All Forum Posts by: Richard White

Quote from @Alecia Loveless:

@Richard White I just listened to one of the biggerpockets podcasts and they were interviewing a lady who has just written a book for Biggerpockets on investing in RV Parks. I believe it’s due out the first week of August. You might look into that if you’re thinking RV Parks.

Personally I’m seeing more of a return on some 5-10 unit multis that are making more sense from an investment standpoint than either SFHs or 1-4 unit buildings. You will need to source a good location for this that hasn’t been already over priced and over bought.

I’m in 3rd-4th tier markets and am doing well. It doesn’t always have to be big markets in the Midwest that everyone else is flocking to.

Thank you, Alecia. I listened to her appearance as well. I guess the book is on pre-order now, but I am definitely going to check it out. We have a RV that we camp in throughout the year (right now in fact!), so it’s a class close to home. 

I do want to get involved in multi-families. My wife is still hesitant about long term tenants, but I think she is coming around. I need to look more into the tiers to determine some good areas. I’d like to keep it in NC or close to home to begin I think, just to keep eyes on things occasionally. 

I’d love to hear more about your experiences! Thank you so much. 

Hi, Matthew, I have had up to 4 STRs in CB over the years, but now at 2. The 2 are a 1BR/1BA oceanfront on the boardwalk and another ocean view at Tennessee Ave. CB is still a great market if you put the work in and make your listing appealing. My wife and I just got into Wilmington with a studio downtown that is also doing well now, but definitely a big difference from the beach. 

Reach out if I can help you out in any way. 

@Michael Wayne Fraze III We own 4 units in 3 properties in Carolina Beach, NC. Just listed 2 this summer. They do really well for us in season and off-season. I would recommend if you are looking for a place to enjoy for yourself in addition to reducing rental income, then just search in an area you enjoy, like SC. You already know the area, you know how much people are paying for rentals in that area, and you know what makes a good rental based on what you enjoy. No sense starting out in unfamiliar territory just because people promise you great returns. Just my $.02.

https://www.theringer.com/platform/amp/features/2017/11/21/16678002/airbnb-nashville I can't stress strongly enough to anyone looking to get started: make sure you know what regulations are in place and which ones are being discussed in your city council, planning commission, and county commissioner meeting rooms.

Do you have STRs now, or are you just trying to build a spreadsheet to analyze possible investment properties as STRs? If you currently own an STR, should be easy enough to figure out when you make your money and what your expenses are. If you're looking to buy something, the answers that keep coming up 'round these parts is either study the Airbnbs and VRBOs in your desired area for availability and rates, or buy into AirDNA/ Mashvisor/ etc.

Robin, MashVisor claims to use VRBO data as well as Airbnb to estimate income. I used it for a month but found it highly inaccurate for the areas I was studying.

I think going long-term is great. Saves on a lot of headache. I'm pretty sure you'll keep it rented. Make contact with all the PMs and Supervisors and travel coordinators you know and ask them to recommend your place when they know people are traveling in to work. If I head out there for pilot season I'll let you know!

I added a short-term policy onto my current homeowner's policy, and the premium barely went up. My homeowner's is through a broker, not a classic insurer. You may want to check with your existing carrier first to see if the costs are that different.

Julie, wish I could help you. When I come out to work as a local, I usually just use the Airbnb route and find something that gives a great monthly rate, even if the nightly is pretty steep. That may help you weed out some short-termers. It was my experience that the studios mostly maintained housing for guest directors, out of town crew, which they controlled and booked. I did search Oakwood once, but it was so damn expensive for a month I didn't look long. If you have 3 units, I'd suggest keeping at least 1 as a 2-3 night minimum Airbnb or VRBO, just to pay bills, then market one as furnished rental on CL or some other platform.

Michael Frankel I'm locked in to DIRECTV because of my contract with AT&T for another year, but I'm about to purchase two more properties, and I will only have high speed WiFi and Rokus in those units. Most people want Netflix and a few movie channels. If you have cable at your own home with Spectrum, Time Warner, etc., you can even download a Roku channel for those services. Don't waste money on cable or phone. Cleanliness is key. If you're place is clean, you provide all the little things - toiletries, nice linens, towels, etc., you should do fine for reviews. Make sure everything is working properly, have a little coffee maker and leave some water, champagne (2 night or longer stays), breakfast pastries, or something similar for your neighborhood. As long as it isn't dirty, uncomfortable, or too bare-bones, you shouldn't have any problem with reviews. Check in with the renters the day after they check in. Keep up the communication and make them aware that you care about their trip. They just want to feel welcomed.