All Forum Posts by: Richard White

Thanks, @Luke Carl!

Thanks for the responses, everyone. I have tested my signal strength and just installed a new router and extender, which seen to connect fine to all other devices. I will keep investigating!

I recently installed two Honeywell smart thermostats in my properties. They are relatively inexpensive compared to some on the market, and I can control them via wifi. Since my units are at the beach, we've had humidity issues, and the AC helps with that, plus I don't want someone checking out with the AC "on" and running at 65 degrees and the cleaner forgets to check... But these keep dropping connection to the wifi. Anyone else use smart thermostats, and if so, what has worked well for you? I'm not opposed to spending more money for them, but just not sure what will work best. Thanks in advance.

Jen Faulkner I think you can set Smart Pricing for certain periods, but I'm not 100% sure. However, you can set a floor and ceiling on the prices so they won't book a rate below what you think you should get.

If the current owner inherited but isn't interested in operating it, what were the financials and occupancy before he/she got it? That should be able to tell you something about the area. What is occupancy like at buildings around you? Check rent.com, CL and ApartmentFinder to see how many units are available in the area and what's the going rate. Waiting on gentrification is great, but you are going to need to lock in leases now to pay for your rehabs and cap ex.

Adam, I have 2 units at Carolina Beach that have been fairly successful for our area. I have pretty good photos and my rate is reasonable for the area. Not super low, but not high enough to outdo the hotels. My advice on pricing is see what the hotels' rates are and be a little cheaper. Provide linens and towels. All white so you can bleach each time. Decorate a little. Don't go overboard, but guests want a homey, lived-in look, not just a bland space to sleep in. Put some guidebooks out. Have TV with cable (or Roku/ AppleTV) and wifi. Provide a roll of paper products and soap. I found my cleaners on Care.com, but I would ask your FB friends if any use a cleaner in the area. Or post an ad looking for someone who knows how to clean short-term properties, which is definitely different than cleaning a family's house weekly. But you should be able to lay out exactly what needs doing for whomever you hire. A clean property will bring you great reviews more than anything else and drive up business. AirDNA's numbers on one of my properties are almost spot on, but the numbers on the other seem to be the sum of the two properties, because they are way high. I emailed customer support but they didn't really help. Everbooked will show you 5 comps for free, and they look fairly accurate. You can also just stay on Airbnb for a while making unconfirmed reservations on local properties and see what people are charging for nightly stay, cleaning fee and what their calendar looks like in the future. All the best on your rental and much success to you!

Kiki, if you list on Airbnb and VRBO they will accept CC payments for you, and both sites allow you to accept security deposit or make use of their insurance guarantee. It's up to you. You can also link calendars on each site so you won't double-book I have my VRBO calendar on Airbnb and vice-versa, and both are synced to a Google calendar so I only have to look one place to see what dates may be open or to arrange cleanings. If you already have a cleaner and handyman, use them and send them dates you need service. If you are looking, try Care.com or Thumbtack or something similar to find help. I've managed my rentals in North Carolina from Budapest for 6 months, so it can be done...

Reach out to Marshall Cooper at CresCom Bank. CresCom is based in SC but recently moved into NC. He is in the Wilmington, NC, office but should be able to assist. Local bank, very personable, should be able to give you some good leads.

Congrats, Craig!

Since it seems your company is pretty comparable to the one you're interested in, how would you value your own? I would assume your management style will affect the numbers and bring them closer in line with your own, so what would you sell yours for?