All Forum Posts by: Lauren Pitts

@Mike Lambert and @Steve K. First of all thank you Steve for such detailed information! Thank you Mike for your great insights too! My question for both contributors is what about the Dominican Republic? Mike mentioned DR in one of his responses and it is the location that I am interested in. It is still a sexy and hugely popular destination. I have seen modern "condos" that would be considered detached single-family homes in the United States with little backyard "pools" for around $150K or so in the Punta Cana area. It seems like a great Airbnb potential plus a great vacation home for me.

I feel confident with overcoming the barrier that I see so far: language (I have minor proficiency and can get a translator), finding a trustworthy local rep to help me (tips would be welcomed on how to do this but my plan would be to use my personal network), navigating local laws (google and lawyers). Any advice on what you all think of buying in DR would be awesome!! Good investment? 

1. Any resources for real estate data on DR or the Caribbean in general?

2. How well does DR real estate appreciate?

3. Many of the new construction developments I have seen offer financing. From what I have read, I need to expect to put 30% down. Does this sound right? Interest rates are much higher but I figured I pay down the loan faster if I wanted to. 

4. Should my strategy be to negotiate and buy at a discount? OR is real estate in DR priced so competitively already to where you can't really negotiate?

5. How easy or hard is it to sell real estate out there if I should want to get out? Is losing money a likely potential outcome if I wanted to sell?

 THANKS in advance!!!! :-)

Hi, I am interested also! Can I add some questions to your thread, @Emery Welshman?   

1. I am wondering if anyone is experienced in analyzing foreign markets and what I can do to figure out if buying DR makes sense compared to other Caribbean destinations and also what town within DR make the most sense. 

2. I also am wondering about the rate of appreciation of real estate markets in DR/Caribbean. 

3. I was looking at Punta Cana. I have seen a lot of new developments of modern but small houses with little "pools" in the backyard for around $150K or so. Many of these developments offer financing. From what I have read, I need to expect to put 30% down. Does this sound right? 

4. Should my strategy be to buy a deal, just like I would in the US by negotiating or are properties priced very competitively already in DR where money can't really be made going in? 

5. How easy or hard is it to sell real estate out there if I should want to get out? 

Just looking for the advice of any investors who have done this and can offer guidance!!! THANKS in advance :-)

@Emery Welshman

I can understand your feelings, especially since you are dealing with an eviction right now. But it says a lot about what you think of your customers, that you believe sending them a compassionate email filled with resources during these time of unprecedented financial and health crises will lead them to "take advantage." I can only imagine, that they are painfully aware of exactly how you regard them as well. 

To the broader Bigger Pockets community: Let's strive for our highest selves at this time. The tendency towards the hyper ego-centric mentality is strong, but is not what we need right now. We are all better off when we are all better off. I applaud the OP, way to be a pillar of your community right now! 

You never know what kind of anxiety, depression, hopelessness, or even suicidal thoughts these times are bringing another person. As landlords, we have the power to help people--even if our position, too, seem precarious. Let's choose to be kind and be compassionate.  

"There but for the grace of God, go I."

Hi Mark, Yes Smoobu allows this. With Smoobu you can add a percentage surcharge or discount for any of the channels you have connected. With this option, the pricing is completely duplicated across all channels just with a discount or surcharge as you specify. But you can also set completely unique pricing for each channel if you wish. If you want data-driven pricing you can integrate Price labs and Beyond Pricing and you can still have Smoobu add a surcharge/discount.

 Hey Cliff.. perfect! Thanks. I had Your Porter before Smartbnb. It is good to hear that they have kept evolving and are even better than before and that you are pleased. I sacrificed some functionality options (mobile ap) for a more visually appealing Smartbnb user-interface and other functionality (AI question detection). You are absolutely right that those 3 functions are the main needs. I would also add the AI question detection feature that sends canned answers automatically saves me tremendous time (when it works). Also I really want to have unique pin codes automatically generated and sent to guests. I'm piloting Smoobu now. They have very reasonable prices (comparable to Your Porter) and automate unique pin codes with my Igloohome smart locks with reservations from a variety of platforms. They also sync pricing. I don't know yet if they are buggy or not. Will keep you posted and if not,Your Porter will get a second look! Thanks again!!

Ken.. I have been huntiiing! I noticed you mentioned Smoobu, but it had not come up much in my searches. Then I stumbled upon it again and the two mentions together made me take a closer look. Wow! Smoobu look good! It hits all the major check boxes I was looking for. I have talked to beaucoup PMS' and most of them either overcharged or undelivered for my startup. But Smoobu has the right price and promises all the main features I need to scale efficiently and to punch above my weight class with guest experience. So I will start the trial and report back to folks my thoughts!

Update

I have been in talks comparing features and costs of the following channel managers/vacation rental softwares: HostAway, Streamline, Kigo, Lodify, Guesty, Uplisting, and Lodix. To a lesser extent I have also looked at RNS, VRM, and Bookerville.  So if anyone wants to know results of my investigation on these guys let me know! 

I agree a cleaner may balk and I don't like the idea that cleaners may be inflating their prices to absorb the marketplace surcharge. So I can see your point in avoiding the app. But it's also possible cleaners may find value in the opportunity to reach new clients on the marketplace. Either way though, my post was to inform the community that Turnoverbnb is largely free to the host in terms of a direct cost.

I shopped and shopped all the smart locks out there and Igloohome was it! Here's why**:

• integrates with Airbnb. Automatically generates a code for each booking that starts and expires based on the reservation details. 
• Sends a welcome email as soon the booking is accepted and then sends the pin code based on your settings (I have it set for 1 hour before check-in)
• you can create a duration pin code (start and end date) remotely from any where in the world
• does not depend on WIFI to work whatsoever
• and it has a "jump start" features so that if it ever runs out of batteries you can still get in the door by placing a 9v battery up to side of the display. 
• no subscription fees!
• I have been using them for 1 year and absolutely zero functionality issues. Well the sensor fell off the door jam and I needed to use superglue instead of the adhesive it came with. Very minor. I have 4 of these locks and no other issues.

August: The very idea of asking a guest to download an app to enter the vacation stay is way too burdensome for me. Traveling is hectic enough. I am all about smooth arrival.

Schlage: Must be connected to wifi for a lot of functionality. It doesn't automatically integrate with airbnb. You can cannot create a duration code remotely (a code that will expire).

**Caveat... even tho Igloohome is amazing for Airbnb, as I am expanding to more and more booking platforms I will need to reevaluate the best smart lock for my growing business and I will look for one that can integrate with one of these home automation tools to be able to automate check-in across more booking channels than Airbnb. 

I have seen this question come up many times for the affordable end. I am currently using Smartbnb. I am looking at the bigger software packages such as Hostawy, Kigo, Streamline, or VRM because I am scaling and need greater automation and functionality with more booking platforms. I want unified messaging for more than just Airbnb and HomeAway (booking.com, tripadvisor, etc). I also like that most of these come with a direct-booking website template that integrates with their management software and that they have BeyondPricing or Wheelhouse plugins built in. There are many other attractive features. Some of these have a way too high an entry point for me right now like a $5000 startup fee for Streamline. But I am still curious what are other people's experience with these platforms. Which one do you like the most?