All Forum Posts by: Kelvin Urena

If you're looking to get more information regarding Property Ownership, SF, previous complaints via 311, mortgage documents, and more, you can use PropertyShark. Prices will depend on whether your access is Statewide or Nationwide, yet I've been using it for the better half of 5 years and it works a majority of the time. 

I will say that there are a plethora of other options as well, so my suggestion would be to read up on other forums and/or do some more research before using any of these software. 

You're the best, Chris. Thank you.

Does anyone have any recommendations for software/sites to use for conducting more extensive due diligence on properties throughout the country? When living in NY, I often used software that was specifically designed for the city (ie. Streeteasy) to better assess ARV (After Repair Values, for the newbies), as well as things like Rentometer, PropertyShark, and more, yet I wanted to see if anyone has any better suggestions. 

I would appreciate suggestions that could especially help with creating Comparable Reports. Thank you, guys!

As someone with vast rental experience in Austin, TX (and a resident of Dayton), I would suggest really conducting a PFS (Personal Financial Statement) ahead of time - if not already done - in order to better assess your purchasing capabilities, then we can dive deeper into the creative methods.

Connect with me to discuss when it would be a good time to talk. I'd love to share some insight I have gained in that regard from my time in Austin. 

 I'm going to look more into that as well. Thanks for the great advice!

STRs can be a touchy subject when it comes to local laws and regulations, yet it can definitely be a worth-while endeavor if tackled correctly. I can attest to that. 

 That's not a bad idea. I often have the guest communication automated, and these messages would automatically be sent out a few hours after checkout. 

As someone who had run two STR Units in TX over the past year, I can say that reviews can make or break certain deals. At least on Airbnb, reviews affect the Algorithm and can determine where your listing is on the platform. For example, I had nearly 50 Positive Reviews (nothing less than 4-Stars), as well as what they call Superhost Status (which is another conversation entirely), and that kept my listings on the first page when guests were looking at that market, yet a few bad reviews can put you on the pages that are too far for the average person to scroll to.

In short, hospitality is KEY in the STR game. I'm sorry to hear about the horrible experiences.

Investment Info:

Condo buy & hold investment.

Purchase price: $198,000
Cash invested: $22,000

This is a 1 bedroom, 1 bathroom unit sitting right around 740 SF in a quiet, A-Class Neighborhood in Austin, TX! This unit makes for a perfect short-term rental unit that is less than half an hour away from downtown Austin. For guests who're slightly more introverted, there are a variety of amenities to enjoy on-site as well (ie. Two swimming pools, an indoor gym, a dog park, & more).

With Lake Travis being a mere ten-minute drive away, the possibility of activities to engage in are endless!

What made you interested in investing in this type of deal?

With the success of my first Short Term Rental Unit in a similar area, we had enough capital to use in order to begin the acquisition process for another similar investment. After having conducted an analysis of the area (as well as some comp reports to go along with it), we were looking at a 13.8% ROI (Return on Investment) within the first year (assuming expenses were going to be similar to the first unit).

How did you find this deal and how did you negotiate it?

I managed to get in contact with other locations that would allow a similar subletting agreement to be enforced, just as what had been done with the first rental unit. When a meeting was scheduled with the Board of Directors, I was able to present the success of the first unit in order to set the groundwork for negotiations on this new acquisition.

How did you finance this deal?

In an attempt to raise over $20,000 for the acquisition, I had gotten in contact with an Accredited Investor who I was acquainted with for nearly 10 years. In preparation for the presentation, I outlined the following information for his benefit: Pro Formas, Profit and Loss of previous unit, Itemized List of Amenities needed, & Location Details. In exchange for 20% of Equity into the business, as well as interest on the capital investment, he provided $22,000 for the deal!

What was the outcome?

We managed to provide our investor with a steady stream of Cash Flow, while also managing to add another source of income to his vastly diversified portfolio.

Investment Info:

Condo buy & hold investment.

Purchase price: $198,000
Cash invested: $22,000

This is a 1 bedroom, 1 bathroom unit sitting right around 740 SF in a quiet, A-Class Neighborhood in Austin, TX! This unit makes for a perfect short-term rental unit that is less than half an hour away from downtown Austin. For guests who're slightly more introverted, there are a variety of amenities to enjoy on-site as well (ie. Two swimming pools, an indoor gym, a dog park, and more).

With Lake Travis being a mere ten-minute drive away, the possibility of activities to engage in are endless!

What made you interested in investing in this type of deal?

With the success of my first Short Term Rental Unit in a similar area, we had enough capital to use in order to begin the acquisition process for another similar investment. After having conducted an analysis of the area (as well as some comp reports to go along with it), we were looking at a 13.8% ROI (Return on Investment) within the first year (assuming expenses were going to be similar to the first unit).

How did you find this deal and how did you negotiate it?

I managed to get in contact with other locations that would allow a similar subletting agreement to be enforced, just as what had been done with the first rental unit. When a meeting was scheduled with the Board of Directors, I was able to present the success of the first unit in order to set the groundwork for negotiations on this new acquisition.

How did you finance this deal?

In an attempt to raise over $20,000 for the acquisition, I had gotten in contact with an Accredited Investor who I was acquainted with for nearly 10 years. In preparation for the presentation, I outlined the following information for his benefit: Pro Formas, Profit and Loss of previous unit, Itemized List of Amenities needed, & Location Details. In exchange for 20% of Equity into the business, as well as interest on the capital investment, he provided $22,000 for the deal!

What was the outcome?

We managed to provide our investor with a steady stream of Cash Flow, while also managing to add another source of income to his vastly diversified portfolio.