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All Forum Posts by: Ryan Moyer

Ryan Moyer has started 11 posts and replied 877 times.

Post: Help with Analysis - 1 Bedroom Cabin near Pigeon Forge TN

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289
Quote from @John Underwood:

Cleaning fees are a pass through. The guests pay these.

But something as small as cleaning fees could put you in the red then this isn't a money maker.

I'd look for a 2 or 3 bedroom cabin over a  bedroom. 

A 1 bedroom is only going to appeal to a couple who want a cheap place to stay.

 If they're pulling the revenue data from AirDNA then it is including cleaning fees in the revenue, and hence cleaning will need to be subtracted back out as an expense.

I think this is something that trips a lot of people up when underwriting.

AirDNA total revenue DOES include cleaning fees.

AirDNA adr does NOT include cleaning fees.

This is why when you multiply ADR * Occupancy on AirDNA you get a number that is less than the total revenue.

So if using the total revenue number then cleaning does need to be subtracted as an expense.  If using ADR then it does not.

Post: Short Term Rental, Long Term Wealth Book Feedback

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

Debt service is way up, revenue is generally down, down payments are way up, financing terms and costs are much worse.

The time of fast scaling has passed, unless you're very creative. 

It was easy to scale fast when a down payment was 15-30k on a property that cash flowed several thousand dollars per month. Not so much when down payment plus closing costs are 150k+ for properties with modest if any cash flow. 

Post: Including baby items in STRs

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

I have homes in this market and we get people asking about them fairly regularly.  We supply them.  If you get even one person that uses it as a tiebreaker to choose your property then it pays for itself and then some.

Post: Question on management companies for STR

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

In the Orlando area specifically, there are several of these that will do just the guest management/maintenance/cleaning while you control the listing.

Post: Best area for STR, Santa Rosa Beach, Nashville, Austin

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289
Quote from @Luka Milicevic:

@Jane Park

The only person that can really answer this accurately is someone that invests in ALL 3 markets lol!

I can say that anything CA should be avoided. Starting a business, investing, buying a house, etc.

I have helped many people from CA move to Nashville and can't understand how anyone can live under those crushing regulations and red tape

Nashville is a great market for both STR and MTRs. It has a mix of industries that draw in travelers from all parts of the country, not just tourism. There are several large employers in the area that have corporate staff coming in for extended stays as well.


 I'm pretty sure she is talking about Santa Rosa Beach in Florida, not Santa Rosa the landlocked wine country in California.

Regardless, Nashville and Austin are just as oppressive from a regulatory standpoint as California anyways, so it's sixes there.

Post: ADR (Average Daily Rate) Drop and Last Minute Bookings

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

Huge supply increases alongside normalizing demand back to more sustainable levels.  Gonna be a rough year until supply starts moving back off and supply/demand level back out again.

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

Ryan Moyer
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289
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
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

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
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289
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
Posted
  • Property Manager
  • Orlando Kissimmee, Davenport
  • Posts 892
  • Votes 1,289

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.