All Forum Posts by: Kyle Dwyer

Welcome to the BiggerPockets forum! Direct bookings for short-term rentals can be a great way to maximize your profits and have more control over your rental business. While major booking platforms like Airbnb have their benefits, going the direct booking route can give you more flexibility and potentially save on fees.

When it comes to websites and templates for marketing your property for direct bookings, there are a few options you can explore. One popular choice is to create your own property website using platforms like WordPress or Wix. This allows you to showcase your property, provide all the necessary information, and even integrate a booking system directly on your website.

Another option is to use vacation rental management software that includes a direct booking feature. These platforms provide you with templates and tools specifically designed for marketing your property and accepting direct bookings. Some popular examples include Lodgify, VRBO's HomeAway, and Guesty.

As for personal experiences, I've found that direct bookings can be a great way to build relationships with guests and maintain better control over the rental process. It does require some marketing efforts to drive traffic to your direct booking platform or website, but the potential for higher profits and more personalized experiences for guests can make it worthwhile.

Remember to do your research, test different strategies, and keep an eye on local regulations and licensing requirements for short-term rentals in your area. It's always a good idea to have a solid rental agreement and clear communication with your guests to ensure a smooth booking process.

I hope this helps, and best of luck with your direct booking journey!

Mahalo,

Hey Noah,

When it comes to pet fees, I typically charge a non-refundable pet fee of $250 per pet. In addition to that, I also charge a monthly pet rent of $25 per pet. I've found this approach to be fair and reasonable for both the tenants and myself.

I haven't made any recent increases to the fees, but I have noticed that the demand for pet-friendly rentals has been increasing, and tenants are generally accepting of the fees.

What about you? What pet fees do you charge, and have you made any changes to them recently?

Looking forward to hearing your thoughts!

Best,

Hey everyone,

I just wanted to apologize for not being able to make it to the Real Estate Rendezvous at Blackwater Draw Brewing Company last Thursday. Unfortunately, something came up at the last minute that I couldn't reschedule. I hope everyone had a great time networking and connecting with fellow professionals.

I'll do my best to make it to the next meetup and look forward to meeting all of you then. Thanks for understanding, and I hope you had a fantastic event!

Best regards,

Hi William,

It's great to hear about your successful BRRRR project and your plans to invest in a multi-family property with your cash. If you're looking for areas with great cash flow returns, there are several cities and states worth exploring. Here are some suggestions:

1. Texas: Texas is often regarded as a favorable state for real estate investment due to its strong job growth, population growth, and landlord-friendly laws. Cities like Austin, Dallas, and Houston have shown good potential for cash flow. Additionally, college towns like College Station can offer investment opportunities near elite high schools or universities.

2. Ohio: Cities in Ohio, such as Columbus, Cleveland, and Dayton, have been known to offer good cash flow returns. These cities have stable economies, affordable housing prices, and a strong rental demand. Columbus, in particular, has been experiencing growth and offers opportunities for multi-family investments.

3. Detroit, Michigan: Detroit has gained attention in recent years for its potential as a cash flow market. It has affordable properties, a low cost of living, and a strong rental demand. However, it's important to conduct thorough due diligence and understand the specific neighborhoods within Detroit to identify the best investment opportunities.

4. Cleveland, Ohio: Cleveland is another city known for its potential cash flow opportunities. It has a stable housing market, affordable properties, and a diversified economy. Cleveland Clinic and other major employers contribute to the demand for rental properties in the area.

When exploring these or any other markets, it's crucial to research the local rental market, economic indicators, vacancy rates, and property prices. Additionally, consider working with local real estate agents and property managers who have expertise in the specific markets you're interested in. They can provide valuable insights and help you navigate the investment process.

Best of luck with your multi-family property search, and I hope you find a great opportunity to maximize your cash flow!

