All Forum Posts by: Andrew Steffens
Andrew Steffens has started 40 posts and replied 3000 times.
Post: Logistics of Setting up an STR long distance without full service
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,054
- Votes 2,551
Quote from @Allison Hertzberg:
Closing on my first STR in bradenton florida later this month. It's a 3/2 with pool and outdoor covered seating section. What I'm use to is furniture/decor shopping at estate sales/auctions. I feel confident I could buy maybe 80% of the furnishings from estate sales that would end up saving me a ton and would hold up better and be more unique.
BUT I dont want to make myself crazy. I have a full time job, little kids etc. etc. I have about a month and a half to get the place live, not doing any renovations beyond painting....
1. Thoughts on getting one of those pods, uship or pods, filling it and then shipping it to florida and i'll meet it there. Then hiring people to unload. The uship cost was about $3k. Is this crazy....is this basically paying for a move?
2. Get large items like couches and ship via freight?
3. Do one of those set up design services where i buy the furniture after working with a digital designer to help with layout and then have a team receive and set it all up? Assuming this is pretty expensive.
Any recommendations of a company that services bradenton florida and does the receiving/assembly.
I'll be done there at least 3 more times in the next 2 months to help oversee set up and stage.
Hi Allison - Congrats on the house! I am a PM in the area and beyond being able to help with management I do have a good designer. Having only 1.5 month to do this is tough enough if you were local and could devote a lot of your time to it, but having a job and kids and being far away I think it is a monumental task. Let me know if I can be of any help, good luck!
Post: STR Management Platforms
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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I got to about 10 properties before I started paying for softwares. I would just have 2 apps (ABNB and VRBO) and 1 spreadsheet (with multiple tabs) and call it a day.
Post: Law of Diminishing Returns on STR's?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Speaking from the POV of a PM and broker in the Tampa market:
The returns are not linear and there also is not a rule. I could not tell you a $500k will generate 12% CoC and a $750k property will generate 18% CoC. What I can tell you is typically $300-400k is the entry level into SFR STR's and since it is the lowest bar to clear there is more supply in this category leading to price competition and lower returns. Going up to the $500-700 rung gets you a bigger house with more amenties and naturally a higher return. The best returns I see are usually $700-$1M. Much lower competition and really beautiful properties generally produce the best results. Above $1M or so you start to see diminishing returns.
As far as answering your questions, if it were my market I would likely buy 2 properties to spead risk primarily. In my market there are 2 submarkets, one being the beaches and the other being Tampa proper. If you bought 1 in each you could hedge risk a bit while still having good returns on 2 properties.
Good luck!
Post: 100% Direct Booking Sites
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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I have heard good things about Houfy and Lodgify from self managers / previous self managers.
Post: Free Sports Channel?
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Well on roku you can download FOX, CBS etc and log in to watch live NFL...
Post: Excited to Step Into Lake Resort Ownership – Looking for Insights & Connections
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,054
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Congrats and good luck! That is quite niche and although there is some good tips here I would check Facebooks groups as there may be a specific group for this very niche.
Post: Need to buy STR by end of the year...
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Well if you do buy one make sure it performs well...
Post: VRBO hosts can change description
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Wow good to know to screenshot listings for personal use. I do know Airbnb logs listing changes as its come up with guests accusing us of that in the past. Sorry!
Post: STR Property Manager
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
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Hey John - This is pretty niche and this is a more broad group, so if you do not find success here I would maybe look for DR specific host groups that maybe can help. Personally, I have a statewide (FL) limited service offering that handles booking, pricing, marketing and more at 10%. It includes everything except maintenance and housekeeping management. The only reason I do not go nationwide is because every state has different licensing requirements, but I am actually about to launch a flat in London so more than capable to do international if that is of any interest. Good luck!
Post: typical furnishing costs
#2 Short-Term & Vacation Rental Discussions ContributorPosted - Tampa, FL
- Posts 3,054
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Hey Bob
I always advise my clients to budget $20/ft all in cost for a professionally designed and fully outfitted. If you do it yourself probably $15-17/ft.
While I appreciate trying to save money I think it is important to mention STR's are competitive to downright saturated in most every market so thrifting is not a sound strategy nowadays. You should also spend extra for durability when it comes to couches, tables, bed frames, and mattresses etc. If you buy cheap you'll end up replacing much quicker and ultimately spending more.
Hope this helps, good luck!