All Forum Posts by: Andrew Steffens
Andrew Steffens has started 40 posts and replied 2998 times.
Post: Shenandoah Nation Park
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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- Votes 2,550
Hey Marc - I have not seen a lot of posts about Shenandoah on here - therefore the depth of knowledge may come up short. If I were you I'd try to find local hosting groups on FB and see what the local host community has to say. Good luck!
Post: Looking for an STR co-host
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
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"Co-host" to be is vague - some co-hosts check in guests, bring extra towels, coordinate the onsite part, and some just do off site stuff like guest communications, etc. Some do both and some do neither. You should identify your specific needs and interview licensed professionals operating in that market and see who fills your need. Make sure to reference check and dig in and ask all appropriate questions. Good luck!
Post: remote managing an STR...how to deal with deliveries and supplies?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Curious what part of FL?
As stated above although you plan to remotely manage you still need "boots on the ground". This is cleaners, general maintenance (handyman), and also specialty trades (electric, plumbing, roof, etc).
If you are in a popular part of FL you should not have a problem finding these people who are used to going the extra mile to accommodate remote owners.
Post: STR Insurance in Mountain/Fire Zone
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
This is obviously very area dependent. I would join a local FB group and poll property owners, while also calling the major carriers in the area and getting sample quotes. Good luck!
Post: Looking for Local Insight: 3BR/2.5BA STR near Lake Gregory AirDNA shows $37K revenue
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
Hey Parik! Its great you are doing a deep dive on analysis prior to jumping in. I will say this group is national (even some international) in nature and is not the best for resource for finding local data especially in niche markets. I would recommend looking for local Facebook groups for more specific market info. Good luck!
Post: Looking for Recommendations, Reputable Business Lenders
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
Quote from @Diana Mulvihill:
Quote from @Andrew Steffens:
Not sure if you have it titled in an LLC or personal. In my experience here in FL most banks will only do HELOC on primary residence. Most, but not all. Last I checked TD bank was doing it on primary + up to 4 investment properties, up to 90% LTV. If this does not work for whatever reason, you can look at biz lenders like Amex Blueprint, Bluevine, or others but they are not cheap. If you have an LLC, you can look for low doc or no doc lenders "credit driven". Also through TD I did a 2 page app they pulled my credit and I walked out with a $100k LOC. I also have one at WF for $50k very easy.
I do have an LLC, so I can show profit, and I structured it under a related LLC that I've had for over a decade. I've gathered six months of strong bank statements and have a strong personal FICO. I've just never taken on any kind of business debt, so this is new territory for me.
Regarding a HELOC, I've owned the house for slightly over a year, it is my primary residence, and I also rent it on Airbnb.I will check out the companies you mention, assuming WF is Wells Fargo? That would be great, I already have a relationship with them. Do they pull your personal credit?
Yes it is credit driven
Post: Before You Buy in Pigeon Forge, Read This About the North Carolina Smokies
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
@Levi Bennett I see the same thing here in Tampa, the "entry level" price point is the most competitive.
Post: STR near a national park
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Which National Park? Evergaldes NP is much different market Smoky Mountains NP
Post: Before You Buy in Pigeon Forge, Read This About the North Carolina Smokies
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
How is ROI? I'd rather buy a $600k cabin producing $100k in revenue than a $300k cabin producing $30k.
Post: How would you Rate this Guest?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,052
- Votes 2,550
Honestly I would rate them 3-4*. They were upfront of everything and are paying (as long as they do complete payment). I would not give a 5 because that will give future hosts the impression they are great guests. Great guests do not punch holes in other peoples property even if they pay. I would expect my Uber rating to go down if I smash the guys window out even if I apologize and paid.