All Forum Posts by: Mike Eichler

As soon as you are ready to start to make offers is when you want to get preapproved. You won't know how much "house" you can afford without getting one. Preapprovals are usually good for a while after you receive one.

I hope this helps. Let me know if you have any more questions.

-Mike Eichler

 The best way to estimate what a property might be able to make is to compare it to other nearby properties. There are many tools. I use Pricelabs to look at the data over the past year from nearby properties to the one I am running. I look at the most comparable properties, meaning I look on the Airbnb listing and use reasoning to determine if the property I am comparing is better or worse based on the X factor each gives off, such as furnish and design style, Hot tub/pool, firepit area, game room, etc. you can also take into account their review and host rating. After finding a few similar properties, you can estimate that they could make right around that amount in nightly rates and occupancy. 

I hope this helps. Let me know if you have any more questions.
   

It's always best to ask around like you are here. Facebook groups are also an amazing place to share contacts of cleaners, maintenance, and any other contacts STR hosts utilize to have a rockstar team in the industry.

While I don't think this is necessary, I'm sure it wouldn't hurt as long as it would not cost you much. Some ideas could include posting on your social media to get family and friends to book. Offering discount codes on Facebook groups and other places like that. Finally, you could reach out to previous guests, especially ones that left very positive reviews, and offer a discount to stay with you again.

I hope this helps. Let me know if you have any more questions.

I love what you have so far. You want to be as creative as possible and add that you can also do movie theatre rooms and game rooms. You can also do the higher tier things that some people do to stay competitive with them, such as Hot Tubs or a pool. 

I also recommend thinking of certain things that not everyone can do when picking out a house for their next purchase, such as how loud the surrounding area is, the amenities the community or local area has, and most importantly, how private their rentable space is.

Hope this helps, let me know if you have any more questions.

Best, Mike

I know there are many Facebook groups you can join, discuss and negotiate a sale through. It would appear that many of them are request-to-join, but they seem relatively easy to get into.

I am in a few, and some of the listings there are great. People seem very open to sharing financials and reasons for selling.  

Zillow, of course, can be great as well, but much harder to get in touch with the owner.

I hope this helps. Let me know if you have any more questions. I am happy to answer.

For any more information about these HOAs or or other Poconos communities, feel free to reach out to @Jonathan Dempsey, I or anyone else on the Live Free Team. We are more than happy to answer any questions. Happy STR'ing!

Jonathan and I as well just made a podcast about this same topic, with out favorite STR communities, feel free to DM either of us for the link.

Yes, I highly recommend "Guesty." It is incredible. Has the live calendar that sync's to all OTA platforms. Does pricing and blocking of dates, which will post to all platforms. I work with a property management company of over 200 STR properties, which has worked amazingly for us thus far.

Let me know if you have any more questions. I'm happy to help.

Best,

Mike 

"Guesty" is incredible. Has the live calendar that sync's to all OTA platforms. does pricing, blocking which will post to all. The property management company I work closely with has over 200 STR properties under management and it has worked amazingly for us thus far.

Let me know if you have ant more questions, I'm happy to help.

Best, 

Mike 

Do not join any paid mentor groups of that price point. They make more money "mentoring" than they do Airbnb'ing. There is a plethora of information on the forums here on BP. YOu can also check out youtube and other platforms to learn specifics. Small plug I have a weekly podcast with @Jonathan Dempsey, specifically geared primarily to STR investing. Feel free to DM me for the link. I am also more than happy to answer any questions you have related to STR investing. I have one STR property myself and work closely with a property management company with over 200 STR units under management.