All Forum Posts by: Joseph Hossenlopp

Enemy method 

When analyzing vacation properties, it's important to look at a variety of factors to determine the potential rental income. While looking at comps on platforms like Airbnb and VRBO can give you a good idea of what similar properties in the area are charging, it's also important to consider the seasonality of the area and the demand for vacation rentals during certain times of the year.

In terms of estimating rental income, I typically look at both daily rates and monthly rates to get a better understanding of the potential earnings. If you're using the Rent Estimator on BiggerPockets, I would suggest using the monthly rent estimate as a starting point, and then adjusting it based on the average nightly rate you expect to charge and the number of days you anticipate the property will be rented out each month.

Another helpful resource for estimating rental income is Airdna.co. This platform provides detailed data on Airbnb rental trends and revenue for specific areas, which can be very helpful when analyzing the potential earnings of a vacation rental property.

I hope this helps!

your best option is to go on vrbo and air and look at similar props, as well as airdna.

at the end of the day the numbers you are seeing are comps for sair and vrbo together most of the time but will miss out of direct bookings and the like.

unfortunately there isn't a good reporting platform or projection that is severely accurate. if your lucky you find a house/condo/whatever that's comparable to yours and doesn't do anything but use air and vrbo then it will be accurate.

from my experience those platforms (when using them for comparison) are at best 80% accurate in regards to TOTAL bookings and income. 

People will disagree but the bottom line is i pulled up the averages for mine on those platforms and we do full accounting so we know within $100 what we do in our homes and the comparison and reporting that air and vrbo use isnt accurate because its only worrying about capturing that public information. 

a lot of people have failed because they rely on that..

You can't use LTR income at all to analyze a STR. Not only is the income 2-3 times more but it's a completely different modal. Check out the free version of Airdna, STRinsights, and Rabbu to find numbers and comps on a STR. Then I usually confirm those numbers by a quick search on Airbnb and VRBO. Then of course you need to break down monthly expenses and find your COC return, to find out if the property would be cash flowing enough to make a good STR. If you need any help going through the steps to analyze a property, feel free to reach out!

We used to go to a few places by the Canandaigua Yacht club which isn't too far from town. My Sister in law just bought a place there and we'll see how she does. It was competitive, there were 4 offers in like the first day but it is a prime location.   Relative to Conesus and Silver it is probably busier but that could mean more bookings. 

@Joseph Hossenlopp  Canandaigua is too busy? I visited many times and never found it really crowded but not sure what you are comparing to.    My understanding is you can get winter bookings for Bristol there too. 

I'm on Otisco, or slightly above it with a great view. I booked 145 nights in 2022 but I have access to Song & Labrador mountain skiing just minutes away, and I have a hot tub which helps with winter seasonality.

Jason  Nice!  Love Otisco.  Beautiful lake  Good idea about the hot tub  I was thinking of using 150 nights for crunching the numbers  

Good luck