All Forum Posts by: Joshua Messinger

Hey @Elizabeth Conklin! 

@Wesley Sherow had nailed this one right on! I would suggest even listing the properties with your own property manager's direct booking websites if they have any. Listing on every different type of platform will cast a wide enough net where you can really capitalize on every single lead coming. 

Looking forward to hearing about your STR's success! Please reach out to me if you ever need anything!

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Josh

Hey @John B Clark! 

For sure! Feel free to DM me! 

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Josh

Hey @Kyle Smith! 

I couldn't agree more with @Bruce Woodruff on this one! 

Best of luck with your project! Don't hesitate to reach out if you ever need anything! 

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Josh 

Hey @Stephen Ryan! 

I would recommend talking to your local credit unions as they offer very good financing for STRs and have been the main type of lenders that we use for a very large portion of our investments. 

If you're located in the Northeast I have a great recommendation for you! Otherwise, feel free to reach out if you don't know how to identify credit unions in your area. 

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Josh 

Hey @Lindsey Johnson! 

I would recommend considering the BRRRR method based on what you are looking to get into. Saying this I would recommend looking into the midwest and northeast regions for value add multi-family deals. Frequently I have been seeing more of these deals come onto the market in the PA area.

Would love to talk more and dial in on your strategy. If you ever need anything don't hesitate to reach out! 

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Josh

Hey @Zach Johnson! 

Kudos to you to getting started! But, instead of asking what will make a deal or not you need to figure out where you want to wholesale and why. Once you figure this out then you can start asking questions like: 

1. How do I generate leads

2. What type of contracts do I need to know

3. How do I make money on a wholesaling deal 

To be honest the question you are asking is to broad to be answered specifically. You need to take a more pigheaded approach with this and figure out the nitty gritty details. 

Otherwise, I hope this helps and if you need anything don't hesitate to reach out! 

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Josh 

Hey @Dayanis Acosta! 

I do not recommend anyone I know to use Airdna as I don't let their algorithm as it seems to produce speculative results compared to other platforms. Instead, I would recommend using price labs for capturing a general consensus of how the area performs, then make a comp set on price labs to pull comparables or use Rabbu to get a feel of what the competition is like around your property.

Otherwise, when figuring out the rates that your property will be pulling DO NOT use price labs or any other softwares rates that they give you. Instead, go to the comparables Airbnb/VRBO listing links and try booking for the week and weekend to figure out what they are charging on average (Don't use days on holidays as these prices are generally very inflated).  This will give you the direct rate that your competition is using and will give you an idea of exactly where you will be charging at too. 

I hope this helps and if you have any more questions please don't hesitate to reach out! 

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Josh 

Hey @Bruce Woodruff! 

I don't believe most homeowners are listing their properties solely based on how much they have appreciated nowadays. Most of the time in my opinion homeowners are just listing their property at an inflated listing price based on the income they've made hoping to secure over $100K over what the actual appreciated value of their home is - but this is mainly me speaking on what I see in the market I'm in. Could be totally different than yours! Lol

Hey @Amy Lin! 

Great question! I couldn't agree more with @Drew Sygit on this one! When buying off Airbnb's gross income you can get yourself into an extremely speculative position. To be the most conservative getting into something like this I would recommend doing some research on when the  property owners that currently run STRs bought their property at. This way you can see how inflated the properties you are looking at buying are, and can give you some peace of mind throughout the buying process. 

I would not recommend being speculative in this type of market and protect yourself as much as possible! Otherwise, if you ever need anything don't hesitate to reach out! 

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Josh 

Hey @Brook Davenport! 

I agree with a @Joe Villeneuve on this one! A 3-year term would be getting you in a pickle for sure. Just like Joe said there is no point in doing this and you need to aim for a longer term (standard term is 15 - 30 years). 

Otherwise, what are the interest rates you're asking for and what is the amortization period? 

Hope I can help and if you need anything else don't hesitate to reach out! 

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Josh