All Forum Posts by: Ryan Smith

Thanks @Richard Ibeh, that is what I am leaning toward. Thanks for the comments. 

Awesome. Thanks so much @April Vogt for the information. 

Thanks @April Vogt for the advice, do you mind expounding on what you get and maybe more importantly what you don't get when you use a co-host (@Account Closed also mentioned supplementing with a co-host).  

Just to be clear, I think in the other thread someone assumed that I had already completed the purchase of a condo, but I have not. I'll be submitting an offer this week, I am just trying to get in position to move quickly setting up the management function as soon as a contract is in place. I didn't correct anyone on the other thread because the concepts apply either way.

I am looking at a couple places on Okaloosa Island, however, I will most likely buy in Destin. Everything I am looking at is South of 98. And If it isn't on the water its a 3-5 minute walk from the beach. 

What does vary with the properties is are BRs; 2, 3, and even a 4 bedroom option at my price point. Also, a couple are townhomes and the rest are condos. 

My Realtor is familiar a bit having managed his own STR, but I would love to talk to another property manager. I would greatly benefit from someone who understands which properties are able to generate higher occupancy and better cash flow.

I'm still forming my approach, but right now I think I'd like to try the management on my own. I just don't want to give a false pretense to Valerie, but I would welcome any advice and market experience. 

@John Underwood, it's funny how when you have a process/system in place how simple it seems but when you go line by line, there are a lot of small supporting functions. So a simple comment like, "hire a good housekeeper," has a good many required preemptive tasks to make the process the most efficient, both from a cost and convenience perspective. 

Stocking cleaning supplies, laundry capacity, maintaining linen/towel inventory, and a defined scheduling process are all considerations I take from your post with regard to generating an efficient turnover model. Thanks.

Right on, thanks @Account Closed. I will check that out and contact you if I have trouble finding it. 

@Michael Guzik That is probably the most value I can get out of this deal, the learning/experience. Thanks for the reply and information. Common theme in the recommendations is a quality housekeeper, so I'll be sure to invest heavily in that part of my team. 

@Paul Sandhu Not going to lie, the first time I read your post I was pretty taken aback. I only started laughing after the second or third read. Right on! Thanks for the encouragement and information. 

@Mike Woods I think you have summarized what I have learned in the past 30 minutes beautifully. This might sound like a stupid question, but what is your technique for "hiring" a handyman. In the past on my SFR homes I have had some work that needed to be done and just built the relationship that way. I assume I could use the exact same method here, however, I only ask to see if there is a different technique or need with STRs. Thanks for the help.

@John Underwood Thanks so much. Do you have any tips for handling the turnover/cleaning. I'm sure in my market there is plenty of experience in the industry, so I wouldn't be asking for something irregular for turnover between renters but I'm just wondering if you have had any lessons learned. 

@Michael Bowie Thanks Michael. I will check Smartbnb out! I definitely don't have a lot of leverage for getting a better price. 

@Chewie G.With any type of pay for performance I would worry about getting the right mix of performance metrics. E.g., If I just use a metric like 90% occupancy and the PM just keeps the rates really low.  Along those lines, do you have any technique to delineate a balance of pice and occupancy? 

@Account Closed That adage is why I am hesitant Paul. I want to build my wealth, not the PMs. However, I'm sure there is a rate where it is mutually beneficial--I just doesn't sound like 22% is that number.