All Forum Posts by: Jeffery Wilen

We have had a couple cancellations in the last few days, one was for baseball opening weekend.  But we still remain 60-70% booked with several extended stay renters. Don’t anticipate it being a concern. We still cash flow at 25% occupancy. 

Look at a restaurant/hotel supply store. That’s where we buy ours. Of course you would have to have one nearby. Could check online too. 

We have one that was originally built in 1893. Brick structure so it’s still solid. Everything but the shell was updated in 2019. Zero maintenance now. 

@Ken Latchers

In those instances where we make an exception for someone if they are willing to pay more, we send them a “Special Offer” via AirBnB. This then puts the “approval” back in the guest and you have no impact on your acceptance rate. You will pay AirBnB their 3% on the total amount. They don’t take 3% on “extra” charges billed separately. But the guests can refuse any separate charges and then you have to work with AirBnB to get them to pay. 

@Jessica G. @Luke Carl

We use August locks. So far have had no major issues. 
A couple clarifications about how it works. The basic functionality of the August is it mounts to the existing lock on the inside(still uses existing keys on the outside) and operates via Bluetooth from a smartphone app. To connect to the lock via WiFi, you add a connection hub that links the door lock to WiFi. To use codes, you add a keypad to the door jamb that connects to the lock via Bluetooth. Access via a smartphone and/or code can then be set individually for owners, cleaners, maintenance and guests. The access can be always on, repeat or temporary.

As an owner, with WiFi installed, you can change/add from anywhere. You can also unlock the door remotely. Without WiFi, you would have to be in Bluetooth range to make changes.

Airbnb integrates with August In that upon booking confirmation it automatically sends the guest an email link to install the app. When the guest installs the app, with the invitation it sets them up with temporary access using the dates of the reservation and your checkin/checkout times. It doesn’t however setup a keypad code. If the guest installs the app, you can assign them a code. August generates a random 5 digit code for temporary guests, you can change if you want. Only about 1/2 our guests use the app. 1 week before checkin, we email them their keypad code. It does take about 5 min to setup a code. 
So it’s not 100% automatic, but pretty minimal and the code setup can be done by anyone with owner access privileges so can be delegated. 

I’d be cautious. Super host status on AirBnB doesn’t take more than a quarter if you’re providing 5 star service and have 70% occupancy. 

We started our last unit in April, by July we had Super Host status and definitely didn’t have it 70% occupied. 

@Ken Latchers

I hear your pain, we’ve seen the same thing recently. Multiple requests for longer term rentals. Then crickets when you ask for more details about dates. 

@Billy Sarno

Your link is a 3/1, not a 3/2. The smallest 3/2 on that site is 1136sqft. 

My biggest concern would be HOA restrictions.

Only way to reduce the monthly payment is a lower loan value, ie higher down payment (with resulting lower CoC return) or pay less for the property.
This isn’t a deal I’d be interested in doing, unless there is lots of upside for rent increases.