Hi Nake,

It's great to hear that you're considering investing in the greater Tampa area. Clearwater and Brandon are both popular sub-markets worth exploring. Here are some thoughts on these areas:

Clearwater: Clearwater is the second-largest city in Pinellas County and offers a range of investment opportunities. It's essential to note that Clearwater encompasses a wide range of neighborhoods, from high-end properties to more affordable ones. The Drew St. and Keene Rd. area you mentioned is generally considered a good area for investment, with a mix of residential and commercial properties. The specific location and condition of the duplexes you're interested in will play a significant role in determining their desirability and rental potential. Consider factors such as proximity to amenities, transportation, and the overall market demand in the area.

Brandon: Located in Hillsborough County, Brandon is known for its suburban feel and diverse housing options. It has a mix of single-family homes, townhouses, and apartments, making it attractive to a range of renters. Brandon offers proximity to Tampa's job market, shopping centers, and entertainment options. Property values and rental rates can vary depending on the specific neighborhood within Brandon, so it's essential to research and analyze each investment opportunity carefully.

When considering areas for long-term appreciation, it's wise to look for neighborhoods that show signs of growth and development. Areas like Seminole Heights and Plant High School District in Tampa have been experiencing revitalization and could offer good potential for appreciation. Additionally, Downtown St. Pete is known for its vibrant arts scene, entertainment, and waterfront views, which have contributed to its growth and could continue to drive appreciation.

It's crucial to conduct thorough research on each specific property you're interested in, including analyzing the local rental market, property condition, and potential for value-add opportunities. Connecting with local real estate agents, property managers, and other investors in the area can provide valuable insights and help you make informed decisions.

Best of luck with your investments in the greater Tampa area!

Hi Jasper,

It's great that you're considering different rehab options for your duplex. Making changes to create an open floor plan can indeed be desirable for renters, but it's important to weigh the costs against the potential benefits. The expenses involved in moving walls, plumbing, electrical, and other elements can add up significantly. Before making a decision, it might be helpful to consult with a realtor and a contractor together. They can provide valuable insights and help you avoid over- or under-rehabbing your property.

Regarding adding a bathroom, it's crucial to assess the costs and potential returns. While a second bathroom can increase rental income, the installation expenses can be pricey. Consider running a cost analysis to determine the return on investment (ROI) and evaluate whether the value added by the additional bathroom justifies the expenses and the impact on the rent and refinance potential.

Keep in mind that the desirability and market value of these upgrades can vary depending on your specific location. For example, Gregory Schwartz mentioned that in College Station, TX, a 1-bath to 2-bath conversion can result in a $100/month increase, and layout improvements can add $200/month. It's important to research and understand the rental market dynamics in your area to make an informed decision.

In some cases, cosmetic improvements might be a more cost-effective approach. Upgrading the existing features, such as paint, flooring, fixtures, or appliances, can also attract tenants and increase the property's appeal without incurring significant expenses.

Ultimately, conducting a thorough analysis of the costs, potential rent increase, and expected ROI will help you make an informed decision that aligns with your investment goals.

Best of luck with your rehab project!

Hello Dimitra,

I came across your post about the student housing property in College Station, TX, and I'm very interested in this investment opportunity. The property's impressive occupancy rate and cash flow potential caught my attention.

I would like to inquire about the current availability of the property. If it is still on the market, I would be willing to pay over market value for this promising investment.

Could you please provide me with more information about the property, such as its current status, any additional financial details, and the best way to proceed with further discussions?

Thank you, and I look forward to hearing from you soon.

Best regards,

I will be there!

 Thank you!  This is much appreciated.  Tony Robbins sounds like a great idea.  Maybe Grant Cardone as well. lol

Don't get me wrong, I am never giving up. However, sometimes this industry gets to me. There are times, dealing with truly just bad people, that makes me wonder why I do this to begin with.

I always go back to my "why", listen to motivational audio book, or journal about my struggles. It always helps. But I'm looking for anyone else out there that deals with these struggles (horrible people that will do anything to get you to fail). This can be bad tenants, real estate/business partners, vendors, agents.

Some positive pick me ups would be much appreciated!