All Forum Posts by: Mike Woods

Hi Bigger Pockets Crew!

My wife and I are looking to invest in a multi-family deal in Indiana.  20+ units north of Indianapolis.  I'd love to connect with folks that have experience in this area!  Any commercial lender / broker recommendations?  Let's connect!  Thanks a lot.

Looking at BRRR investing in the indianapolis area. Has anyone had luck in this area and what types / price points of properties are you having success with? Thanks!

If done properly, self managing an STR will require very little time and effort and can increase your ROI dramatically. The key is putting the right team in place and managing bookings efficiently. First, hire a house cleaner that you trust and pay him / her well above market rates. This is an investment that will pay HUGE dividends, as this person will be your daily "boots on the ground." Second, hire a local handyman to be on call in the event something goes wrong at the property. Third, have backups for each of these two resources in case one were to fall through. And last, be willing to manage the bookings yourself via airbnb, homeaway or the like. This will involve 2-5 emails per guest.

With the right team and an efficient, self-managed, booking process, I think you will find that property management fees will have to be pretty low (I suspect lower than 22%) to make financial sense.

We are out of state investors considering investing in a college town rental, specific to student tenants.  Texas A&M and Texas Tech have been on our radar.  Does anyone have either any area-specific advice or general opinions about college town rentals?  Are we asking for trouble?  Thanks!

HI BP!  Oregon Coast vacation rental investor here with a passion for financial modeling (nerd alert...).

Interested in how folks approach revenue modeling for VR's.   One approach is to model each month individually with assumed occupancies and average nightly rates.  These rates are informed by comps from airbnb, homeaway, or the like.  This results in twelve monthly revenues which are summed up to arrive at yearly Gross Revenue.  

There should of course be some sausage-making that goes into each month's assumptions, since rates vary within each month (think weekends, holidays, etc).  

What do you think?  Enough granularity? Please share your thoughts!