All Forum Posts by: Michael Greenberg

Great - then you're on your way - Airdna rocks and you can buy their data as well (worthwhile investment).  Send them a note, they'll negotiate.

No, Get Paid for your Pad is Ribbers and Kapadia - good resource too. I like Matt because he provides some amazing marketing templates and recommendations. He also responds quickly to questions and has a users group of over 700 STR owners.

I can't seem to find where to PM you - rookie to this site, which I love but find it challenging to navigate at times.  I found my inbox but it would let me PM you after requesting to connect.  Can you PM me?

Thanks

I like it @Nicole Jones and I am a 2-year STR (short term rental) owner in Scottsdale, AZ - another touristy location. There's a LOT to be considered, like drinking from a fire hose, as it differs a ton from long term rentals, but where's there's pain, there is indeed money. One question to answer is: Do you need the rental income to live on or is it mattress money (savings)? If you need it to live on, then I think a longer term, lower payments is the way to go. If it's mattress money, put as much down as you can, a shorter note, and pay it off using your rental proceeds - then you can rinse & repeat (or keep and repeat). Before you know it you'll have a portfolio of properties that are rocking and rolling. If your haven't done so already, visit a website called Airdna.com - download the free guide and read it, but more importantly use their site to research your area for rental rates and booked nights - critical information to your financial success. Also, if you're not on Twitter - do it and find Matt Landau @bookmorenights (tell him I said to connect). He has been incredibly helpful with my business. (Feel free to look me up too @thejetsethost. Now, here comes the tough stuff.... managing this process is like herding cats and as you build your portfolio it's like wrangling lions to do it yourself. I have two STR's now and it has it's challenges already. I think once I get to four, I'm going to have to hire a management company to at least take care of bookings, reservations and cleanings (can be a big chunk of your profits, but less than mucking it up). And speaking of cleanings, if you're going to do anything right - do this as it will be key to your success. You've got to have a crew that can turn your place(s) quickly and do a great job so you can maximize your return. One other mention before you sink in the cash, check with your local municipalities - there are all flavors of legislation, some good, some not good and you don't want to mess with Uncle Sam. Happy to continue this exchange and best of luck.

This is a good question.  Yes it is silly expensive but there are options.  I have Dish network on one of my properties.  I then purchased multiple ROKU devices (it's an internet enabled streaming device) and enabled the various networks that are active on my Dish network account.  I am now able to stream a lot of entertainment to multiple properties and pay only one Dish account.  If you're not technical, you'll want to find someone that is so they can help you set this up.  I also pay the monthly Netflix family plan which allows me to stream to 5 connected devices at one time.  Finally, I have digital antennas for local stations.  This all seems to work very well and I have never received a complaint from any guest.  Hope that helps.

Mike

I haven't found a lot of books, but there are quite a few "guides" and research that can be done.  This is a good start:  http://getpaidforyourpad.com/blog/dont-just-go-liv...  

I would then jump on Twitter and start connecting with these folks:

@bookmorenights  (this is Matt Landau's connection - probably the best resource for info)

@RentByOwnerBlog

@TheAirDnA  (Created a nice guide and have great data about Airbnb)

@casual_glenn  (sharing economy expert)

@VROwnersGuide

I've been at it for about 18 months, two properties and doing quiet well.  There's a TON to learn, it's a more challenging business than long term rentals, but there are significant opportunities to make significant income.

Mike

@Leigh Ann Smith Sounds like my kind of place :-)

@Leigh Ann Smith  Love it!  As you mentioned, get the blinds and retake photos - preferably a wide angle lens.  I agree - no sense in paying listing fees until you're sure it's a "go".  It also leaves me wondering "why and what else is there to do when I visit?", so I would recommend adding that flair.  Can you fish that pond?  Other nearby photos of things to do. Tiny Houses are all the buzz right now, so leverage that buzz into your listing.  

Best of luck!

Mike

Love to check it out, can you send the link?  You're on to something.....  

@John D. I'm all about VR's. Sure it comes with challenges, managing the process & VR's are all about the guest experience - mess it up and you're going to struggle; understanding your audience; transient guests; pesky neighbors; HOA restrictions; protection, where to buy and how to market... and a ton of other things to consider. Nail it and you'll kill it. I have been drinking from a fire hose for the past 18 months since I bought my first VR property. A good pricing resource is Airdna.com They mine data from Airbnb and you can purchase localized data very inexpensivly to really drill down on your strategy. Where there's mystery, there's money and there is still a lot of mystery in all of this. Pricing efficiency tools exist, Pricemethod.com or Beyondpricing.com that can help you maximize your returns. Sure, at some point we'll start to feel the margin pinch - but I think we've got a long way to go, especially because legislators are struggling on how to deal with the sharing economy. There is competition brewing quickly, but most are not executing to their potential. In summary, there is still time but just like everything - it wont last forever - so be nimble and market driven and you will succeed.

@Matt Smith - I think @Blair Russell is correct.  Do you just have the one property?  There are multiple considerations here beyond managing reservations and cleanings and if you only have one property I think you will find it cost prohibitive and creating other challenges.  I bought my first VR in 2015 and now have two VR properties in Scottsdale, AZ (reside in Denver, CO).  Since then, I have used a websites, Yelp (OK not perfect) and Nextdoor.com to find handymen, cleaners, landscapers, etc.... Nextdoor is great for this because it's an free, unbiased localized website for neighbors to exchange information.  I'm not 100% sure about Napa, but give it a try, I found handymen, plumbers, and great cleaners (have more than one option).  As for reservation management, I tried to use a company to manage this aand they "guaranteed" they could make me more money, but it wasn't significant enough to offset what they charged.  Further, because of their pricing methodologies, I missed some key spring weekends - frustrating.  Also, VR's are all about your guests experience, and you want this to be TOP NOTCH, otherwise you end up with bad reviews and potential threats to the entire process.  So I pulled it back quickly and have been able to streamline some things using tools like Pricemethod.com for VRBO and tripadvisor, and BeyondPricing for Airbnb.  I then setup a Google calendar to sync this data to one place to manage reservations and my cleaning calendar.  It only takes about an hour a day and keeps the money where it belongs - my wallet.  I think at some point I will be looking for this solution as I expand my portfolio, but this is what works now.  Some other really good resources is to grab a twitter account and research, research, research.  Also, I would recommend searching out Matt Landau @bookmorenights   I just started using his methodologies and he's probably the biggies VR guru around.  Great guy!