All Forum Posts by: Mike Eichler

 Personally I have seen much greater returns on properties that are professionally managed because they have the tools and the ability to rent it out much faster and easier. It also frees up time for the Investor to invest their time into other businesses, other than being stuck managing their own place. Many of our owners have multiple houses and would not be able to manage them themselves anyway, and have seen way better returns with our professional management on their rental, even after they pay us the management fee.

I have also made a youtube video on this concept if you are interested in a more in-depth explanation

you can check it out here:  STR vs Long Term Renting

I've been involved in Real Estate for a year now. I jumped right in with a Short term rental management 

company (Liberty City Living). Throughout my time it was very fun to watch the company grow from a mere

60 units in Philadelphia managed, to over 200 managed in multiple markets just a year later. Ever since I was 

in high school learning about Investing and real estate and finance via Youtube, BP, books, podcasts, etc.

I knew that real estate would be my game to play. One strange thing occurred though, In my mind, Long term

renting would totally be what I got into, via Househacking a duplex or something of that nature, but when I 

started to get involved with property management of Short term rentals, my perspective changed dramatically.

My entire plan of Long Term renting would go straight out the window and now I was only after STR properties.

Here are some of the major reasons why I like STR much better than Long Term Renting:

Guests PAY FIRST, before getting info about how to get to the place and how to get in they must pay first, so there 

is no worry about a tenant paying on time.

Bad tenants are gone after the reservation, so it makes rowdy guest reservations quick and then they are gone

Tenants sometimes damage items whether it's long or short, but with STR, you are able to chargeback guests and 

get compensation for damaged or broken items at your place, so there isn't much worry there.

The rental income is typically much more than Longer-term renting as I have seen, you can expect a 2-3x increase

in cash flow for Short term rental properties compared to Long Term

When you offload the work to a Property management company, there is nothing to worry about as an owner you 

are simply able to collect a check each month and that's it. 

- Mike Eichler

                                                    What are your thoughts on these, are there any I missed?

 Probably get another on in the Poconos 

 Thank You! @Derek DeLong

Thank you so much @Bonnie Low, Being in the space and seeing so many of our clients buying places and being able to see some of the numbers and know the workings of many properties at the same time because I was physically working closely in many of them, it helped a ton to remove analysis paralysis and give me tons of confidence. I felt like I already knew what to look for when buying by just being around the space, I was also able to utilize what I learned with becoming a real estate agent which just made me that much more comfortable.

@Bonnie Lowundefined

Hey, thanks for the feedback @Drew Sygit It just sort of worked out that way that we went on weekends, just because of when the items that we ordered got delivered and just what made the most sense, I could have gone by myself during the week, but it would have turned out to take the same amount of time in the end anyway.  

Hey all, Super excited to announce I have just closed on my first rental property deal, at 18 years old. I have worked in property management of short-term rentals (Airbnb), for almost a year now and was finally ready to purchase one of my own.

I was able to convince my dad, who has no real estate or investing knowledge to partner up with me 50-50 cash and equity in order to purchase a property in which we plan to full-time STR rent with the property management company I work with.

Let's get into the details:

located in Pocono Pines/Tobyhanna area of Pennsylvania.

The Purchase Price was $246,500.

The property is a 3Bed 2Bath. 

I put a 5% downpayment on a 30-year fixed loan.

In the end, the property I purchased cost me and my dad just around 36,000 including downpayment, closing, furniture, and all else. We are very close to being finished getting all the furniture together and into the correct spot, as well as getting it decorated and rent-ready, that whole process took only 3 full weekends, (we live in Philly which is 2hrs away and my dad works most days so we can only work on the property on weekends). Excited to get pics and get it listed. Below are the attached numbers that I got by using comparable properties nearby.

Feel free to ask any questions or give me any feedback!

Comp Numbers for returns PDF

Hello BP, for those of you that deal with STR in the Poconos Pennsylvania area, are you seeing much better rental income from the smaller log cabin type houses, I work with a management company that has 6 currently in the Poconos and I am seeing that the smaller 2bedroom log cabin feel type houses are performing much better and are rented out much more than the bigger 3-4 bedroom houses are you seeing this too?

In my opinion, unless you want the cameras too I would say put the cost unto them, another option would. be to offer a split of the cost with the tenant, then you can have those cameras forever and also only pay half, they are happy because you are willing to work with them and good cameras arent really that expensive especially if you split with them.