All Forum Posts by: Reese Newell

@Joe S. If you pull the data from airdna, mashvisor, and airbnb and run a deep statistical analysis to remove a lot of the noise, then they are basically spot on for everything.  If you aren't familiar with how to deep dive in to data and do the analysis to this level then you have 2 options, use it and not know where you are guessing and which sigma bounds your data lies between, or pick up some books on statistics if it is extremely important to you.  The other option is the easiest path of resistance and which most use and just get a semi good idea from them and go from there.

@Nick Jacobson and @Luke Carl for doing it once a week do you send this out in the welcome email? Do you automate it with something like smartbnb that then also messages them the day before cleaning? Do they knock on the door and the guest lets them in?  I like the weekly schedule for things like this and mowing the lawn, but I would need to coordinate it with guests.  I can see guests complaining if say the pool person comes out back while they are lounging at the pool etc.

Thanks everyone, I will try to get the cleaner to come b/w each guest and coordinate it just as I do with the cleaners.  I live near the first one I am doing and have taken lots of time away from work to learn from everyone here and get this one up so I might roll up my sleeves and do it the first few months and then outsource it as I know it is not scalable and I don't want to be a pool boy full time.

Hey all, getting ready over the next month to close and begin furnishing my unit.  Big thanks to everyone for being instrumental in helping me build templates and be very prepared to get right off on the ground running.

One issue I've been having trouble figuring out how to automate is how to clean the pool or do maintenance on it between guests.  Currently the place has a vacuum that is on a timer.  If I leave the timer on it most likely becomes way too much of a nuisance for guests to take it out or put it back in so I assume I'll simply leave it out.  It is a salt water pool that will need to have some salt added (I am not even sure how it all works w/ a salt water cell generator etc), but will learn when I close.  

For those who own places with a pool, do you have a person come between all guests when the cleaners come to skim the pool and perform slight maintenance?  Do you ask the guests to skim the pool and have the cleaners check and perform the task for a little extra if needed?  Do you train the cleaners to maybe handle the quick maintenance on it? 

+1 w/ @Mark Miles, I took his advice for my first one and got a great designer to outfit most of it.  Also, @Bryan S. I would do some small trees blocking the linked fence and then string some lights.  

@Mike Ojo, I do not own any there, but your best resources would be to go on airbnb and find areas that you liked or think would do well and go through their calendars for their rates at different seasonalities.  Put them all in excel to see if you can get a ballpark revenue figure.  You can also use airdna or mashvisor to get yourself a rough estimate (though you have to pay for them).  I have compiled a lot of data using those 2 throughout Florida.

@Account Closed, that really depends on your goals, you can use all of your own cash, although the banks usually won't make you whole and will still have you keep some of your money in the deal even if you nailed all your numbers.  Using Hard Money you could end up leaving less or almost nothing in the deal when you refinance with the bank.  

If you are tight on cash, or don't have infinite, you'll most likely find that connecting and leveraging HML will help you grow quicker and down the line you may want to keep more of those deals in house.

@Will Fraser, when you say you find mis-marketed properties, are there any things in particular that you are looking for with that?  Do you have filters set up or just look at new properties that fit your criteria and pounce on them if they are mis-marketed?

@Account Closed You would buy the property with the cash, use the cash for renovations, potentially find a client to rent if you are buying and holding, refinance it when a bank will allow you to, then move on the the next deal

Your downpayment would stay in when you refinance

@Serena Kim That is great, maybe they can do a quick video that they send to you via Ipad instead of photos as well to make it even faster.  If everyone is happy with them then the place is most likely to be in outstanding condition.  Even maybe pop in unexpectedly on some days when it is not rented just to do an eye test.  This would be my approach when I have downtime, but I wouldn't be doing it in place of productive activities if my day needs me to get to them.  Finding the cleaners is the biggest part!