All Forum Posts by: Luke Masaschi

@Michael Baum I can also add that the houses on the water similar size are about a million bucks but my house across the street I got for 95k and now appraises at 175k so its a MAJOR price difference when it comes to lake front vs not. 

@Michael Baum Thank you for the reply. Its a very strange situation, I see lake fronts charging 400-500 in the summer which is understandable so I as well as the others in the area without it charge $190-250.

Now like I said many of the one bedrooms in the area are not up to the standard that mine is and have bad occupancy at $140 a night in the slow season but I did find a property which is farther off the water and a few neighborhoods over that charged $275 a night and is pretty packed but no better than the $140 ones. 

Im not sure if its kind of a case of "oh it costs more so it must be nicer" or something like that. 

I know personally when im looking for a place to stay if its a little more pricey my brain usualy jumps to "oh this place must be better than the others" 

since this is a heavy market for vacation rentals and not traveling professionals I could see that being a factor but it makes it very difficult to price and what price point to risk. I know having higher prices also means higher standards all around.

Hi there so I am having a hard time with pricing in my current market and was wondering if someone could give me some pointers / connect.

So I have a home on one of the finger lakes that I just fully renovated. I have a hard time pricing even with airdna because a 1 bedroom on the lake goes for obvisouly a lot more than mine. Mine does have lake access but it is a bit of a walk and shared with my HOA.

Now my house has many comparable comps in the area but they dont know what there doing (bad pictures, low occupancy) I undercut all of them in the slow season and was 88% booked when the average in my small area was 14% i was charging $100 a night while my comp was charging $140 a night but not getting booked. 

Im struggling because I do have one of the nicer looking homes in the area and a-lot more amenities but in my position I dont really want to take some major risk going into high season and missing occupancy. I use pricelabs so if anyone could share some tips setting wise that would be amazing! I also raised my prices to a base of 150 from a 120 and my minimum is now 120 a night.

I cash flow a great amount but should I try and get more?  

So I recently did a BRRRR and am currently renting the home as an STR. I made the decision to turn the unattached garage into an ADU making the deal very very good once done. I have already ran all utilities from my original rehab budget but need about 30k more to finish.

Now im 22 and really took the gamble putting most of my money into the original deal so savings isn't really an option. I can slowly get the money / 0 APR first year cc/ ask friends and family to borrow. I could also use my cash out refinance to complete this as well but I also wanted to get into another brrrr and this may slow me down using all my cash without really being able to pull it out unless I HELOC after completion.

What would you guys do?  I really would like to keep as much personal cash as I can at the moment because I am expecting some very big life changes this summer which will take a good chunk of my income. I have another property and a W2 job. 

how do you do the math on that though? Sure direct bookings are better in the sense that you dont have that crazy fee that Airbnb takes but at what cost does marketing your direct booking website as well as upkeep take? Also just the overall hassle of having calendars needing updating all day. 

Ive been in the STR space for a few years now and wanted some advice on the following and would love to connect!

I have a solid property that cash flows really no matter what and I believe is a little nicer than most comps in the area. Now in 2021 I got 225 a night with a $150 cleaning fee and was 98% occupied may-aug and never adjusted prices due to not knowing about demand as well as pricing tools.

Last summer I didn't see as great of prices just because of how crazy 2021 was but was still full. Now that I am going into the high season im trying to figure out how high to push my prices without staying vacant. I use price labs now and was wondering if you guys have a suggestion on how to price a prop as well as if there should be a minimum for orphan days as well as cleaning fees.

For my second question: I want to add cool amenities such as hot tubs ect at this same property. How much should someone increase their prices after adding such amenities or does it vary? I feel as if I could definitely get more but I do not want to push it to the point where it crazy high and im keeping months open. 

Now I know a lot of people will say test prices which I plan on doing eventually but at the moment I am being aggressive on the remodeling / re investing side and since high season is only a few months a year in my area I dont want to miss out on revenue when I do not have to. 

Ive been investing for a few years now and have 3 properties which are STR's and all cash flow.

I own all these properties under my LLC which is the holdings and operating.

I have a bank account with Chase where all the money from these rentals is deposited which is under this same LLC and I am a single member.

Now that I am getting ready to graduate college and take investing more serious what is the best structure for me? Ive heard many different ways but I was wondering for my scenario how should I own/operate before its too late. I also want to make sure tax wise I have the best structure possible. 

Thank you very much in advance and would love to connect with anyone!

Not trying to brag or anything at all I just wanted other peoples experience in the area and would love to connect!

So please dont hate on this as I took probably the riskiest approach at investing as possible 22 y/o. I found a niche market for a STR and found a house last year for sale (75k) I put (20k) into it and just got it appraised at (165k) ( AWESOME!) Now here is where. it gets kind of crazy. I STR this prop, I have experience in Arbitrage so I know what works. I am still a long distance full time college student so I hired maintenance and cleaner but I did all the rehab myself over the summer so I saved a fortune. This property came with a detached garage which I plan to convert to a studio home I can also rent. Now for the home I have been renting this home for 4 months now and revenue wise it is bringing in 3k a month in the slowest months of the year. I am able to cash flow about $1500 a month on this prop at the moment. I originally posted on reddit saying I had 20k cash to my name but very very low expenses and a high risk tolerance. So I did what everyone said not to do and used every dollar I had on my down payment lol. Now I am closing on my 2nd prop in the same area and will have 3 total by the summer all CF positive in a great area with appreciation. Now Ive been watching bp for a few years now and would you say this was just a killer deal? I was able to win the bid on the first one with 28 people bidding in 2022 and used Hard money.

This may be a dumb question but I recently finished my first BRRRR and am refinancing at the moment. I will be able to cash out my original down payment + 30k more if I wanted to but as im going through the process I was wondering in the future if I pursue investing full time how do you still get approved for mortgages? I try and take as little profit as possible as im only 22 and im looking to grow but almost every mortgage company/bank needs 1-2 years of W2 I qualify for that as of now but how in the future do you do it without W2? Thanks!