All Forum Posts by: Andrew Steffens

I recommend first identifying the property and focus on all it may (or may not need).  Once it passes inspection start focusing on building your team i.e. cleaner, handyman, and trades (HVAC, plumber, etc - all this needs to be quickly accessible once renting).

It sounds like you already have one in mind, but if you go a little further away you could use a 10% second home loan.  This is what most of my clients use to purchase here in FL. 

Hi Robin,

I am a PM company owner so I do not have any direct experience with them directly.  However, I have had clients switch from them to us.  The reports I have gotten second hand are very similar to those I get from all nationwide large PM's - and it is poor.  Reddit has some threads.  I would highly recommend you connect with a medium sized (30-120 units) local PM for the best results.  Too small and they do not have ample staffing or software solutions typically, and too large and you are just a number.

Good luck and let me know if you have any questions! 

I think what you mention is lengthy but important. My main business is a STR Property Management Company owner. I now also act as a buyers agent for the reason that every year several people approached me for management services and were very excited about a new property they had just purchased and wanted to do STR. Only to find out they bought a house in an area not STR friendly and were now in a bad spot. I think the buyers should check and double check the rules and laws in the jurisdiction they purchase but I mainly blame a bad Realtor who had no STR experience. I think the best bet is to hire a local agent that specializes in STR. not only to steer clear of legal trouble but also to find the best returns.

Quite a few PL users here but not sure if anyone offers that service.  Does PL not have support that can help you?  If not, what Trent mentioned above might yield better results for you.  Good luck!

I would find a local lender (broker preferably) in the market you are considering and look at second home loan options.  I have never seen or heard of a 5% down but my clients frequently use 10% down options here in FL.

You can also get a premium subscription to AirDNA. Do not rely on just the algorithmic average you get with free version. This will allow you to see a T12 on comps in the area. I would then recommend looking at current pricing and bookings on Airbnb/VRBO.

Hey Josh - this sounds like a case of bad luck.  I think about 60 of our 65 units are pet friendly.  We have had similar issues (and some even slightly worse) but never bad enough to make us reconsider our policies.  $75 seems a little low, we are at $150.  This could be market dependent but maybe charge slightly more to help cover extra cleaning and wear and tear.  About 40% of our guests in pet friendly units bring pets so it is not only a revenue source, it is an occupancy getter too.

 Thats awesome! Let me know if you need anything at all

This should be in the classifieds section, not in the forums.