All Forum Posts by: Val Peare

Hi Gurjot,

I'm an investor and a realtor.  I recently had a transaction where the buyer backed out of the contract the day before closing (I had the seller).  When parties can't agree on the disposition of the EM, it will remain with the title company until resolved.  I had my client immediately file a claim in small claims court which costs around $50 to file.  We had a hearing within around 30 days and the judge favored my seller.  After receiving the judgment, I sent it to the title company and they released the funds.  That would be my suggestion.  There's no need to get attorney's involved.  Bring relative documents though, emails, contracts, etc.  Best of luck to you.

Sounds good :)

@Scott Forney @Allen L. I will agree on Wichita being an overlooked market in the midwest.  I'm a realtor and investor in Wichita and own several duplexes, SFHs, and a couple STRs here.  I work with both local and out of state investors.  Let me know if you need any help.

Cristian, I'm an investor and realtor in Wichita, KS.  The rental market is very strong here currently and I would agree with the aviation industry we are more resilient with market fluctuations.  What class of properties are you most interested in?  I personally own mostly B properties but lots of investors do well with C and D properties as well.

Hi Louis, I'm an investor and agent from Wichita,KS.  We find some decent deals still here on occasion despite the low inventory predicament we are in.  I'm happy to help in anyway.  Feel free to reach out.

Hi Brett,  I'm an agent and investor from Wichita.  I'm happy to help in anyway I can.  I have an investor that is wanting to sell off around 41 properties. Wichita is a great market.  I'll shoot you a DM.

My opinion is do the numbers as a long term rental and if it makes sense then LTR it for awhile. There are just too many unknowns right now with STRs. You will need to factor about $10,000 per 1,000 square foot for furnishings as well. I would definitely check your HOA's and any ordinances.

Hi Joseph and welcome!  I own both LTRs and STRs (superhost) and agree with most everyone's advice here:

1) never buy a property based on income as a STR. I never buy anything that doesn't make sense as a LTR in case the market changes and/or regulations, HOAs etc.

2) Use AirDNA to analyze the property - I have found it relatively accurate

3) Make sure you can get lending - it can be a challenge

4) Don't underestimate the amount of work involved. It truly is the hospitality industry and our success is mostly based on reviews. It's a business that I studied for years before I took the leap. Also, if you have to pay a property manager, the numbers might be tough to justify as a STR.

5)  Don't underestimate the cost of furnishing.  You are providing a home with ironing boards, pots and pans, linens, furniture, mattresses, grocery items etc.  A basic rule of thumb for nicer STRs is spending about $10,000 per 1,000 square foot.  You really need to factor that into your numbers.

Best of luck!

@Yankel Raskin pay for a subscription for AirDNA to analyze the address. You could just sign up for one month just to get the data. It will give you average income, vacancy, and average nightly rate based on the address and other STRs in the area. I think it’s around $50 a month for my area. Good luck. I just started one before Christmas. So far so good.

Hi Amy,

I just started my first STR the day after Thanksgiving so I'm still a newbie but I read a lot of great information on the forum that gave me a bit of guidance. I make sure to have lots of foil, wax paper, plastic wrap, ziplock bags, to-go coffee cups, storage containers, etc. I would highly recommend staying at your place before you have guests. I did not and I had a few things come up I missed. I too recommend the duvet covers. I do white so they can be bleached. I also spent a lot of time on the design and finishes and most guests comment on that specifically and honestly I think that has what has helped me get bookings. January is typically really slow here for STRs but I am staying consistently booked. Be sure to get professional photography done. So far I have eleven 5 star reviews. I keep in constant communication though and really try to bend over backwards (hopefully I can keep it up LOL). Here are a few pics of mine.