All Forum Posts by: Rob Hilton

Hey BP family, 

We are going to remote self management of our STR in Perdido Key, FL, and just wanted to know if anyone could recommend a local reliable cleaning service. We are scouring the Google machine, but I wanted to check here as well. Many thanks!

Rob

Quote from @William Beck:

Yeah I got a side-by-side comparo from my client with the following screenshot. I've edited for confidentiality sake but I'm quoting what the local property manager shared. 

This is good stuff to know and share with the BP Community: 

Hi ____,

Thanks for reaching back out!
It's also important to know that Vacasa is able to offer a lower fee because they charge guests extra booking/management fees that they keep 100% of, which means they have to charge a lower nightly rate. Here's a side-by-side example of a Vacasa property in the ____ development (left) alongside my listing (right):

You can see that while the total price for both properties is similar (within 5%), with Vacasa, they've marked up the cleaning fee to nearly double and have also added an 18% "Booking" fee In order to then stay price-competitive with other listings in the market, they've had to reduce the nightly rate to $85.33 per night, compared to the $124.95 in my listing.
In other words, assuming Vacasa pays their cleaners the same as I do (reportedly they pay closer to minimum wage, whereas I contract with highly-skilled professional cleaners), Vacasa is making $148.52 on this $534.29 booking and the owner is only making $204.80, whereas on my plan, I'm only making $93.71 out of the $553.37 booking and the owner is keeping $281.14. So despite the lower fee, Vacasa ends up keeping more of your money due to hidden fees.

*Updated post with better high def images of the booking summary breakdown*

 Thank you for sharing this.  More people need to see this.  

Hey BP Family, 

Just went under contract on an STR in JT. Any recommendations for homeowners insurance in JT area? Many thanks everyone.

What Collin H. is saying is very accurate.  Vacasa will take a percentage of your daily rate, but keep in mind that they are charging your guests for cleaning fees and processing fees, both of which they will tell you is included in your 20%.  In other words, if they are taking 20% in a place like the Emerald Coast of FL, then what they are actually taking is more like 35-40% of the total take when you consider the cleaning and "processing fees" that YOU should be taking, not them.  They will communicate early and often when they are trying to onboard you, right up until the point when you sign the contract and your property goes live.  After that, good luck.  YOU are your best PM. 

Hey BP Family, 

Has anyone had issues listing their property as a STR when the loan was originated as a 2nd Home Loan? For those who have done so, have there been accusations of mortgage fraud? Thanks in advance.

@Michael Baum, well played. 

Anyone here have experience with STRs in Kailua-Kona? I currently live in SoCal and own an STR in FL, and I'm very interested in the Big Island STR market. I understand that STVR licenses are being issued only within the tourism zoned areas. I'm very familiar with the town, but I've never actually met with an RE agent or property manager in town when I've visited in the past. Planning to fly down in a couple weeks, and would love to hear from the anyone who has insight on owning and managing STRs on the Big Island while living here on the mainland. Mahalo.

Yes, looking to be a 30-yr fixed loan on the condo, and it's a leasehold property.  

Anyone have information on loan products for leasehold properties in Hawaii?  I'm hearing that cash is the only option on leasehold condos in STVR permitted areas such as Waikiki, or Kailua-Kona on the big island.  Just trying to find another way to purchase a leasehold outside of cash.  Many Thanks. 

Hey Richard, we weren't specifically focused on Perdido Key, rather more the Pensacola Beach and Gulf Breeze area.  But then our realtor found our PK house For Sale by Owner, and we jumped on it.  I've heard nothing but great things about PK, and I'm really glad we snagged the house.  So, I guess it was pure luck.  Are you considering a house or condo?