All Forum Posts by: Justin Rademacher

I don't have any "subscriptions" but I currently use AIRDNA, Airbnb, along with VRBO to calculate occupancy and nightly rates. I currently cross reference these resources to come up with an "average" and use that number when making my calculations. 

Are there better free resources I could be using? What are you using to calculate occupancy/nightly rates? 

@Elizabeth Conklin Sometimes that can be the best way to go. Our team and I are looking at purchasing an STR in the SW market and we are very seriously considering self-managing as well. Part of the draw to that option is my wife and I will be living about 10 mins away from the STR so managing it should be a little easier.

Are you primarily looking for properties in your home state? CA is obviously a big state, so if you are staying in-state, are you looking in a specific area?

Loopnet/Costar etc can be good resources. Often times you will only be seeing properties that have "been picked over". 

A good solid way around this is to find an agent that works in the area that you are looking to purchase. Make sure they are investment focused as this will be key (especially out of state). Most investment focused agents have relationships with investors, wholesaler, etc and this can help you find off-market deals.

If you are looking for a good questionnaire to use while interviewing agents, I would be more than happy to send you the one I have. 

Im not in the BRRRR method when it comes to new construction but with that being said, we did just buy a home for ourselves that is new construction. Here's how that relates.

This will be our primary residence for at least a few years. This home for an investor, could be a great airbnb/str. That being said, we are still looking at the property as an investment, it will just be a long term investment. 

The home we purchased is a "cookie cutter" style home. Yes it's new, but also very basic. There are plenty of value add opportunities to increase its value and we are going to be taking advantage of those opportunities over the next few years. 

So in short, is a new construction home a good BRRRR...I lean towards not. However, they can still be great investment properties and increase in appreciation over time.

Mid-term rentals can be lucrative however, there are so many variables to this. As @Chris Seveney mentions, ideally you need to be located near a hospital of some sort. Traveling nurses get monthly "allowance" for housing. They need convenience as they are often coming from out of state and will not have a vehicle. In my opinion, if you are not within a 3 to 4 block radius of a major hospital, or a prime destination spot people visit for longer than 30 days, it may not be worth switching over. 

Thanks so much for all the great feedback. A lot of things to consider!

Thanks so much for this feedback. A lot of great things here to consider. 

Looking for any insight on self-managing our STR. Right now we are debating between self managing or hiring a PM for this. Self-managing would put about $1500 per month back into our pockets.

 4 bedroom 2 bath home in Cape Coral with a pool

I would highly encourage you to interview numerous agents in the area that you are looking to invest in. I would specifically look for agents that specialize in investment properties. Finding an agent that focuses on this aspect of real estate can be an absolute gold mine. They typically have the relationships you will be looking for (pms, contractors etc) and they will have the knowledge of how to calculate COC, ARV etc.

I have a great questionnaire that I have created for interviewing agents. DM me  your email and I can send that over. Hopefully it can be of some use to you.

@Wendy Man Absolutely. We have a few that we highly recommend around the area. Shoot me over your email either in this thread or a DM and I can send you some of the ones we use if you need them.