All Forum Posts by: Brandon Schmidt

@Trevor Neale in addition to everything else that's been said, buy an Ozone machine. They're great. You can get them on amazon under $100.

 Hey Dave, I'm curious to followup on this and see how it's worked out for you?

Hi - I noticed your link is no longer active.  Have you gotten out of this space?  I'm curious what your experience was and why you no longer host with Peerspace.

Thanks!

@Collin H. What happened then?

@Michael Baum

Thanks for the response! Yeah, saying it was large was an over statement, moreso it's one of the larger just in that area. The property is in Wisconsin. Depth of the lake is 19ft and the property does have a dock with it.

Figure I'll just share the link to maybe entice some better feedback:

https://www.redfin.com/WI/Fox-Lake/N10823-Elmwood-IS-53933/home/176380178?utm_source=android_share&utm_medium=share&utm_nooverride=1&utm_content=link&2010988919=variant&813945303=variant

@Corina Eufinger

Thanks Corina! Sorry I just saw this reply. I'll keep you in mind if I start looking down in that area!

@John Underwood

Thank you! Great ideas. I did already check AirDNA for properties on that island and it didn't return any results. Side note on that is the realtor did mention it could be used as a "Weekly Rental" so the fact there doesn't seem to be any STRs on that island currently I don't believe negates the opportunity to do so.

Thanks again for the tips!

Hi everyone,

I'm looking to buy my first STR in coming months. I live in the midwest and am focusing in on Lake Houses/Cabins. I found what looks to be a nicely rehabbed lake home that I believe could do quite well. The lake is large (2200+ acres), it's near one of the states largest cities and universities, and the inside is appealing.

The issue is that it's on an sizeable remote island with around 15 other homes on it. There is a slip/storage available for a boat to access the property.

My question/TL;DR = does anyone have a island STR? How do you manage to get tenants to the property if you live a few hours away? Do I need addt'l insurance for them to operate the boat themselves? How could I transfer the boat key from one renter to the next?

I'd appreciate any feedback/ideas!

Thank you,

Brandon

@Mark Cruse why not increase rents with inflation and property tax increases to keep your bottom line from decreasing? Your yearly ROI would be worse and worse each year and may impact the ability to maintain the property when you face a large CapEx. Depending on how hot the market is you're in, you'd also be essentially devaluing your property in comparison to market comps.

I'm curious to hear your thoughts!

@Brandon J Schmidt so I'd just pitch it too your wife as it a 2.5-3% raise being the most fair for all parties. I think raising them 5% each year may be a bit greedy unless you're in a very hot rental market and market rates are outpacing you noticeably.