how February did. Feeling pretty good about it.

As for people who piled and overpaid in a small handful of markets based on herd mentality and "only invest in vacation markets" advice, yeah, I agree with this post. I personally like the exit plan options and alternate job creating industries of college/mid sized towns as long as the regulatory environment is favorable. 

When buying new furnishings, use Wayfair to filter for what you need but do not buy anything there. Check the "No Assembly" filter because you will either pay the difference in your own time, or money to somebody else to assemble it. Plus delays in getting listed. 

Once you have some items that look good, right Click on the photo and scroll down/select "Search Image on Google" (in Chrome browser) and it will find the photo from the retailer that Wayfair drop ships from. I've found the exact same items for well over 50% off. 

Go with a butcher block island for a dinner table and buy some metal legs from Etsy. Restaurant supply companies for chairs. Instead of 2 nightstands and a dresser, go with a 3-drawer chest on each side of the bed that will function as both. 

Hi agree with @John Underwood Even if our insurance allows it you are still exposed. 

Like mentioned above, there are plenty of safe alternatives that work for younger kids- putting green, cage basketball, soft ax throw etc 

If you are treating your STR as a business, I have a hard time understanding why more people don't allow this. Collect fees and if there are damages you can go through insurance. Unless it is also a property that you have for regular person use.

At least for dogs. Cats make me nervous, I worry about them scratching everything up and then I would need to replace a bunch of stuff in a tight window. 

 No . .. Good thing the OP is in Oregon! ;)

 Nice- sounds like it! What was your average before?