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All Forum Posts by: Ryan Moyer

Ryan Moyer has started 11 posts and replied 851 times.

Post: Is DAVENPORT, FL a good market for my first STR???

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266
Quote from @Shawn McCormick:

@Israel Mendiola You are getting some mixed signals here. I live here and work in this area and have sold dozens of STR in Davenport/Kissimmee. You do need to be in the right community if you are looking for strictly cash flow. If you plan to use it yourself, use it as a write-off or something else, you'll have more options.

There are resort communities like Championsgate, Windsor Island, Solara and several other top tier resort style communities that are literally built to be STR without fear of the HOA or city retaliating against you like is happening all over. You can go outside of these or pick a lessor amenitized or 'regular' community, but the numbers will likely not pan out.

Happy to dive a little deeper on this if you like, there are a lot of nuances to understand about this market compared to others. Just PM me.

Best of luck. 

Correct, there are a lot of generic responses in this thread that don't really apply to this particular market. For instance no one is buying a 9 bedroom themed home in Champions Gate for $1M with dreams that they can cashflow with it as an LTR if STR goes bad. And as you mentioned, the "Beware of HOAs" thing doesn't really apply here (at least in the resort neighborhoods) as these HOAs were created specifically for STR.

Post: STR House Conditions in Disney Area

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266

Some are run-down, some are still in great shape.  All just a matter of how they were cared for.

If you want to save the time of finding out in person, if you can find the property's listing on Airbnb/VRBO you can likely get a clue.  If it's managed by a large management company like Vacasa, then chances are good that it's run down.  If it's a self manager, probably a higher chance that it is maintained well.  Of course, you can check reviews as well.

Ours was managed by Vacasa before we bought it and was very run down, but we fixed it all up since we were going to be renovating in there anyway.

Post: Is DAVENPORT, FL a good market for my first STR???

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266
Quote from @Michael Baum:

Hey @Israel Mendiola. What would bring people to Davenport? It isn't really close to anything like the beach or Disney.

Have you checked on AirBNB and VRBO to see what is in the area? What are their nightly rates, occupancy and amenities?

Doing that will give you a good bit of info to see how it could perform.


 Davenport/Kissimmee are what people are talking about when they talk about "Disney" or "Orlando" STRs.  Big giant neighborhoods with waterparks and arcades full of nothing but STRs specifically for people going to Disney.

Post: Insights from My Real Estate Experience: A Cautionary Tale about Evolve

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266

Serious question, how do they even get clients?  I'm sure there is a never ending supply of people willing to manage the listings/bookings for 10%, without all the bogus fees on both the guest and owner end.  Heck, I know I would.

Post: Experiences "upscaling" your STR for higher rates versus competing on price

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266

It sounds like you have a pretty good handle on things in this market. 

There is definitely a market for people that just want a nice home here, and don't want to stay in a themed place.  But it's a smaller market than people that do want the themed homes, and there is a large supply of those homes available.  They're building really nice homes with really nice countertops and nice furnishings by the thousands.

Something like this would be a pretty standout living room in most markets.  But here, it is pretty standard on every new house that goes up as they build them as fast as they can.

So yes, I do think major "standard" renovations (IE floors and counters etc rather than theming) will bring you more revenue than you're getting currently, but not as much of an increase as you'd see if you did the same thing in a different market, and probably not enough to justify the cost purely from an ROI standpoint. But if personal use and getting to stay in the house and all those nice upgrades is worth it you then it may still be worth it. No one can really answer that part of the equation other than you.

Post: St George vs Mesquite for my first vacation home?

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266

I'm up in Ogden and have looked at these markets.

When I underwrote it, the numbers didn't work well in St George.  Also be careful there, in many of the areas you have to use the city's preferred property manager (you can't self manage), which is going to be 30% of your revenue and demolish any hope of returns, so double check that on the property you're looking at.

On the flipside, St George is an awesome place and people love going there, so if you have goals outside of cashflow like appreciation or personal use it could be good to get a hold of something there.

Mesquite is interesting, we've been looking there as well. People basically go there to play golf when it's too cold up here. Less competition there for sure. My main concern would be that it may end up being a bit of a covid market, where visitation was higher than usual the last couple years with people just looking for somewhere safe to drive to when they couldn't fly, which increased STR returns in the area temporarily and drove up prices a bit. So now that people can go back to Hawaii and Europe and all that jazz, is Mesquite going to be on their radar. So probably better returns in the short term, but the question is will the market really drop off there in the near future?

Post: How about a list of worn out STR cliches?

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266
Quote from @Collin Hays:

"Crushing it"

"Killing it"


 I cringe every time I hear these.  The most useless thing anyone ever says in this business.

Post: Best Gulf Beach for building a beach home rental

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266
Quote from @Leland S.:

Possibly the demand is still too high for beach homes to make the numbers investor friendly, or possibly I just need to make sure I find the right spot and build the right product. 


I'm not sure this will ever change, and I'm not sure beachfront will ever be a 10 cap again unless you're looking in a very undesirable STR area.

People have traditionally bought beach homes as true 2nd homes.  This limited prices somewhat as they had to stay reasonably priced enough that people could afford to pay an entire additional mortgage to have a family beachfront vacation home.

Now that the STR secret is out, it's more affordable than ever for people to own one as a 2nd home, even though the actual home prices are much higher. The people that used to look at having to pay $5000/mo to have a beach home see it as a great deal to be able to buy one now and "only" have to pay $1000 out of pocket each month after a PM rents it out for them. Or, if they can break even, "what a deal" in their mind.

It's the same problem in ski markets.  Very desirable true second homes are tough to make cash flowing investment properties.  Because investors might need that home to cost $1.2M in order to cashflow as a 10-cap, but there are too many people at that are willing to pay $1.8M and break even and have a true vacation home for their family that drive up the prices.

Post: Contact information for Self Managing an STR

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266
Quote from @John Underwood:

You need a direct phone number.

You need to now right away if there is an inquiry and this can be done via text.

You also need to be reachable for emergencies.


 There's no fundamental difference in any of these things when using a google voice number though.  If they call the google voice number, your phone rings.  If they text the google voice number, you get a text.

One nice little bonus to using google voice is you know when a call comes through google voice it's something you have to answer.  Like most I get tons of spam calls on my personal number and it got annoying having to answer every call (instead of screening calls I was pretty sure were spam) just in case it was a guest.  Now I know if it isn't coming through the google voice number, it's not a guest, and I don't have to answer.

Post: New to str, is second home/vacation home 10% down still an option?

Ryan Moyer
Property Manager
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 866
  • Votes 1,266

Still an option, just less common and also more expensive than before.