All Forum Posts by: Mike Eichler

One thing I can suggest is to be super picky with which house data you look at... What I mean by this is go in and look at each house to determine if the data is fair to use when comparing it to your subject property. If you are looking at a currently performing STR that is way nicer than yours, then you should not use data from that home; similarly, if the home is way worse, you should not use that data either. When I am comparing properties and analyzing how much they should expect to pull in as far as nightly rates and occupancy, I comb through each property nearby and pick the best 5 that are the most similar and use the averages of those numbers to determine the revenue.

Hope this helps a little bit. Let me know if you have any more questions.

I'm not an expert in this market by any means, but you could try looking right on Airbnb itself for where all the Airbnb's are located; upon finding an area with many STRs do some research on that community directly.

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

Really depends on what you want to get into, and how involved (or not) you want to be.

If you do not have time to manage the rental, you'd have to account for a property manager to look after it, which will cut into the profits. If you plan to buy more rentals you could lean more towards selling to free up some cash for a new endeavor.

Personally, if I was in this situation I would, first look to refinance and pull some cash out to purchase a new investment.

I'm also not quite sure if you are planning to buy another house to live in or what your plan is there... in the case that you need to find a new place to live, I would refinance and buy a new primary with a low down payment. 

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

Guests stay at an Airbnb for the experience they get out of it, whether the experience is the location they are staying at or the actual place itself, in this instance. I love this idea, and I can see why it would perform so well. I work with a management company in Poconos, Pennsylvania, for STR, and some of our best places are our cute decorated small cabins.

I will be keeping this idea in mind for the future, I would love to recreate this. 

Thank you for sharing!

 What many of my buyer clients have done was start with a primary home loan, house-hack and then get a "second home" or "vacation home" at only 10% down. This has been very powerful for allowing your money to go much further.

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

First off, amazing work to have 23 STR properties. I would recommend that you try to start, like @Leslie Anne Morris mentioned a brand around all of your properties. This helps a lot with repeat guests and will help with word of mouth advertising. The property management company I work closely with has over 200 units under management and about 20% of our booking come from their direct website, which by the way is 100% organic- meaning no ads are being run to attract business. 

Once you have a brand to call your own, people can start to look you up and will want to choose places solely because of how much they loved your hospitality from a previous stay, which leads them to not only stay again at another place of yours, but to also tell their friends to look into specifically booking one of your places.

Lot of rambling here lol, but I hope this makes sense and provides some value to you.

Let me know if you have any more questions!

Glad to hear someone is doing well, I agree; been hearing a lot of bad news recently on rates and revenues.

 Hey @Maxwell Banton While I do not own an rentals or operate in the Orlando area, I can suggest some places that you might have luck finding these services. 

Like some of these other guys here are saying, FB groups, turnover bnb, or google are excellent choices. You might also have some luck reaching out directly to the hosting platforms. Otherwise keep a lookout when you are out and about at Lowes and others for handymen and cleaners!

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

I would totally recommend hopping into some local Facebook groups and listing it there, be sure to add as much info about it especially the past performance it has had.

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

Biggest things are:

Ensuring the place is actually clean before the guest arrives

Making sure all consumables are stocked up: TP, paper towels, soaps, shampoos

Making sure all remotes are in the right place and not lost.

Basic cooking needs is a big one people have asked about in previous airbnbs I have managed, i.e mixing bowls, measuring cups etc.

Other wise there are some things that arent "needed" but can sure go a long way, such as leaving a $5-6 bottle of wine or some candy for your guests to enjoy, or things such as gift cards to some local place nearby. Leaving menus and pamphlets for things to do nearby also is nice.

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