All Forum Posts by: Mike Eichler

For finding properties I prefer the MLS or Zillow or trying to get on an agents list with some networking. As for running numbers, I use price labs specifically for Short term rentals, which I specialize in. Let me know if you'd like me to run some numbers for you and I'd be happy to!

Yes, Zinus is my favorite, I work in property management of STR for over 200 units, and we have an in-house designer that I work closely with and he is always raving about Zinus brand everything, they are great and have great products!

I would totally take the second option, to get some cash flow, which you might need as you said you were getting older and would benefit more from it, don't think the higher interest rate would be much of a downside, especially if you can take that cashflow and move it into another investment, just my take on it. 

Have you considered trying out a short-term rental strategy (Airbnb, Vrbo, etc, not saying it is best for your area/listing just a consideration, Id be happy to run some numbers for you and analyze your area for free. Reach out if you are curious!

Hey all, wanted to talk about a crazy deal that my team and I are working on in the Poconos. A 43 Unit Resort-Zoned property located in Pocono Pines, Pennsylvania. Putting together this deal has been absolutely incredible, so much is going into getting everything to work out just right, from choosing renovation materials for the smaller cabins to landscaping and adding a communal pickle-ball court and fire pits with tiki torches and string lights with chairs for sitting, I am getting super pumped seeing it all come to life. 

Now with all my rambling out of the way... let's get into the numbers.

The purchase price of this absolute beast is 4.325 million, which includes a variety of stand-alone cabin units, traditional motel row units, a mix of 12 one & two-bedroom apartments in the main house, and one office space. 

The 12 units in the main house are already in great condition as they have been recently renovated by the previous owner, as for the smaller cabins they will need a combined 450,000 worth of facelifting rehab and refurnishing.

After closing costs and all other expenses, the total all-in cost of this project will be 4,892,000 with an After repair value or ARV of just around 5,846,339 which is an added value of 1.27 Million.

The Project is set to be a 15.76 Cap and has current cashflows of over 30,000 per month which we plan to push much higher when we transform most of the units from LTR to STR

I have a podcast episode where I talked about all of these numbers and more in-depth about the project too, we are also still accepting a few more Investors to hop in on this before we close it out feel free to DM me if interested in more info.

Here is the podcast on Spotify: https://open.spotify.com/episo...

and apple music: https://podcasts.apple.com/us/...

Hey all, if you are like me you are Airbnb'ing in the Philly market and have recently been hearing a lot of different things about the new rules and regulations being put on STR in Philly. Wanted to give an update from my perspective and see if you guys have any input on things.

Here is where we are at, we were first told that regulations would go into effect in july, making it so that if you wanted to Airbnb your place you'd have to most importantly have that property as your primary residence, or else you could not rent it for less than 30 day periods at a time, you were also told that you would have to get a lodging license to rent which you can only get one and it would have to be your primary residence, (the one on your driver's license). This is hard for many owners because it means that anyone who has multiple properties would only be allowed to choose one of their many properties to keep Airbnb'ing out for STR. This all could be negated if you were lucky enough to have scooped yourself a CMX-3 or higher zoned property back when you purchased.

The regulations have recently been pushed to the start of Jan 1 of 2023, which is a sigh of relief for a lot of owners, giving them some more time to figure out just exactly what they want to do. Now it will leave owners with some options, will they convert to long term? will owners start to sell off some of their portfolio? Will they move to new markets completely with fewer regulations?

Lots of questions up in the air, and lots of decisions for everyone involved. One big question I have is what kind of enforcement Airbnb and the Philly regulators will have in this, can they enforce it if Airbnb does not comply with them, and will this cause a major sell-off in the Philly market from investors? who knows we can only wait to find out.

Let me know your guy's thoughts on these pressing issues.

See you there!

 No not really, I've come to see that professional management companies make their worth, as the number of reservations are much greater, and they are able to turn around much faster than the typical self-managed place. Something else that is nice is that cleaning and certain things that are hired out are much cheaper with a management company because they can provide those companies with much more work bringing the costs down for everyone. So not really, I don't see much of the management fee killing owners in the slower months, if anything it will bring it closer to what a self-managed owner would bring in, but you still don't have to worry about doing any of the work, allowing you to do other things that will bring you more income.

 Love to hear it. Best of luck for the future :)

 I agree totally, and thank you for the tips :)