All Forum Posts by: Jon Martin

@Jason Denny great news thanks for the update. 

Where area of the DR is this? 

There could still be a way to add a thermostat to a mini split I think? You could also do temperature activated wall plugs for the minis, like this: 

https://www.amazon.com/DIGITEN-Thermostat-Temperature-Contro...

You would need to put some kind of lock box over the outlet to really be sure but it should do the trick. 

Either way, approach your guests professionally and politely with some basic reasonable requests (not leaving it on while outside, etc) and most people are willing to be helpful. 

Can you get a smart thermostat installed? Not sure how you would go about getting it shipped and installed, let alone with international internet connectivity, but if it works it would allow you to set some guardrails. 

Sounds like a good strategy. Best I've thought of is dropping the rate on the calendar for orphan dates. 

IMO most people who can afford that price are not limited by price, more so by time. You will always have odd 1-3 day stretches early week that don't make sense for most, especially if you are in a true vacation area. 

Either way it's still worth a shot!

Quote from @Sarah Kensinger:

To me it seems disingenuous for a group to call itself a "Mastermind" if it allows in the inexperienced. IMO it goes against the meaning of the word if the new entrants to the group aren't coming to the table with at least a certain level of experience and skin in the game. The elevated value stems from experienced operators who are on a similar level interacting and bouncing ideas off of each other. Lots of grift in that world (not saying those specific groups are grifts). 

That said, I get your point, and I think something along the lines of STR Secrets could be great for someone new. However even with that it should be in conjunction with actually bringing a property into service. A lot of people get stuck in analysis paralysis and the cost of the special training/programs combined with the equity lost by not being in the market and passing up on good properties ends up costing them more in the long run. 

Quote from @Eliott Elias:

STR is different market to market. Most single family investors who could not get loans based off LTR numbers qualified based on STR numbers. We are talking cookie cutter properties here. The majority do not hold unique STR property. 

My instinct is that the hosts most likely to "go under" would be first time hosts who jumped on the bandwagon without knowing what they were getting into. That type of borrower is more likely used their personal DTI to qualify, not projected numbers.

The name says it all . .. . Unless it's for 420 friendly rentals 

Quote from @Matt Brazis:

@Max Murin I think you can learn a ton just off of free education with youtube or learning from someone locally and provide free labor. We own and manage 3 ABNBs in Tampa and have not taken a formal course. I would absolutely teach someone in my area if there were willing to do random tasks that are needed weekly when it comes to managing ABNBs. 

Agree with this. Paying big bucks for masterminds and courses is putting the cart before the horse. Plus you could be out of place in a mastermind with experienced operators discussing high level strategies and issues, whereas you may have basic questions and issues. It would be like casually jumping into a weight lifting circuit with a group of powerlifters. 

Get into a property with good fundamentals in an area with decent appreciation and learn as you go. If you really need someone to walk you through it then maybe find a private coach who works directly with you and tailors their advice to your situation. 

Quote from @David Street:

Thanks for the help! We are pulling out with Vacasa, and planning to self manage. Do you have any suggestions on management software for STR, and smart pricing? I'm planning on putting the property on multiple listing platforms, so am searching for the best software to manage pricing and calendars.

I honestly don't think it is necessary to use software unless you have at least 3-4 properties. Focus on having a good cleaner and good service first. You can sync calendars between the platforms to avoid double bookings. 

San Luis Obispo County has regs within individual cities but for now the County seems to leave unincorporated areas alone. "For now" being the key words. That could change at any moment because STR owners make for an easy punching bag for low housing inventory, and the county can pass the buck for their past decades of housing development obstruction. Most other counties along the coast seem to regulate the unincorporated areas.