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All Forum Posts by: Jeremy Baker

Jeremy Baker has started 2 posts and replied 235 times.

Post: Investor of Vacation Rental on Maui Hawaii

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

Aloha @Brandon Rollins and congrats on closing on your Koa Resort property!

We do not self manage our properties and we use a property manager.  Please feel free to private message me and I'll be happy to answer any questions and help you out as much as I can!

Post: STR- Short term rental investors in Maui Hawaii what’s your plan?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

We're just holding on.  We always have reserves set aside for economic downturns, airline price spikes, etc... but didn't envision a pandemic let alone having the entire tourism industry shut down for this amount of time.  Hopefully we can welcome back visitors soon!

Post: Vacation Rentals in Hawaii?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

@Jose Lopez - We purchased our condos as fee simple.  Please feel free to message me and I'll be happy to help and answer any questions you may have!

Post: Investor of Vacation Rental on Maui Hawaii

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

@Michael Oliveira getting started can sometimes be the hardest part of all of this!  Just send me and private message and I'd be happy to share with you how we got started and answer any questions you may have. 

Post: Investor of Vacation Rental on Maui Hawaii

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

Aloha @Carrie Giordano!  As @Mike Neubauer mentioned, the vacation rental market is tight on Maui, especially as home prices continue to rise.  Deals can be found, but they are much harder to come by and they can go fast.  Please feel free to message me and I'll be happy to share our experiences with you.  

Post: Chosing a market based on your travel addiction

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

Hi Lauren!  My wife and I did just what you described and have two vacation rental condos in Kihei, Maui.  We've purchased these in 2012 & 2016 and we've been able to have a steady stream of positive cash flow each year.  We do use our condos each time we visit.  Each year we do some work on our condos, so we do get to write off a portion of our travel expenses.  I get a lot of questions regarding vacation rentals, and one of the first things I recommend is choosing a location that you like to visit.  

Post: What's your typical or average percent occupancy?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

Over the past 7 years we've been 87% - 91% all year round.  We have two condos in Kihei, Maui, so even though the winter time is the "high season," we are still able to keep our units full the rest of the year too.

Post: VRBO's dead. AirBNB's not great. How to market a Vacation Rental?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109
Originally posted by @Julie McCoy:
Originally posted by @Jeremy Baker:
Originally posted by @Julie McCoy:
Originally posted by @Jeremy Baker:

@Miki M. As for an owner, I haven't encountered any hidden fees for us.  We've always just paid the annual listing fee and that's it.  

I get charged a ~3% "credit card processing fee" with every booking I get through VRBO (on top of my annual fee). You don't get that?? How do I get on board that train? LOL

 Hahaha, I wish we didn't!  Since our VRs are in Maui, half of our guests are from Canada and other countries so we get that extra 2% added on.

 Okay, I was wondering!  LOL  And I don't have a problem with the fee in principal - I understand it costs money to charge credit cards, not to mention the other services/guarantees provided - but I DO have a problem with the fact that they didn't disclose it up front.  I pay 3% to AirBNB without so much as a thought.  However, I was led to believe that my listing fee with VRBO would be my only cost - so I was rather pissed when I learned otherwise!  (that said, I still list with them, and I'm moderately less aggravated now that I've had some time to get used to it.)

 We started w/ VRBO in 2012 when you had a choice to use their payment processor or not and they listed the fees if you decided to go that route.  That's bad if they don't disclose that especially since you are basically forced to use them for payments now.  

Post: VRBO's dead. AirBNB's not great. How to market a Vacation Rental?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109
Originally posted by @Julie McCoy:
Originally posted by @Jeremy Baker:

@Miki M. As for an owner, I haven't encountered any hidden fees for us.  We've always just paid the annual listing fee and that's it.  

I get charged a ~3% "credit card processing fee" with every booking I get through VRBO (on top of my annual fee). You don't get that?? How do I get on board that train? LOL

 Hahaha, I wish we didn't!  Since our VRs are in Maui, half of our guests are from Canada and other countries so we get that extra 2% added on.

Post: VRBO's dead. AirBNB's not great. How to market a Vacation Rental?

Jeremy Baker
Pro Member
Posted
  • Real Estate Investor
  • Aurora, CO
  • Posts 240
  • Votes 109

@Miki M. there was a panic when VRBO announced their guest service fees and I'll be honest, I wondered if it was going to affect the number of inquiries and bookings we would receive through VRBO.  VRBO just did a crappy job of rolling out that fee and it surprised most owners.  I didn't know about it until I sent out a quote and a guest asked about the fee.

I wouldn't exactly say the guest fee is hidden, but VRBO doesn't come right out and mention it on the front page.  Guests usually won't see this fee until they get the price quote and there's only a few places where VRBO mentions possible additional fees and taxes, but this is similar to AirBnB and others too.

I would suggest that you (and any other owner) list in the "additional information about rental fees" section of your VRBO listing that there is a VRBO fee and the percentage of the rental rate is can be.  We've actually had a few guests tell us they booked with us just because we "warned" them in this section about the guest service fee.

As for an owner, I haven't encountered any hidden fees for us.  We've always just paid the annual listing fee and that's it.  

Definitely try it out and I suggest trying other platforms out too.  See what has the most listings in your area as that's the platform that may get you the most exposure.  

Best of luck and hope this helps!