All Forum Posts by: Alice Horn

Quote from @Aaron Washington:

My wife and I are new to the STR world. We are currently looking for a vacation home that will double as our first STR in the Orlando/Davenport area. While running some of our options thru Awning.com, we noticed that having a hot tub in some areas changes the revenue dramatically (+/- 20k+), while in another area only a few miles away a hot tub has little to no effect on the potential earnings.

Can anyone help us understand why this might be? My wife and I would like a hot tube. If it truly means a reduction of 20k+ we can however live without it.

While on this topic, are there other features, we may not have thought of other than pool and hot tub, that have a dramatic effect on a properties earning potential?

Thanks in advance,

Aaron

Hi Aaron - congrats on starting your search! From the property management perspective, yes...hot tubs (actually in-ground spas) can be a pain. But we do see a significant increase in bookings for homes with spas. Guests prefer having that option, even if they don't use it all the time. The spa will also add to the expense of running the home, so you'll want to ask good questions about utlity and maintenance expenses, as well as booking history so you can make an informed decision.

Quote from @Mica Moore:

House was my primary but I moved out of area for a job offer. Turned it into a rental property & bought a new primary in new city. Hired a PM, who hired & arranged for a move- out cleaner. I get the bill a month later & it's a $600 cleaning bill ( 6 hours billed @ $100 per hour).

BAM! So first off a housecleaner should be like $25/$30 an hour, NOT $100. And second of all ain't no way it would need 6 hours to clean because it was in decent shape. It's a smaller home ( 3/2 1000SF all single- level with tile floors throughout so no carpet). Tell me I'm not crazy and this is a raquet! ( I was thinking a $200 to $300 would be market range which is 50% of what I was actually charged).

Needless to say I'm pissed and blindsided. I'm cooling off from my knee jerk reaction & trying to figure out how to handle this situation.

What would you do?

As a property management company, we list the cleaning fees in our contract. We have a standard fee (paid by the guest) which varies based on the home size and complexity, and comes to roughly $25/hr though we pay a flat rate. Deep cleans are 2.5 X the regular cleaning fee and are mandatory when we take on a new home, and then again 1-2x year depending on occupancy to keep review scores high. Cleaning processes and standards are very different for STR. For a deep clean, literally every surface must be cleaned, kitchens emptied and cleaned, light fixtures, the list goes on. Your cleaner may have had a whole team there working on the house, especially for a conversion from residential to STR.

bottom line, the rate is not unreasonable if a deep clean was provided and done correctly. However it should have been communicated up front.

Welcome @Tracy LeGrand! If you are like so many empty nesters who would like to enjoy a vacation home which can double as an investment property (perhaps somewhere warm) there are plenty of Floridians here who can help! 

We try to keep as much as possible in the Airbnb or other platform messaging apps. We have learned the hard way if there is a problem, we need a paper trail and it's much easier to resolve with Airbnb that way. We do have an emergency number which is Google Voice. We are very good at responding within minutes to any messages, so 99% of the time guests don't feel the need to call.

On the other hand, it's great to give guests a call once they have checked in just for a friendly hello, hope you're enjoying your stay!

Quote from @Matthew Francese:

Hello everyone! I have a couple questions for the community about the upcoming opportunities that PadSplit gives in the market of affordable housing. I actually am located in Palm Beach County in South Florida and love the area. PadSplit / co-living are just now becoming popular around this area but the problem is determining the rents so I can perform my underwriting accurately. Aside from looking at other local PadSplits in the area, what are some other forms of identifying current market rents for rooms in an area that is not prevalent in PadSplits currently. 

Anything helps, thanks!

I am curious about learning the market as well. I went on FB Marketplace and set up a search for room rentals in my area. Now I get alerts whenever a new one comes on board, along with the rental amount. Also I just read an article about Gen Z - while they don't use FB as a social platform, they heavily use FB Marketplace according to the article. Food for thought.

Quote from @Ryan Kraai:

Thoughts on investing in a STR in Reunion Resort in Orlando, Fl?

@Ryan Kraai agree with Tyler! Reunion is beautiful with great amenities, but not considered investor friendly. In addition to Storey Lake, we like Solara, Windsor at Westside, Windsor Island. Also, consider the location within the resort -is the home strategically near the clubhouse, or does it have a great forest or lakefront view? All important for guests, and for your own enjoyment of the home. Have fun searching!

Quote from @Sophia Buesing:

The rate is great. It is hard to give that up. Could you potential do a midterm rental or turn it into a padsplit? 

 Agree!  This home sounds like a natural fit for a rent by room concept or PadSplit!  You might want to research this option. I believe you would need to think first about parking - can it accommodate 6 cars with a combination or driveway and street parking? Also, how many bathrooms does it have?  Good luck with the property!

Quote from @Nicole Lockwood:

Hi,

 I am very interested in investing and  I would like to invest into short term vacation rental in Florida, preferably Kissimmee or Davenport. specifically in the community resorts.

I live in NYC and i was wondering if investing  out of state is feasible?

how much realistically would i need to travel to Florida?

where should i go to look for STR investment properties?

can i invest in a property with a down payment? should i secure a mortgage? or a loan?

is there like a step by step guide on investing in short term vacation home in Florida?

any answers will be greatly appreciated

Good morning @Nicole Lockwood! We have about 50 properties under management in Kissimmee and Davenport, and can definitely help you with a step by step guide based on our experience. The vast majority of our investors are from out of state. You would need to travel here to work with your realtor during the search, and after that it’s up to you. We have investors who have never been here, but most come 1-2 x year to enjoy their property. 

As far as communities in the area, you’ll find older resorts like Windsor Hills or Emerald Island that are a bit more spread out and closer to Disney. Further west, you have resorts like Solara, Championsgate or Windsor at Westside that are popular with guests for their amenities. A pool is a must, and the home must have theming to attract the Disney crowd. 

A lot will depend on your personal preferences and your financial requirements. Happy to chat and take a deeper look with you!

Have fun with your search.

Quote from @Kirk Roberts:

@Alice Horn. Hi are you a realtor? Kirk

 Hey Kirk, nope we are property managers. We partner closely with some great realtors! I’ll reach out and let you know how it all works.

Quote from @Mark Munson:

Hi @Heidi Thompson

      We are vendors with PadSplit and in Orlando, so happy to help if I can. @Blake Lewis can help you out and give you some options. I know many successful investors that utilize it and some have higher-end properties in areas like Maitland. I'd suggest attending any local PadSplit events if you can. Feel free to reach out if you need any advice.  

Following. Would love to learn about any local Orlando events.