All Forum Posts by: Chad Hack

Hi,

I've analyzed thousands of deals using the BP STR calculator through AirDNA. Since BP made some changes, I cannot find the calculator. Anyone know where I can find it? Thank you.

Perfect info, Bien! Thank you. I intend to use Price Labs, and have already started my TouchStay so that's great to hear. OwnerRez, IGMS, etc were on my radar. It seems that the stabilization and optimization of the STRs is all about 3rd party apps. I just didn't know if launching initially the old-fashioned way with VRBO and AirBnB software alone was still okay to get us up and running. But both websites leave me searching for answers. Thank you very much for the insights.

Thanks, Chris. I was aware of those, but do you recommend a certain brand? I assume these are the same kind you can put under sink basins as well? Much appreciated.

Hi again, BP! We are launching our first STR in Florida. I have listened to BP for 3 years so I am armed with the minutia of optimization of a rental business itself! However, to my naive surprise, the absolute very basic headaches I have faced with the VRBO and AirBnB websites are astonishing. I've spent hours on helplines and watched hours of YouTube videos to no avail. We have the content no problem. The photos no problem. The amenities no problem. Here is where we are struggling:

1. How do we turn on "dynamic pricing" on VRBO? Eventually, I will use Price Labs, but I want to launch with basics. I can only change Base Rate. Is that what they mean by dynamic? If I say $300 base rate, my calendar simply says $300 every day of the year. Hardly dynamic.

2. Does anyone use the Guidebooks offered by both sites, or do you develop your own 3rd party guidebook (e-book), and simply link to it?

3. What about a Welcome Letter or Rental Agreement? Where to find templates for this? I want to automate as much as possible while keeping a personal touch.

4. If anyone knows of a good follow explaining these basic steps, I'd love to hear about it. Neither helpline has been of much value. I'm surprised both booking sites do not have their own useful tutorials guiding owners from start to finish. I know millions of others have figured this stuff out so I'm feeling pretty defeated at the moment. I never thought simply listing the property would be the hangup. Thanks for your help and support as always.

Hi. Acquired another STR in FL! Has a 50-gal electric hot H2O heater in attic of a detached condo. Pretty normal for this area, but seems crazy to me to have 50 gals of water stored overhead. We manage remotely. Is there anything I can do to anticipate or prepare for it going bad, and avoid a costly headache, bad reviews and possibly big damage to the main living area? Will likely put in a tankless water heater when this one goes. Any advice is appreciated. Thank you, BP.

purchased 1st STR and excited! What is the best practice for establishing a business credit card that is tied to the STR business? We do not have the property in an LLC and may never do so. We hopefully will buy more STRs which will be in LLC. Should those properties be tied to the same CC or separate CCs? Since no LLC, we have no name for the business card. If we open an LLC later, I guess we will have to change the name/close one CC and open another to match. Just trying to avoid headaches later by doing the right thing now. Any advice is appreciated. Thank you.

We have purchased a detached condo in Florida. It is covered by an HOA and then we get the "walls-in" policy. For the contents coverage, is there a rule of thumb for how much coverage we should have for a 3 bedroom/2 bathroom 1600 sqft detached condo? It's a $500k condo so replacement costs would be for higher-end furnishings. Is there a good rule of thumb that anyone uses for determining insurance coverages? Thank you as always.

Can you see that it says negative Cash Flow yet the Annualized Return in years 1 and beyond is incredible. How is this possible? Thank you. 

Hi BP Community. I have a very basic question after analyzing thousands of properties. When I look at the BP calculators after running the numbers on a property, I have what seems to be conflicting information. Example: a property has -$600/month cash flow, yet the annualized return is over 50%! I would never buy a property that loses $600/month, yet I’m definitely interested in that same property that has an annualized return of 50%+! Can you tell me what I am missing, please? I’m looking to make the deal happen tomorrow or pass on it altogether, and I am stuck. Thank you as always.