All Forum Posts by: Kevin B.

@Kevin B. Also, he seems to think he’s in control. That’s equally as big of a red flag for me.

@Alex Kovalenko wish him good luck in his housing search

I mentioned back in Sept. that I would update the thread with my STR journey using my new Blowing Rock property.

I did close in September, honoring existing reservations through mid-October which covered my first two months of expenses. I took the remaining week of October and all of November renovating and redecorating. (Before and After slideshow here: https://animoto.com/play/CdpED0A2JXKftki6GwBYBA)

As for Evolve, once I was ready they sent a professional photographer out and had my place listed and live within a week of the shoot. Within 4 days of going live, I’ve gotten 3 reservations for 13 consecutive nights for roughly $3k in gross revenue. So far so good!  Will let you all know more of the experience with Evolve as it progresses. 

The last thing I will add is I think it's worth factoring in that from Charlotte (or Apex in your case), the feasibility of using the property during some of the open calendar dates has a value, and should be taken into consideration.  Not that it isn't first and foremost an investment where the numbers need to make sense, but a handful of "free" vacation trips to the mountains throughout the year with family or friends makes the purchase a little sweeter...(as compared to a similarly performing long-term rental or stock market investment that you cannot get any personal use from).

Hi Julie,

Yes, we found it on MLS. Since I am still relatively new to STR investing, I really wanted a place that had a good revenue history that would give me some assurance that there would be a demand. I knew that I (personally) loved the high country, but I wanted to make sure other people loved this particular location, etc., just as much :)

Shortly after noticing the property online, the sellers dropped the price once again, and were apparently quite motivated to sell.  I quickly viewed the property with my agent, and then requested the last 3 years of rental history from the agency, which they typically are happy to provide.  I also requested all expenses history from the listing agent/current owner.  At first glance, the numbers suggested that it would only cover the mortgage and taxes, but not the utilities or amenities.  Plus the current agency was charging cleaning fees to the owner.  

So my thinking on why I can make it cash-flow positive is two-fold:  1) Start using a service that passes the cleaning fee on to the renter (like Airbnb), and most importantly, 2) update the cottage with modern finishes and décor where the new, professional pics will attract a much higher occupancy rate.  (The current furniture and pics are quite outdated - so I have a vision of transforming the place).  

Once I finish with the light renovation I will post before and after pics.  

Hi -  just found this thread and thought I would chime in.  

I just closed on a mountain cottage in Blowing Rock at the top of Appalachian Ski Mountain.  it is currently in a rental program with a local agency doing about $40k a year or so in gross revenue, but the agency takes roughly 25%.  it was on the higher end ($365k), but with the proximity to downtown Blowing Rock, the ski slopes, and Tweetsie Railroad amusement park, (plus it has an amazing view and 3 bedrooms), I was okay with the larger investment.

My plan was to take it out of it's currently rental program (which produced 46% occupancy total, with 10 months being in high demand), because I feel like them taking 25%+ is ridiculous.  I was going to self-manage via Airbnb/VRBO, etc., but after further consideration am planning to use Evolve who charges 12%.  I know there are downsides to Evolve but with them handling the photos, the listings, the dynamic pricing, and most importantly - the communications with guests and housekeeping, it just makes sense, as I run a full-time business and have a family, so my time is limited.  

The place is booked with the prior agency through the end of Oct., and then I break free and my journey with Evolve will begin.  If anyone is interested in how this all plays out, I will be happy to post some more and report R&E figures, etc.  (The place came furnished but I am doing some redecorating, so will be starting a little in the hole.)  

Hi Heather,

So where i am at on this is still trying to make the numbers work on the apartment construction over my garage.  Apparently my design was too elaborate and the building cost was excessive for what i am trying to do.  so i am now trying to water down the design to a cheaper build but still create an apartment that can be rented out for AirBnB.  

As for your concern, i think you could still enjoy your privacy and not have to be "on" if you have a separated entrance and can leave a key code or other method of entry that does not involve you having to play "hostess" in person.  remember the main thing an AirBnB guest is expecting is a clean space to lay their head, not necessarily a new friend.  

Curious if any of you are managing a rental via AirBnB, and if so, how close does the data from the AirDNA Rentalizer software match your actual rental revenue history? 

It almost seems like the projections could be overly optimistic..  is there a better way to project potential rental income from a property before buying/building it?