All Forum Posts by: Mindy Nicol

I have had a lot of investors asking about this, and it is a great question. I just had a tax expert on my Youtube show yesterday discussing this. You need to buy and have it operational (host at least 3 guest bookings) by Dec 31. You also need to materially participate in the business (check IRS rules) and there are 7 qualifiers. Let me know if you want to see the video on this I just did or if you want a referral to my tax pro. From the sales perspective, you want to know the STR market you are buying in really well and I would do all the research (or have your agent assist) to see if this makes sense to even buy there.

Hi Jeffrey,

I have one unit right now and use Lodgify with Pricelabs to handle it. These work well for me. In my market we are seeing a lot of guests come through Airbnb but it hasn't always been this way for me.  I have had a few direct bookings and Lodgify allows that through the direct website that comes with the software.  It takes time to build up direct bookings - maybe a year or two as you gather email addresses and communicate with people. Good luck!

Thanks,

Mindy

TWO homes on this one-of-a-kind property on HALF an acre, just 6 minutes from downtown St Augustine. 

Check 635 Madeore St, St Augustine on Zillow for more information.

St Augustine is a tourist hub with more than 3 million tourists per year, 2/3 of them as overnight guests.

Both units can be rented STR or LTR. No restrictions.

Tiny house already earns $30,000 gross annually. Contact me for estimates on what the main house could earn STR or LTR.

Asking: $585,000

Each home features a separate entrance and parking area. No HOA.

MAIN HOUSE: Meticulously renovated in 2023, the bungalow features an open plan living area with dining room, 2 bedrooms, 1 bathroom and premium LVP flooring throughout. The modern kitchen features a farm sink, white quartz countertops, dishwasher, oven and microwave. Tucked in a closet is a stackable washer and dryer. 832 sq. Roof is 2 years old. 

TINY HOUSE: This one bedroom, one bathroom home was built in 2019 and features a bedroom, full bathroom and kitchenette. The 320 sq ft cottage features LVP flooring, new vanity, barn door, new mini split. Sold fully furnished if desired. The tiny home is an ideal rental, in-law suite, guest house, workshop, home gym, or office. Rental history available on request.

Listing agent is owner.  See Zillow link for photos.

Contact me for more info.

Mindy

Hi @Jaren Woeppel! No I'm keeping it in cash and avoiding debt right now, but thank you! I just paid off another DSCR so pleased to be in this position.

Definitely happy to help. Message me and I can help with referrals for whatever you need. Thanks! Mindy 

Hi Sean, Thanks!  Sure.  Let me get in touch by DM.

Hi - I'd have a chat with Dawn Asher at the Olive Jar.  See theolivejar(dot)co for her website.

She is an LA-based STR designer who has helped a lot of clients get to the level they need to. Great work! Message me for her phone number.

Mindy

Pricelabs has increased my occupancy and revenue significantly.  I manage it daily to update base pricing and see what the market is doing, but I wholeheartedly recommend if you want to maximize revenue and get to maximum capacity.

Mindy

Hi Tom,

I would think about this from a guest perspective. VRBO users are different from Airbnb.  You want both customers.  I have found that frequency of bookings and reasons for traveling can be different for each guest. You might find VRBO guests book longer stays, vs Airbnb that is weekend heavy.  This is just an example but I would not try to give anyone a head start as this is going to fluctuate throughout the months and years.  For example, in my first year of business, VRBO and Booking.com were very heavy, last year Airbnb was heavier.  It all depends on the market, economic conditions, seasonality.  I would not favor one or the other. You need to be on all platforms - incredibly important to diversify!!  

Mindy

Hi Irene,

I had a client that did this with a home and a barndominium next door.  It is fine as long as you disclose in the listings that there will be other guests on the property.  

The good thing about this is you can do a parent listing offering the whole place, as well as 2 other listings for each unit.  Just be sure the calendars are syncing.  I don't think there is a right or wrong here.  You might want to review Airbnb listings that do just this and see how they do it.

Mindy