@Gururaj Iyer If you want to message me your listing info or jump on a conference call with your account manager I would be happy to support you or at least help make sure you are getting your questions answered appropriately. If you submit a ticket it's going to take up to a week to get a response, so if you have an urgent request, I always suggest calling in or use their chat feature in the portal. I actually have an email communications automation I built out to supplement Evolve's which I hope to have the document finished next week, I will share that with you if you want to see if you might find it useful for your property as well? In the end, Evolve needs you more than you need them but they are still a bit of a 'startup' so they haven't quite figured out the perfect amount of support vs client ratio yet, but I will say, it's a million times better than it was even a few years back. :)
@Aline Zamora@Jairo Paredes be careful in Miami. Buy a place that is specifically zoned for STR. Read up on what's going on in Flamingo Park. They have enforcement officers kicking guests out and fining owners $20,000 each violation.
Thank you for that !! truly appreciate your help! I actually called & chatted and i was told that they have a huge backlog and it would take 3 days... thats when i started submitting tickets...
It was spring break and lot of folks book in Airbnb, I also shared the Airbnb and Vrbo links to advertise between my freinds however the guy from evolve told me that " i would be digging myself into a hole " as it affects the rating if they do not book.. . the way the Airbnb was setup was at 600 per night ( shared link below ) however the same listing in vrbo is at 300 per night ( this was an agreed pricing during on-boarding with them ) Most folks in my opinion would even not consider putting an inquiry for that number.. there have been 7 reservations so far & all coming in from evolve but its suddenly dropped to a lull in last 2-3 days... i was also told that Vrbo is way much more popular than Airbnb ... and not to worry about airbnb listings...
@Gururaj Iyer If you want to message me your listing info or jump on a conference call with your account manager I would be happy to support you or at least help make sure you are getting your questions answered appropriately. If you submit a ticket it's going to take up to a week to get a response, so if you have an urgent request, I always suggest calling in or use their chat feature in the portal. I actually have an email communications automation I built out to supplement Evolve's which I hope to have the document finished next week, I will share that with you if you want to see if you might find it useful for your property as well? In the end, Evolve needs you more than you need them but they are still a bit of a 'startup' so they haven't quite figured out the perfect amount of support vs client ratio yet, but I will say, it's a million times better than it was even a few years back. :)
@Gururaj Iyer I grew up in Woodbridge and have been going down a lot to NJ for family reasons. Going down this Weekend again. I know Belmar, Sandy Hook , and Point pleasant, Bradley Beach I heard of but don't know. Good Market?
Starting up in Melbourne Beach, Florida. This is South of Cape Canaveral, and located on the barrier island, one house to the lagoon and several houses to the ocean.
@Alanna Schroeder Hi Alanna, the Coachella Valley is a great place for STR investors ROI range from 10% to 30% after you have been up and running for a bit. Here to help if you need anything!
I’m about to close on my first property.. it will be in Maui, Hawaii!
Where in Maui? I own some property on the island. Western Kaanapali.
I’m in Lahaina. How does yours perform?
Close to my property.
As to performance ...
Personal view here. Most holiday locations are so-so in terms of performance. The market tends to be dominated by people who want a 2nd home or are not really investing as much as buying something they can use. They will want to rent it to cover the bills. That is not the same as maximizing the profit or potential. The emotional value is hard to show on a balance sheet. They focus on the rental potential when they buy so they can justify buying.
I bought for lifestyle. I bought because it was the first development in 25 years in Maui which was beachfront (or some variation of that statement). I was using it as a way to visit more often. To lock in a price. To have a happy life (happy wife, happy life). I expect my children will use it long after I am gone. Similar to some other 'assets' which legally belong on the personal balance sheet yet will never be traded in (engagement ring comes to mind).
