All Forum Posts by: Andrew Steffens

Where in FL are you looking and what purchase price? We are a FL PM company with most of our portfolio on the West Coast of FL.

I think it will be nearly impossible to get 90% LTV loan EXCEPT if you qualify for a second home loan. Those can be obtained with nearly any standard lender. Let me know if you are looking for an FL based lender and I can send you a referral

Good luck!

I own a PM company with 50+ units and have had 3 people leave us for self management in 6 years.  They all left on good terms for reasons similar to what you are mentioning.  2 of the 3 I have spoken to months after they switched and they mentioned they are netting about the same as they had with us managing; i.e. doing all of the work and receiving similar payouts.  The main reason for this is our approach to revenue optimization.  Using pricing software can be replicated by the home owner but some things cannot.  Marriott Homes and Villas, JetBlue Vacations, Allegiant Vacations, and a few other OTA's now make up 30% of our bookings and they only work with Property Management companies.

Also, 30% is expensive.  We are at 20% on most homes.  Is 30% the going rate there? If not maybe renegotiate the fee.

Just some things to consider - I feel personally we add value to our clients that make up for our fee above doing the hard work.  You maybe want to ask them what they are doing for you that you could not do yourself.

I use it on our 50+ listings.  It is solid, but not quite set it and forget it.  You will need to keep up with it for best results.  We are currently switching to RevMax, mostly due to price and not quality of product.

I agree this seems to be a case of incompetent appraiser.  I have had some similar cases on refinances I did last year.  Im about 50/50 on getting any increased value from appraiser (you need to supply proof like comps etc) and maybe 10% success rate in getting it to where I want it or need it to be.  Good luck!

 Gotcha - Its hard to say because I do not know how people are in your market.  I would think if there is on street parking readily available and you properly disclose that, it should not be an issue.  Are there any other Airbnb's you can find in that area with the same issue? If they are booking and reviews are good I think it would be fine.

Hey Matt - By quick calculations the house as a 4bedroom would sleep at least 12 people based on 4x2 and 2 pull out couches.  How readily available is off street parking based on there could be 6 or more cars for a reservation?

Hey Ariel -

PM of 50+ units in Tampa here.  We have quite a bit of experience in this, and we have found (at least in our experience) that doing the larger single listing always nets more money and less headache (i.e. guest of one unit pissing off guests of another).  I highly suggest that route!

Hey Alex - I am in FL and not an accountant at in any state but this really is a question not just for any CPA but a CPA with real estate experience and in CA (or very well versed in CA law and practices). We do have clients who have out of state LLC's owning property here in FL if that info is of any use to you.

 I agree with the other comments above, but if you really want to know average annual occupancy rate as well as average nightly rate, we (as a 60 unit management company) use AirDNA.  Analyze the comps and weigh the ones most like the subject property heavier.

Hey Matt - Im not a lending professional but have some experience in this. Did you purchase it with a FHA, Conventional, VA or other loan?