All Forum Posts by: Aldo Balatti

@Rick Bassett That makes perfect sense to me... If you are in a hot and thriving vacation rental market, it might be possible to have it hands-off with a turnkey STR PM service provider! I need to find that STR vacation market golden nugget and in the process of doing my research now!!! I am thinking of a landlord-friendly warn and sunny State such as Florida or Texas with a year-around vacation market location with yearly high vacation rentals occupancy rate that is also STR-friendly short term and long term... Perhaps a snowbirds' vacation destination might be a great market!

@Cory Macculloch  and @Luke Carl  Thank you for sharing your thoughts!

@Rick Bassett Thank you Rick for your much appreciated insight and feedback!!! It looks like you know and speak from experience and glad you could share your thoughts and experience with STR properties... I like the hybrid approach which seems to be the way to go for a long distance STR market. I do not have anytime to spend on managing the whole STR business and that was the reason I was thinking of a full turnkey STR management model.

Does anyone know or have heard of or used Evolve Vacation Rental Management services? 

@John Morgan Thank you for sharing about your turnkey managed STR property and letting me know that the turnkey STR model is working and making money for you!

That is the initial STR model that is of interest to me, like yourself, I do not have time to take care of running a STR unit or over time, if I get multiple units in one area or in various STR markets... I am also liking the short term rental arbitrage model as there might be more monthly cash flow revenue, depending on the property, location and market of course, but the downside is that there is no appreciation and no equity pay down overtime but the exit strategy is fairly simple and easy to execute and you can always scale-up the number of units and stay or go to new STR markets if you need as you do not own any investment STR properties.

@Account Closed  Thank you for the mentioning the BP podcast which I will look for!

@Jon Crosby and @Julie McCoy and @Avery Carl and @Luke Carl and @Michael Baum and @Michael Corso and @Jake Miller and @Ken Latchers and @John Underwood and @Emir Dukic  Thank you so much for all your comments, insight and feedback which is very much appreciated!  

I would only be focusing on only one area and market and the based on what I am hearing, the full turnkey service might not be the best way to go... I will need to do research and due diligence to see if this long distance STR model makes sense for me!

I am in Canada and interested in having a vacation property in the US for short term rental in a long distance/far away market from where I am living. I am interested in having the STR property fully managed by a turn-key short term rental management company which takes care of everything and all the STR property marketing, bookings, maintenance, cleaning , etc. From my research, these turn-key STR management companies provide this full turn-key service for 20% - 30% of all the bookings.

Since I am living far away from the STR property, I am interested in knowing if anyone has had any success or issues with this type of long distance STR model? This could be with using a purchased rental investment property or using a STR arbitrage (sub-leased from a landlord) property. I am interested in knowing the pros and cons and what to look for or watch out for from people that have used this long-distance turn-key model.

Thanking you in advance and very much appreciated any insight and feedback you can share!

@Cory Finniss Thank you and glad to hear you are having success in Upstate NY!  

I am looking at Upstate NY but the properties seem to have very little appreciation, some cash flow but the property taxes seem very high and recently, NY State is rolling out new tenant-friendly laws which will scare the ER investors away and scaring me as I am looking for landlord-friendly states & REI markets...

@Art Perkitny  Thank you Art for your feedback and insight as well as the Buffalo area maps as this is very much appreciated!

@Cory Finniss Thank you Cory for your post as I have just learn a few days ago about the new proposed NY State tenant's law which will make it more difficult for potential landlords to invest in New York state... I might have to look at an other US State that is landlord-friendly... Do you have REI properties in NY State or in NC? I am interested in the BRRRR investment strategy. How is the BRRRR strategy working for you in your market and are you doing SFR or multi-family properties?

@Matthew Irish-Jones Thank you for your insight and feedback regarding Buffalo! I will have a close look at the Buffalo REI market. What are the best areas and location in Buffalo to invest for C , C+ to B- neighborhoods?

Thank you @George Darcy for sharing and for your much appreciated feedback on your REI experience in Syracuse. All very good points and knowledge to have and know about...

Thank you @Marci Stein for your suggestion for Ulster County...  I will have a look as I am not familiar with that area.

Thank you @Alex Jones for sharing and for your much appreciated feedback on your REI experience in Rochester. Very good info to know coming from a local investor!!!

Thank you Ray and Patrick for your feedback and very much appreciated!  For sure when investing long distance and not locally, you need to have a good solid team in place in the market you are investing in such as the property manager, rehab construction general contractor and real estate broker which are your boots on the ground...

Wondering with Syracuse if this is the same with Rochester, Buffalo and Albany???