All Forum Posts by: Glenna Wood

3 BR but only 2 TVs? I would put a TV in each BR. Really lovely cabin! 

Quote from @David Masterson:

Hi Michael Baum, See below for breakdown of 75k. To be more specific: 75k is my net payout. Meaning the 10% Evolve (+ airbnb, vrbo, etc..) fee is already taken out before the 75k payout (only cleaning fee is still within my net payout). You are spot on with the search of this property being 'out of market range pricing' - As Sarah Kensinger noted: 'she suspected use of this mgt company' - that tipped me off to realize this is Evolve strategy - which explains why bookings come in short notice (ie. 3-4 weeks prior). I just assumed that was a pricing strategy best for optimization... As date nears price drops dramatically! Current booking (past and future) average $457/night after cleaning fee removed.

Brooklyn McCarty, I'm sure you are correct, monetary returns would improve! At this point, time constraints (as well as personality constraints :-) are reasoning behind using mgt company. PS. Impetus to purchase this property was Avery Carl, Shot-Term Rental - Long Term Wealth book! Good Stuff! Just had to modify strategy to fit my situation. 

You aren't getting any monthly snowbird rentals from Oct to Feb. I was "next door" on St George Island and always had monthly winter rentals. Daily rate goes down of course but you keep income flowing in and snowbirds are almost always great guests. Are you allowing weekend rentals? Looks like you're not pulling in any Tallahassee weekenders in the shoulder seasons. 

A key point that doesn't get mentioned much is that the basis of the old property flows to the new one therefore the new property depreciation will be less than expected for a straight up purchase. Make sure you add that into your new purchase numbers. I've done multiple 1031s over 30 years. Just sold my last STR which was a 3rd in that chain and it's basis was 15% of the price. But yea for the 1st time in 40 years, no tenants!!

The 1031 biggest challenge is sticking to those iron clad dates. I never sold until I was sure I had my ID list ready and the old property ready for a quick sale. Generally, there is much less multifamily on the market. So with fewer choices to buy it's also harder to get the numbers to line up. I've had exchanges where I needed maybe $75k more cash to add in. Loan options for smaller amounts are fewer and more expensive. I often ended up taking a small boot or buying a bigger place and adding a mortgage. 

Yes it takes more prep work but there is nothing better to keep Uncle at arm's length. Huge winner for your heirs if you "defer defer die" (quoting @Dave Foster

Does your unit have stairs or is it ground level? Can't tell. My impression of the outside is "there are 4 units in there??" Looks very dense. Enough parking for all 4?  Is there a patio or back yard space? Is it shared by everyone.  Agree with prior comments but also put nightstands on each side of each bed. Really annoying to not have a place to put phones, glasses, a book at night. Especially agree on the dining room table. Go for big table, much smaller backed chairs. Grouted tile floors never seem clean enough to me. I would replace with LVP. Best wishes.

Have you tried a screen door protector or a door push guard? Also the "Screen Tight" system makes it super easy to replace a single screen panel. Between people, pets and wind storms, screens take a beating. 

Nope not that simple. Some purchase expenses are can be deducted in the year your bought your primary home.  Some get added to the basis of your home.  Caveat I'm a home owner not a pro. 

That fireplace is the bomb!! Awesome cabin. 

I've had PMs on and off for 30 years in the FL Panhandle and the OBX beaches when I was working in secured locations with no access to my cell phone or email. Paid 15-17%. Biggest gripe was 1) poorly managed maintenance departments and subsequent expensive, careless charges and 2) completely incompetent inspectors. Even though I might be there only once a year but I could walk in my house and in 5 minutes ID all the missing pictures, chairs, small appliances, blankets, vases, etc etc. Figure out a way to document a baseline for each house then actually INSPECT it for damage after each tenant. Especially if you are not collecting deposits and expect owners to rely on TDI claims to recoup their losses. Put together a quality maintenance team and pay them well. Pay attention to owner notes like "This is my HVAC guy. Call him first." Make sure your cleaners communicate with maintenance on things like "sink draining slowly" then insure a follow up. 

I never worried about pricing, advertising, monthly reports, or booking management. All PMs were about equal in those areas.  

I've always done 2 and 1/2 times the occupancy for a vacation rental. And buy extra spoons up front. They just disappear like the missing sock in the laundry syndrome. I second the vote for IKEA dishware. And Corelle is also an unbeatable choice. After Hurricane Michael totaled my house the only thing left on my lot was three Corelle dishes. Best wishes.

Since the county is issuing a campground permit, maybe consider starting with a few RV pads. Entry point is low. If you're off I10 you might pull in RVers on the move for a few night stopover. It would give you a better feel for hosting on site guests and how it would mesh with your farm ops. In developing your site plan, consider space for a large gathering barn in the future. Include a kitchen, laundry room, dining and hang out space. This would attractive to groups like family reunions, hobby groups, etc.  

Rather than generic prefab cabins consider designing small simple Cracker style homestead houses. FSU has tons of info. It would add a unique North FL vibe and could add more value long term. What do you want your property to be in 20 years? You have so many options! Best wishes.