All Forum Posts by: Kristi Miller

My #1 headache is cleaners.  The first impression a guest makes is how clean the property is.  Finding reliable people who will show up and do a good job is the absolute  biggest issue.  I can handle bookings, repairs, supplies, welcome baskets, etc.  I just need good cleaners. 

A good alternative to AirDNA is Pricelabs. They have a rental market dashboard that you can create based on specific criteria (bedrooms, amenities, etc). I use them for dynamic pricing my other STRs so I create a market dashboard each time I'm assessing a new STR purchase.

 The deal ultimately did not go through for other reasons, but Three by Berkshire was going to write the (very expensive) policy.  An idea is to keep the former owner on a contract as advisor for the first year.  

 Thanks, I'm the only owner, but am keeping a W2 general manager who's been there for 3+ years.  Good point.  Thanks

Thanks, I tried the STR angle with a national insurance co and that weren't having it. But, I'm waiting to hear back from a local broker.

Where are you getting your property insurance for boutique hotels?  I'm about to close on one and can't get a policy since they want 3+ years of direct hotel management experience.  I can show 3+ years of Airbnb management, but that doesn't work for underwriters.  Thanks!

Under contract...haven't closed yet.  I can keep you posted.  @Christen G. Are you looking at a hostel?

 Thanks - I know the current owners live on-site and have an on-site manager, but they are not taking full advantage of automations.  I do think an on-site person is useful to show guests around, manage minor maintenance issues, and oversee guest requests as-needed (more towels, etc).  I guess I'm looking for validation (as you provided, thanks) that the owner does not need to be in-person every day. 

I'm looking at purchasing a hostel (similar to motel) that's been in service for 20 years, has a great reputation, thousands of 5-star reviews and has excellent cashflow.  The thing is, I live an hour away and would not be on-site daily.  I plan to manage all of the back office functions (marketing, bookkeeping, booking systems, online guest relations etc) from home and hire 2 on-site managers to live there and work 9-hour per day shifts.

I plan to automate check-in/out and use door codes, automated greetings, etc.

Does anyone own a hotel, motel, or large hospitality property and not live on-site?  I'm looking for things that could go wrong by hiring and trusting on-site managers.  I still plan to be there 2 days/wk at least until staff is up to speed (several months).

I have several LTRs on the opposite coast, but I have a great PM company managing them.  The only con is that when there's a larger maintenance issue (roof, HVAC, whole house paint) I would be able to manage it cheaper myself, but have them do it due to the distance.  I could fly in and manage contractors, but there probably wouldn't be a cost savings after travel costs, plus my time is better spent elsewhere. 

If you can find good deals there, go for it. Crowdsource reviews on best PM companies by joining a local real estate investors group.