All Forum Posts by: Rachel Hughes

@Luke Carl Same. I’ve recently had an influx of difficult guests.

I had a guest leave a 4 star review because he was bothered by the sound of fireworks... it was 4th of July weekend.

Avery is right though, it’s just part of the business. I’m just glad we have this forum to commiserate!

@John Lyszczyk @Account Closed Thanks for your nice comments! In this case the 80% occupancy is the actual days booked / the actual days available since I’ve listed it. Most hosts like to estimate annual occupancy (days booked/365 days) since demand for short term rentals is typically seasonal. Very dependent on your market though. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Memphis.

Purchase price: $136,000
Cash invested: $44,000

Our first short-term rental property also doubles as our primary residence ("house-hacking"). The property has a main house (3/1) with an attached in-law suite (2/1). My husband and I live in the in-law suite and the main house averages ~$100/night and 80% occupancy on Airbnb.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Memphis.

Purchase price: $135,100
Cash invested: $56,000

Our second short-term rental investment property was also our first rehab project. We purchased with a private money loan and will do a cash out refi Fall/2020 and pull out some equity.

The property has a main house (3 bed/1 bath) and a detached guest house (studio/1 bath). Cash flow machine.

We spent ~$18k on the rehab and ~$15k furnishing for Airbnb. Target ARV is ~$180k.

@Adam Tafel Haha I have to admit I was looking for an excuse to buy an N64. Now I can write it off as a business expense. 

@Anand S.It's funny you mention the pricing for the main house because I was thinking it seemed too high. I use a dynamic pricing software so it is frequently updating. 

The off-street parking mention in the guest house listing was an error - thanks for catching it! And yes you're exactly right about the outdoor area. I'm not keen on pets and I don't really want to encourage guests to spend time in the backyard since it's close to the guest house. Not to mention it's not very pretty at the moment.

I am also worried about different groups potentially disturbing each other. My plan is to over-communicate with guests to manage their expectations. We'll see how it goes. Worst case scenario I get rid of the separate listings and only rent out the entire property. I have had a lot of interest in the guesthouse as a furnished mid-term rental (1-6mos.). An easy going tenant in the guesthouse might be a good option.  

@Michael Baum Art is my Achilles heel. I hate spending the extra money but I agree I should probably spruce up the bedrooms. 

I love the look of the cereal dispensers. I worry the snacks will go stale quickly. We'll see! I host a lot of families and they definitely appreciate the snacks.

@John Britt Thanks! It’s south of Poplar and just East of N Hollywood on South Merton st. Good Midtown location. Airbnb is labeling the location as Binghampton but I don’t think that’s correct.

Thanks @Michael Baum. It’s a quiet dead end street so there is plenty of street parking. But you’re right it’s a big bummer that I can’t accommodate. The house next door is actually vacant and about to be listed for sale. Perhaps you can purchase it so I can have the extra parking spots? Haha...just kidding. There’s no easy solution unfortunately. Just trying to over communicate to guests to avoid issues and manage expectations. 

Hi BP friends

I closed on my 2nd STR investment property 2 months ago in Memphis, TN. The property has a main house (3 bed/1bath) and a detached guesthouse (studio/1bath). Guesthouse was listed about a month ago and main house was just listed today.

Check em out and tell me what you think.

Guesthouse--> here

Main house--> here

Here are the numbers...

Sale price = $135,100

Rehab & Repairs = $20k (estimate...still need to do the math)

Furnishing = $15k (estimate...yikes, went a little overboard but it was fun)

ARV = TBD... will do a cash out refi in the fall. Hopefully $180k or above.

Cash flow = $2k/month (estimate... too early to tell how this property will perform considering covid-19)

This was my very first rehab and overall it was a great experience (beginners luck). We used a contractor for 90% of the work and my husband and I did the easy stuff (painting, painting, and more painting). I'll attach some photos of the property pre-rehab.

I could go into way more detail on the financing/rehab/furnishing side of things but I am exhausted from 2 months of painting and furniture assembling. Happy to answer any questions though. 

I have both units listed separately as well as a listing that will allow you to book both units...I believe this is referred to as a cluster listing? I anticipate the units will be rented separately majority of the time. 

Anyone who has experience managing two listings with separate guests on the same property - can you tell me about your experience? I anticipate parking will be an issue.

 Also I have to mention that none of this would've been possible without my rock star agent @Tyler Tapley. There were multiple offers on this property and his expertise was crucial in getting ours accepted - we weren't even the highest bidder. He also helped us navigate difficulties we had securing financing due to covid-19's impact on my husband's job. He really goes above and beyond for his clients.