All Forum Posts by: Andrew Steffens

I also raised by 18.5% (rounded up!).  Good post, many people would not catch this.

As a Floridian who takes an annual mountain cabin trip, I would be ok with electric but would prefer a real fire.

Orlando/Kissimmee is a very tough market. In my opinion its a 1 trick pony, the vast majority of travelers are coming in for one reason and one reason only, the parks. If they increase price, or airfare goes up, or anything you will be severely affected. The other issue is a massive oversupply of inventory in the area. At least twice per month I have new clients call me and think they have a super good idea to buy an STR near the parks. Its not a bad idea, in fact its a good idea. Such a good idea that way too many people do it and its lead to the oversupply issue. The only way to get bookings is compete on price and its caused a race to the bottom. There still are properties at 3% rates and bought at 2019 prices and you simply cannot compete with them. It is actually great that you are breaking even despite 8.6% rate, I think you should continue to ride out break even until you can refi out hopefully into something in the 5-6% and then you can finally hopefully cashflow. For anyone who has not bought yet, there are plenty of other nearby markets that can be profitable. Good luck!

Hey Mark - Its not a bad idea at all, but I do not think the average investor here will take advantage of this.  I however as a PM managing 65+ units and am used to ordering in bulk would likely seriously consider this.  Good luck!

I have unsecured Business Lines of Credit but most banks will make you personal guarantee and/or have 2 years of business time

Congrats again Keith on your new/first listing.

Echoing above but I find Duvets/Inserts the best system.  Everything on the bed except the pillows and the inserts get stripped and washed every turn with the inserts being washed every 30-60 days depending on the season (30 during peak 60 in off peak).  I hope that helps, good luck!

As Jon mentioned seasonality will be a challenge but also overall supply and demand.  You are outside of a traditional tourist hot spot so you'll really want to try to measure and understand the demand numbers to the area and what the supply looks like.  This is the precursor to occupancy and ADR when you have a specific property in mind.  Good luck!

Hire cleaners with vetted STR experience, they'll know what to do. Little to no scent, guests usually do not like strong fragrance (allergies or they think you are hiding something). Good luck and congrats on your first STR!

Derrick - that sounds confusing for sure! I know there are some Atlanta people here, but probably not many as this forum is national in nature.  I would recommend looking for local hosting groups on Facebook, you'll likely be better off there getting answers to these questions from local experts.  Good luck!

I think you are in the right place to research and learn! You have access to years of experience here from people across the spectrum like lenders, property managers, owners, and more.  I will say since you are in the research phase and are lacking capital be wary of promises of arbitrage riches.  The best way to do this is as an investor/owner.  Build your knowledge and your capital and when you're ready, execute!