All Forum Posts by: Randall Re II

For BP, I got a book and free upgraded membership. It was worth it getting it specific to Airbnb. However, I wouldn't do it again. To vague on many things with people asking a lot of stupid questions.

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Quote from @Bruce Woodruff:

Quote from @Carolyn Fuller:

Quote from @Bruce Woodruff:

I would think that most places have all of the things you're talking about. I've never been in one that didn't. but then I only book at 4.5+ properties....

Interesting. I avoid anything with less than a 4.9 rating. No wonder I've had mostly great experiences.

You can find excellent places with 4.7 rating. They might just be 'quaint' or 'cutesy' and not fancy enough for you. Like old log cabins and places like that. But sometimes those are the best places....

I back packed around Europe and the Middle East. I use to live in a shipping container while deployed in Afghanistan. I can handle anything for the most part. I just know quality and notice the extra stuff that people in the STR area do.

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Quote from @Leslie Anne Morris:

I think the people struggling are self managing in a market they don’t know. In a lot of cases they bought something and put it on Airbnb…the end. So you’re right, there are some touches missing.

Exactly.

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Quote from @Michael Baum:

Hey @Randall Re II, these are the very obvious things that all owners should do. So some of the things like the secret room can't always be done but I do understand what you mean.

We provide everything you listed and more. Plenty of things to do when they aren't out on the water etc. We have all 5 star reviews on our property.

I have also stayed some places like you describe. The bare minimum or even less. It does suck. But the vast majority of places provide a decent stay.

You can never really know why bookings slow down. Sometimes it is the area, sometimes it is the timing etc. I find that if you offer a nice place in a great location, bookings come in. You just never know for sure.

Our house is right on Lake Coeur d'Alene and our bookings are coming in pretty steadily. I do think it is slower than usual, but not by much. We are about 60% full for the season. It is just mid Feb, so I am expecting to get full up by end of March or so. Sometimes it stretches to April.

It sounds like you have a good handle on things. I'm just seeing a lot of negative comments about it in so many STR FB groups and such. I know a recent algorith just changed and that has an affect. However, I'm sure you can agree, many people got in the game during covid and did good that normally would of failed and the environment of all the lockdowns was what them do well.

With things getting closer to normal every day (aside from the inflation and OMG the cost of things because I'm in Qatar and pay sometimes 1/10th of what you do), I feel it's going to be those that succeed are the ones that are putting in the extra effort like yourself and those that were never meant to be in it due to doing poorly or just plain crappy at customer service, they will flush themselves out.

It really feels like there is going to be a huge change in the next year over Airbnb as I see so many people creating funnels to their persoanl website to avoid using Airbnb.

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No, I don't have my own STR yet. I'm not an expert. However, I've gone through reading about it, taken a boot camp on it, and oh, I spent 9 months going around Europe and other parts of the world during 2021 and saw a lot. I saw the good, the bad, and the ugly.

I feel many of the people struggling are missing the key things. All the people doing well, add the extra stuff. When I would travel, I always (so would my friends and other fellow travelers) looked for certain things.

Wouldn't it be nice to have coffee in the morning, shampoo and soap, sugar for coffee, idea's for things to do, etc...

Imagine if you have a family, having a crip, toys, things to bring additional value.

OMG, if the place had a hidden room for fun/ games/ private reading room. All things that make the difference and earn a 5 star review.

Things to not do, leave little to no utensils, sucks when your staying longer than a few days and trying to cook. Who is your target? Keep that in mind and you'll see your booking rates go up.

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Quote from @Clayton Silva:

Hey Randall, unfortunately, HELOC loans on investment properties are all but dried up right now. There are few if any lenders that offer that product right now. You would likely have to go to a local credit union. HELOC rates are also adjustable monthly and typically based off the WSJ prime rate which means that a typical HELOC loan is going to be in the 10-12% range right now regardless of where you go. While this may sound high, it might still be a worthwhile thing to do depending on your total "blended rate". This number can be calculated to determine whether or not to use a HELOC or just do a traditional cash out refinance and we help people with this all the time. I personally have a HELOC that is at like 11% I believe right now and I would do it over in a heartbeat because it allowed me to purchase and rehab two great rental properties! I see you mentioned FL in your title. One of the random lenders that was doing HELOCs on investments (only in FL) was Space Coast Credit Union. Not sure if they still do but worth a shot!

You can also try a HELOAN product which is a fixed second lien.

Hope this helps! And let me know if you find one because I, myself am looking for the same product haha!

Thanks for the advice. I've never heard of the HELOAN. What area's are you looking to invest? I'm hoping to someday use the advantages I have here in Qatar, charging interest is a sin so, one day haha.

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Quote from @Tom D.:

Figure and NavyFed still do - but you are looking at 70% LTV. There used to be dozens of lenders (PenFed was popular) but many pumped the brakes and the ones that you find have strict rules around the location of both investment property and your primary. I got excited to learn that one of them (TD Bank) would do 75% LTV but when they learned my primary was in a different State than where they operate - it fell through quickly. Many of the credit unions are even stricter and only operate in one State or so. Seeing that you have MO listed in your profile, you may want to contact Arvest Bank to see if they still offer them (they did at one time). I have a big list but its dated and a moving target. If you have any success please post it here! thx!

Thank you.

I'm overseas in Qatar, but my mailing address is in Indiana. I'll reach out to them.

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Quote from @Izzi S.:

@Randall Re II check out realerdeal.com for a list of investor friendly banks.

Thank you

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I'd be happy to hear if anyone has any advice on HELOC loans and which lenders they use for them on an investment property? I keep getting people reaching out and not offering on rentals and it's turning into a waste of time for me or the rates are almost 12% or hire which is crazy.

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5 ways you can network while staying at home and how to stay engaged to grow your network:
Virtual Meetups: Attend virtual meetups and events hosted by real estate investment groups. These events provide an opportunity to connect with other real estate investors and industry professionals, exchange ideas, and network in a virtual setting.
Social Media: Utilize social media platforms such as LinkedIn, Facebook, and Twitter to connect with others in the real estate investment community. Join groups, engage in discussions, and share your knowledge and expertise with others.
Online Workshops and Webinars: Participate in online workshops and webinars focused on real estate investing. These events provide valuable insights, advice, and networking opportunities with others in the industry.
Virtual Conferences: Attend virtual conferences and trade shows that are focused on real estate investing. These events offer a wide range of educational opportunities and provide a platform to network with other industry professionals.
Personal Introductions: Reach out to your existing network and ask for introductions to other real estate investors and industry professionals. Personal introductions are a great way to make new connections and expand your network, even when you're unable to meet in person.

Nothing is perfect, however not trying means nothing. Take the step to go forward.

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All Forum Posts by: Randall Re II

Randall Re II has started 38 posts and replied 114 times.

Post: I'm always seeing people aren't booking as well anymore

Post: I'm always seeing people aren't booking as well anymore

Post: I'm always seeing people aren't booking as well anymore

Post: I'm always seeing people aren't booking as well anymore

Post: I'm always seeing people aren't booking as well anymore

Post: Anyone know any lenders for HELOC loans for investment properties?

Post: Anyone know any lenders for HELOC loans for investment properties?

Post: Anyone know any lenders for HELOC loans for investment properties?

Post: Anyone know any lenders for HELOC loans for investment properties?

Post: How you can network when doing everything remote