It gives me bragging rights of sorts (Hawaii to London property portfolio). Trophy property or trophy destination. It is not going to be the best yielding or even the best appreciation. A holiday market operates to criteria which are not really driven by economics. An apartment building in a solid neighborhood is likely going to perform economically better. Still, buying north of Lahaina just felt right!
What might be fun is to co-host an offsite for real estate investors. We can bring in some folks from the UK and the USA. Deal clinics on the beach?
@Jon Crosby I just looked at your Clik2flip video. The app looks very interesting. Maybe it would help me get out of my analysis paralysis mode! How are the STR ordinances in the Tahoe City area? I'd love to find a vacation rental that would still make sense as a LTR if the ordinances change in the future.
Hi @Jennifer Perich, thanks for checking out Clik2Flip! I built it to help myself get out of analysis paralysis mode also so maybe it will help out! That being said, you certainly want to do all your due diligence before putting any offers in of course. :)
Tahoe City follows the Placer County STR ordinances. Only requirements are to pay the TOT tax each quarter, renew your permit each year and you need to make sure you have some type of 'local contact' you can assign that lives within 50 miles of the property to register with the County. (I paid my housekeeper to be mine so there are options there).
When we purchased our property, we were actually approached by the HOA regarding making it a long term rental because there is such a shortage of it there, so to answer your question, it's actually a very good area should that occur.
I use Evolve for booking and payments and I manage everything else. Check out my BP blog articles for more tidbits on my model if you like! You can find in my profile. :-)
Del Mar, California. HOA required me to list place for a minimum of 30 days after finding out I had been doing it on a more shorter term business. Grossed 44k during that time. Now thinking I'll gross 30k and have 2-3 months of vacancy. Still love it over long term leasing.
Considering buying a condotel in Brickell, FL or Honolulu. The ever increasing regulatory environment is what makes me most concerned about an investment in more STR's.
@Beth Wheeler, hi, I’m a beginner and have not made an investment purchase, I’m still educating myself, but the Poconos is where i’ve been looking at homes, any tips, is it a great place to start??? Would you recommend?
@Lorraine Gomez I think there are some great opportunities in the Poconos because the homes are lower priced to start out. Make sure you understand septic systems and wells, because that is about all you are going to find up there. These items can be gigantic expenses when something goes wrong. I say when because it is inevitable that something will eventually go wrong. People who rent will flush things that the system can not handle. It does not matter how many times you explain or provide info or lists of what not to do. They will simply not understand unless they have these systems. The rental season is all 4 seasons, but you typically will really only get weekend rentals most of the winter months and weekly rentals during the summer. There are a lot of STR's in the Poconos, so you have to be strategic in where you invest.
@bethwheeler how is it going in PA, I'm new to STR and at the Poconos is where my focus is, glad I found you!!!
I've spoken to a few STR investors in the Poconos & here's some things they've warned me about:
1) Super low occupancy rates: you can rent for full weeks in summer but that's your only real guarantee. If you're super close to one of the ski resorts you can also rent for winter weekends (though the ski season has been getting shorter recently). Fall & spring are apparently super tough - very low demand - both weekends & weekdays. 75 annual rental days is considered good in the Poconos and 100 is considered excellent (so 20-25% annual occupancy). Compare that with Gatlinburg, TN & Florida spots that get 80+% occupancy year-round
2) Apparently there's a shortage of good cleaners in the Poconos. I've had numerous Poconos Airbnb owners tell me this shortage of quality labor is causing real problems.
3) Expenses can run high, which is a real problem with only 20-25% annual occupancy rates to produce income. Very high power bills, increasing property taxes, costly HOA fees, snow removal costs, hotel tax, septic & well maintenance costs, etc, etc
4) Perhaps most damning is this: I've talked to quite a few Poconos investors who are looking to sell after only 1 or 2 years of operating. To me this is a huge red flag. When I talk to STR investors in Pigeon Forge or across Florida, they're looking to BUY more STRs not to sell what they own! It worries me that so many Poconos STR owners sell so quickly after buying.