All Forum Posts by: Zachary Cain Humphrey

 Your welcome!

I would go with option 2. Make the interior design for both units as nice as possible. The best way to know is use market tools like airdna, mashvisor, rabbu, etc to see how 2 bed properties are doing. With the strategic location of the units it is likely they will do well. Just check to see that the area you are in permits or is zoned for allowing STR. Overall medium level interior pieces, butcher block / quartz counter tops, clean designs. think accent walls like the board baton look and pop of color here or there. Making the str stand out doesnt mean expensive. Zinus mattresses for beds are budget friendly and guests love them! look at other str's on air bnb in your market and try to make yours a little better. get a hot tub on site and you would be set for some great cash flow!

Consider using this technology that assists in running STR....

- Hospitable for PMS

- Turno for cleaner automation - though i still message my cleaners everytime to verify they did clean and for them to submit photos of the property once their cleaning is completed.

- Stayfi for email capture to build out email list

- Schlage Encode for door knob - easy check in code creation. keep lock box somewhere on property with a physical key in it in case battery every dies or lock doesnt work

- Pricelabs - pricing automation. however I do organic pricing. I personally adjust all my pricing as I feel this helps me have more control and ultimately more bookings.

- Airdna, mashvisor, str insights, rabbu - market data research tools for STR investing

........... Orlando is a pricey and tough market. It takes alot of investment to stand out, as STR is all about standing out from the rest.

Far as technology that assists in running STR....

- Hospitable for PMS

- Turno for cleaner automation - though i still message my cleaners everytime to verify they did clean and for them to submit photos of the property once their cleaning is completed.

- Stayfi for email capture to build out email list

- Schlage Encode for door knob - easy check in code creation. keep lock box somewhere on property with a physical key in it in case battery every dies or lock doesnt work

- Pricelabs - pricing automation. however I do organic pricing. I personally adjust all my pricing as I feel this helps me have more control and ultimately more bookings.

- Airdna, mashvisor, str insights, rabbu - market data research tools for STR investing

 Gain education with intention. Education for the purpose of action. Saving and learning with intent to make a move. Education without action is useless. Learn so that you can do! Then get started. You wont have it all figured out when you start, but the point is to start. Alot of learning is gained only as you do it. 

 I would highly suggest getting a duplex, triplex, or quadplex for your first home and house hack it by living in one unit and renting out the rest. you can get in it since its your first home for quite a low down payment. and BOOM! your first investment property is underway. keep saving that cash flow, learning, and saving from your job and soon youll have money for investment number 2 and so on. 

Far as technology that assists in running STR....

- Hospitable for PMS

- Turno for cleaner automation - though i still message my cleaners everytime to verify they did clean and for them to submit photos of the property once their cleaning is completed.

- Stayfi for email capture to build out email list

- Schlage Encode for door knob - easy check in code creation. keep lock box somewhere on property with a physical key in it in case battery every dies or lock doesnt work

- Pricelabs - pricing automation. however I do organic pricing. I personally adjust all my pricing as I feel this helps me have more control and ultimately more bookings.

- Airdna, mashvisor, str insights, rabbu - market data research tools for STR investing

When cash on hand is a problem, consider your first investment or two to be Short term rentals while you grind at your w2. Save up cash flow and w2 income, in order to build a nest egg to get a multi door unit (think 2-4 doors). Unless you have a ton of cash on hand, your first obstacle to overcome as a new investor is how to get cash to invest in future bigger deals. Ultimately each move you make while move you toward your goal. 

The southeast and midwest have been profitable locations for commercial. You would be looking at areas that are not huge towns likely. as huge towns have unrealistic home prices at this point between ridiculous appreciation past the point of normal and high interest rates. look for secondary (non metropolitan areas) to find more affordable commercial deals. Ultimately you can find a deal anywhere by finding out the motivations of sellers to see if they are willing to work with you on some creative finance terms. 

 With that much equity consider possibly some kind of creative finance deal on the sale like seller finance