All Forum Posts by: Alanna Schroeder

Thank you for the posting tip!

You need to talk to my friend @Tyann Marcink she and her family have at least 20 rentals in Branson :)  She is there all the time and you should definitely try and touch bases with her.

 lol.....Maui is great also.  I would love to eventually live at my rental full time upon retirement!  

You will make it happen....sounds like a great plan!

I self manage.  My property is in Princeville, Hawaii and I manage it from California.  The most important thing is to have your pit crew in place in the event of an issue.  Managers can be great as well but they will take a hefty percentage and they still need to be managed.  

Congrats on your new investment.  

I own a condo in Princeville, Hawaii.  3bedroom/3bathroom.

I would just figure out what my break even is each month.  For me that is booking 15 nights.  My monthly fees are as follows (handyman inspection $125, Cleaning $270 a turn (I collect this from guest), TAT&GET (collected from guest) Property Taxes, Insurance (I highly recommend you price this out, with hazard I pay $1,200 a year), internet/cable $100, Electricity $300 a month, AOAO dues $900 (association fees are increasing minimum 5% a year).  If you have a management company be sure to underwrite their fees as well.  Managers can take a big cut.

I addition I would like to share a few realities with you.  I am in the market for replacing my carpet and the cost for carpeting 1,100 SF is $8,000.  Repairs and Maintenance are not cheap and shipping carpet/furniture/etc to Hawaii calls for huge price premium so I would be sure keep a reserve for replacements.  

As for a downward shift you can always lower your rate (underwrite a worst, middle and best case scenario), Make sure your rental stands out from the crowd (easy to do in Hawaii since most owners don't reinvest in their property).  Consider how your property would do as a LTR and underwrite those numbers (worst, middle and best case).

I am very happy with my investment but it has been a lot of work and many challenges managing it from California. I bought in 2013 and I plan to double down on the market when there is a shift.

You can learn more about the STR regulations over at NASTRA (https://nastra.org).

I highly recommend you do your research on the regulations.  I am not sure about Memphis but Nashville is having some major contention around regulations. So much so the City was just found to be in contempt of court...Yikes!  I don't know anyone in Memphis but you might want to check in with my friends over at NASTRA (https://nastra.org) to see if they can get you in touch with anyone in the Memphis area that is well versed in regulations. Megan McCrea is the president and you can tell her I suggested you reach out. Good luck!

Please do your research about the regulations in Nashville.  They have just implemented some strict regulations.  Recently there was some confusion about permits and the City was found in contempt of court.  Nasty battle brewing there.  Check out NASTRA (https://nastra.org) for further information.  Megan McCrea runs NASTRA and would be a good person to speak with at NASTRA.  

This is very much a new industry so I would check with the city first to fully understand what is allowed in your area and what is not.  

My vacation rental is located in Hawaii so they have been dealing with home sharing and tourism long before Airbnb and VRBO were born.

I also bought my place in a dedicated resort area where condo complexes were built with vacation rentals at the forefront. Although, there are always bills for change so you must stay on top of what is happening.  In my case any changes are not to ban but to further control the home sharing process.

Do your due diligence up front and  hire an agent that is well versed in vacation rental properties.

You should check out vrolio.  It is an online marketplace for vacation rental investors.  You might find properties there for your clients.  Good luck!

 I know...right!  

No link attached...not sure what happened.  Can you resend when you have a moment?  Thanks!