All Forum Posts by: Kenneth Rolfe

Thank you all for your insight, this has been very helpful!

Lol @Michael Baum fair enough!  Beautiful area up there, I’m sure you guys do great!

Lol @Michael Baum, I love it!  While I do live in Idaho, this property is actually out of state for us.  Though that would probably make it memorable… thanks for the suggestion, I appreciate it!

Thank you @Bruce Woodruff, @John Underwood and @Luke Carl for your insights!  

Bruce/John your thoughts on helping people remember and also potentially driving them to my website make a lot of sense, thank you!

Luke what do you feel should be put in the headline instead?  And if you have thoughts on why it adds more value I’d love to hear that too.

Thanks again!

Hello everyone, I'm looking for your thoughts and opinions on naming your STR. Does this help drive business (initial or repeat guests)? How creative do you get? What factors do you consider? Any insights you may have would be appreciated.

Hey @Sean Bramble I'm no expert so take this with a grain of salt, I'm set to close on my first STR in about 10 days and we're doing it long distance so I'll share how we've handled it.

We started by taking a trip out to the area for a few days. Met with our realtor, looked at a few properties, but the primary purposes was to get to know the area as much as we could. So we spent a lot of time driving around the town and surrounding areas. We stayed in an STR to get a comparable, we ate at local places, etc.

It took us a several offers before we finally got one accepted.  Since we lived out of state, all the properties we looked at were through FaceTime with our agent.  Once under contract, we worked with our agent to set up the inspection.  There were a few follow ups we wanted after the inspection so we again leaned on our agent for her local contacts and got an electrician and roofer out to the property.  I can’t stress how vital our agent has been to the process.

We’ll see the property in person for the first time the day we’re fly out there to close on the property and then we’re planning on staying there for 4-5 days to get it set up.

again this is our first experience and we’re still in the process so take it for what it’s worth, but so far so good.

Sounds like he has a good foundation and resource so kudos to you for the work you e already done.  You could consider having him go out and find his own deals, really do all the leg work, with you as a resource.  Rather than gifting him the money, maybe you serve as his private lender with market price interest rates.  He could underwrite the deal, but you would have the opportunity to review and make sure it meets your standards.  Then once he’s made a little money he can fully branch out on his own or the two of you could partner, both with skin in the game.  Might be a good way to ease him into it.

@Sean Bramble love these suggestions, thank you!

That would depend, is that the average daily rate of nights that were actually booked or the average daily rate it was listed at?  If it’s the average daily rate it’s listed at and occupancy truly is 30-40%, I would think most of the year is low and skewing the average.  But if your rates are high for a couple of months with high occupancy it might still bring in what you’re looking for.  Broad data is good for a snapshot view of a potential deal, but if you’re getting conflicting data it’s worth diving a little deeper.  Just my two cents.

Hello everyone, I'm closing on a STR in two weeks and looking for some suggestions. It's a small 2 bed/1 bath property with minimal storage space (essentially one small linen closet). I would love any suggestions you have on how to store your supplies in a situation like this.

It may end up being sufficient, but I want to be prepared with some ideas in the event we need to get creative while we’re setting it up.

Thanks in advance for any insights you provide!

Kenny