All Forum Posts by: Lake Lutes

Just shot you a text directly Sherry - I'd be happy to help your friend here in the FL panhandle. Plenty of references and reviews available if needed :) Looking forward to connecting!

Thanks for the shoutout @Raymond J. Rodrigues! @Nicholas Bourgeois happy to connect man! I've done this personally and have helped a bunch of other investors do the same. Shooting you a DM now.

@Brendan Bello Heck yeah man - good for you!

You will do great. Decide if you are going to use a PM or advertise and manage it yourself. If doing it yourself, have a plan for showing and screening tenants. There are a lot of good applications out there, but I use zillow for my rental applications. They have a good and simple lease builder as well.

Use rentometer and the BP Pro rental calculator to be sure you price it correctly, and take into consideration any expenses you might not have considered. Always prioritize the right tenant over getting it rented quicker! Best of luck man!

Hey Judgery!! Happy to get you that info. I have an STR condo down here, and analyze STR deals for investors daily. I'll shoot you a message!

From a publically available standpoint, Air DnA and Pricelabs puts out great data for their paid products on nightly rate, occupancies, etc.

STR income will always be dependent on who I managing the property, how nice the finishes and furnishings are, and the actual location of a property within the given city.

With my STR in Destin, numbers are more or less the same as last year, perhaps down just a hair. I just refurnished much or it and got new pictures, and the activity has been good thus far.

A 2/2 beach side in Destin/FWB, income will depend on view of the unit, and the things mentioned above. Proximity to the beach matters as well! My unit is a 2/2 in Destin, but on the North side of the highway. It made $43K last year.

 Couldn't agree more with replacement costs... a lot of BnB-ers trash your furniture. If you don't replace items frequently, the quality of your product decreases quickly.

As for insurance, I truly haven't experienced this phenomenon. I have multiple LTRs in Florida and 2 BnBs, and none have been hit hard by insurance. There's so many carriers still available in Florida - just shop your coverage and it shouldn't crush your margins any more than typical insurance does... maybe others are having worse experiences!

 I think you answered your own question! Honestly - sometimes, even if guests have "issues," just asking for a 5 star review is enough to encourage them to leave one. The other thing I have gotten a lot of good feedback on is being almost overly communicative, and always answering guest messages and offering to bring a handyman out, a cleaner out, or have a Walmart + order delivered THE SECOND there's an issue. So even if there are issues, they know I am actively working to solve it and not blowing them off.

Hey Melissa!! Its been too long!

I would say the MOST important things are 1) communication with your guests and getting good reviews, along with 2) having a vetted team (handyman, cleaners, etc.). and 3) document EVERYTHING regarding issues and Air BnB will take care of you (without documentation you're out of luck).

 Thanks @Raymond J. Rodrigues! Happy to chat @Tyler Hall - STR regulations differ from area to area, but for the most part you shouldnt have a hard time finding a place you could live in now and STR down the road. Hit me up if you want to chat specifics man!

Great thought process. I helped 2 buddies buy condos on Okaloosa island within the last year who did the exact same thing - they're here for 12 months for flight upgrade training.

Happy to recommend cleaners, management software/products, or listing advice when the time comes. Until then, let me know if you want to check out some properties. Happy to help!