All Forum Posts by: Rick Oaks

Hey Rick, I think I can help you. I own the number one annual rental property management company in the greater Sarasota area, but I do not do short term/vacation rentals. However, my good friend Andy Moore, owns the number one company as far as I’m concerned with respect to short term/vacation rentals. Let me know if you want to get put in touch.

Yes please and thanks 

STR Property managers are simply schedulers. Don't let a scheduler take your profits. Either self-manage like many on here do, or hire an inexpensive offshore PM who works US hours & speaks eloquent English (that's what I do). Mine can set door codes, message (or call) guests, schedule cleaners, adjust the thermostat, monitor my cameras, & call a plumber just as easily as a local PM can, for 1% of the cost

Hire good cleaners, a solid handyman & befriend some helpful neighbors. Save your money on PMs & pay these people well instead. Call me crazy, but I prefer to spend my money on people who will actually see the inside of my house, not a scheduler

Thanks Mark. -great insight! 

If you really want out just call Vacasa or Evolve. The locals will be annoying and 15 years behind. 

@Account Closed

@Rick Oaks

We own properties in Central Connecticut and see new ones that come on the market that will earn a cash on cash return of 8%+. If you market direct to owners, you can get the cash on cash returns at 10%+, especially with owner financing. The problem is, population has been flat for 30 years so there is not much appreciation.

8 units being commercial is a different underwriting procedure then residential with the 1% rule, but, you can get a very quick idea of the valuation within seconds with the 1% rule. When you do the complete underwriting though and are familiar with the area, you can factor in any value-add opportunities, financing available (this is big) gentrification etc. The 1% is a very unsophisticated, very quick calculation and then you need to dig in to what is going on.