All Forum Posts by: Anand S.
Anand S. has started 33 posts and replied 329 times.
Post: When to Open the Books
- Plantation, FL
- Posts 329
- Votes 119
Hi, I have a couple of my STR properties listed for sale. A buyer is interested and is asking to see the books (income/expenses). At what point is it customary to share this? I want to at least see a POF letter. I'd ideally like to see a contract with an income contingency that is provable, e.g., I'll buy your home for $2.5MM with the contingency that you can prove it makes $30K/month.
Post: Wedding/ Event Location for STR
- Plantation, FL
- Posts 329
- Votes 119
Check out Peerspace.com. You can list your home for photo shoots and other events. I have my homes listed there and we get inquiries all the time. The issue I'm having is that the inquiries are always for the weekends and my homes are always booked for STR.
Post: Your Best STR Upsells?
- Plantation, FL
- Posts 329
- Votes 119
We doubled prices so it's a standard amenity now. I'm real generous :)
Post: Anyone use Vrbo Listing Value
- Plantation, FL
- Posts 329
- Votes 119
Anyone have experience with this?
Post: Cleaning expense as a % of revenue? I'll show mine...
- Plantation, FL
- Posts 329
- Votes 119
I forgot to mention that I gave my cleaners a 25% raise because I was getting bookings that averaged a week or more -- tons more money for me but less than half for them since there were less turnovers. I wanted to make sure they didn't start prioritizing other homes over me since they had to start looking for other work.
Post: Adding STR value with a boat
- Plantation, FL
- Posts 329
- Votes 119
It's a great option to eliminate liability and maintenance while still getting the benefits of marketing the perk and making a little extra.
Post: Adding STR value with a boat
- Plantation, FL
- Posts 329
- Votes 119
We partner with local vendors that rent these. We get a referral fee for anyone that rents from them. They mention our name for a small discount and we collect our referral fee. We do it with slingshots, jetskis, bikes, golf carts, etc. We have a placard in the home with the company and the toys they rent.
Post: Cleaning expense as a % of revenue? I'll show mine...
- Plantation, FL
- Posts 329
- Votes 119
My cleaning costs were 10% of a typical 3-night booking (my minimum) but now they are 5% since I doubled my rates. Less if they book for longer than 3 nights.
Post: The “sweet spot” for OBX rentals
- Plantation, FL
- Posts 329
- Votes 119
South Florida has an almost year round season (Sept is slow due to school starting back) and nightly rates are pretty solid.
Post: The Fast Path To Financial Freedom -How We Did It In 1 YR w/ STRs
- Plantation, FL
- Posts 329
- Votes 119
Originally posted by @Michael Elefante:
Originally posted by @Anand S.:
Great job. Inspiring to see others take control of their financial freedom.
What I like the most is your mastery of decor and marketing. Did you decorate and shoot your homes yourself?
I would personally not make any major financial decisions based on how well the homes cash flow during this time. This is definitely an anomalous period. I see the same dramatic increase in cash flow that you do and would love to acquire a few more STR's along with a new Ferrari but I need more data to feel secure.
Makes sense! Nashville cash flows have been extremely low compared to normal and perhaps the mountains have been higher for sure. It'll be interesting to see how things shake out over the next year or two! Have you used AirDNA at all? SO much rich data that can help identify trends, nightly rates, occupancy in every market - amazing tool I use frequently.
I find it more effective to go directly to AirBnB and VRBO and search for similar homes in the area I am researching. Being able to see their pricing and occupancy along with the product they are selling is more "apples to apples" and gives me an idea of what I have to do to compete.