All Forum Posts by: Louis Zameryka

Thanks @Paul Sandhu I do have an iphone and I guess I could get a small boat but I have no clue who those guys are. Do they advise Luke on short term rental operations? 

Hi Everyone, 

I am buying a 3 bed 2 bath condo in Orlando at Vista Cay. I intend to run it as an STR but I have found that if I hire a management company i will be cash flow negative. I will likely self managed instead. I am based in NY so this means I cannot be hands on.

I would love some advice and resources. Specifically 3 questions for the Bigger Pockets Family. 

1) Does anyone have a list of Short Term Rental software they use to self manage that they would recommend? 

2) Does anyone have a best practice guide or check list for someone self managing at a distance? 

3) Does anyone in the Orlando area have a great cleaner/maintenance company they would recommend? 

Thanks in Advance BP Fam!

@Mark Vivanco you have two excellent Orlando are professionals in this chat giving advice. @Brian Maloney and @Keith Courtney

I agree with you that based on some current listing prices it’s tough to get a profit going. Even whe rates get back to pre-Covid.

But.. Keith is right that post Covid a great unit (renovated well) and marketed well will get better than Pre-Covid adr’s (avg daily rates) and better occupancy. So If you can stomach a high down payment and renovation costs coupled with 3-4 months of bleak occupancy (hopefully while yuh are closing an renovating) you could be very happy in late 2021 and2022

@Eric Baron self managing is not too tricky. At first it is because you need to develop your system and find a reliable cleaner who is sort of able to function a bit as a PM and knows or is a handyman.

Marketing yourself gets you the savings and that savings allows you to find and pay a great cleaner that is hands on. The guest handling and marketing is the highest cost of a PM and if you are even decent with using internet based software you can do it easily yourself. They are not really marketing your unit they are curating the content and distributing it while using rate software to price. Also that rate software in most cases is garbage at the moment except for a few because most are built on historic data and that is useless at the moment.

I actually think that in the current climate the only way to cash flow on a STR is buying at a rock bottom price somehow. Most stuff I look at is so inflated the numbers don't work or barely work even if you self manage. Finding a less inflated market or an off market deal is probably the way.

Hope this helps

@Tim Richter congrats on the first investment .

My go to is the prioritized list too. Also I’m a competitive runner so I go for a run with music where I just have some fun on the run. Silliness to break my stress/seriousness. If it’s reflection that’s needed and a calming of my mind it’s meditation.

Furthermore something that gets me through anything is taking a moment for reflection and gratitude. I acknowledge that my problem is a luxury for probably 80% of the world, and that “I came into this world naked and screaming and if I go out the same way at least I broke even”

By they way I'm currently sitting on my couch trying to decide if on my first STR investment I go $500 above asking for a home I am certain will rent well and is a good value because I'm not at all a handy guy and I'll need to do an extensive rehab (even if it means hiring a GC)...

I am trying to determine how to estimate the ARV on a mostly cosmetic renovation when the home is in a hot market and seems underpriced to comps to begin with. Thanks

@Ruben Correa

Hi Ruben.. you know what. Like the newbie I am, I think I’m confusing things by not accurately addressing my actual problem. I think my problem is that if I buy this home at $549k the down payment and closing costs are stuck in it. Meaning I tie up $125k for a long time just for 12-14% roi and I, not using the magic of real estate which is the leverage of the mortgage.

So my real issue is it’s not a brrr. I can’t figure out when someone says they have 3 or 4 of these why? Or how? Did thy really lay out $400-$500k in down payments and closing costs etc for 12-14% roi

and no leverage?

Does that sound right?

@Serena Kim thanks Serena. I think really my concern is the the magic in real estate investing is leverage and with the Orlando area turnkey str’s I don’t see how I’d get my down payment out to move onto the next property. It’s got me wondering if it’s the right move.

I’d equally be happy with an Orlando multi family I think. Provided one unit is open for me and my family to live in Jan-May 2021