All Forum Posts by: Brendan Taylor

Quote from @Robert Ellis:

Quote from @Travis Timmons:

AirDNA published their annual list, and the markets topping it are: 

1. Peoria, IL

2. Fairbanks, AK

3 Akron, OH

4. Columbus, GA

You can go look up the remaining 21 markets, but you get the idea. The industry is mature and margins have properly compressed. If you want real yield or cashflow, you have to buy in a non-vacation market that is not top of mind for an STR. It's the boring places that probably won't appreciate above the rate of inflation that will provide real month to month income.

I've said this before, but I would contend that we are in a "What can you do that is really hard?" market. You have to make a deal rather than buy a deal, be more appreciation focused, and be more patient. STR feels more like a strategy to break even or eek out a meager return on a great asset than a strategy to cashflow. Or you have to take a value add approach to make it worth the hassle. It kind of feels like the rest of the market - you kind of have to pick a lane between cash flow and appreciation.

Does that make sense?

use STR reports it's more representative of major hotel markets and hotel inventory. find hte right brand. we just did a 150 page report on one development site. Akron ohio isn't the best city in america for short term rentals that's crazy. it's not in the top 50 and i'ts a very struggling ohio market. it's not even top 5 in ohio.

I am guessing they use CoC or some similar metric for this. You can probably make decent returns in Akron based on gross income and purchase price. Plus the average person probably finds Akron more obtainable given funds available. That is who they write that article for so they can sell subscriptions. I have considered trying out STR here in Akron but I live here. And my goal of trying it out would just to get familiar so I could potentially buy in a much better market.

Section 8 can be great but like others have said make sure you understand the pitfalls. Lots of gurus advertising how easy it is in order to sell a course or whatever else. I have section 8 tenants here in Akron, OH and some of them are truly my best tenants. Interview reputable property management companies. I am sure a Thumbtack PM works great when something legal goes down lol. Even still, make sure you have your tenant screening down to a science and do not rely solely on PM. Vacancy can kill you in any of the markets you are most likely considering but if you get good S8 tenants in a property they are much less likely to move. 

Ultimately, I do think S8 requires scale and lots of efficiencies but has its benefits. Just make sure you know what you are getting into fully.

Quote from @Jeff G.:

Quote from @Brendan Taylor:

Yep. Been here before with Akron code and got a complete run around. Basically, I was lied to but of course this all happened over a phone call. Cost me a few thousand. 

Get EVERYTHING in writing. Do not communicate in any form other than email.

How long did it take you to resolve things? This has been an issue for over a year. I've done my part. Akron is just dragging its feet. I'm not sure what their problem is. The issues, such as they were, have been fixed.

My situation was a little different so I can’t really answer your question. It was an active rehab and involved a permit that was needed, then wasn’t needed, and then was needed again. They were quick with the inspections though. 

I would get an inspection scheduled in writing and if they don’t show you keep throwing that in their face if it becomes an issue again. 

Yep. Been here before with Akron code and got a complete run around. Basically, I was lied to but of course this all happened over a phone call. Cost me a few thousand. 

Get EVERYTHING in writing. Do not communicate in any form other than email.

Yeah. This happens sometimes. You can set up an online account to monitor the bills and tenants payment activity. This way you can track without seeing a paper bill. We check it 1-2 times per month and remind tenants to keep up with it. 

You could argue tenant never made you aware of the leak so it’s on them but normally that doesn’t get you anywhere. Try to set up a payment plan if possible. Best of luck. 

I understand being very picky with PMs as I probably micromanage mine to some extent but not to this level. I also handle 99% of repairs with my admin and my own list of subs. I let PM handle true emergency requests. This sounds like someone who needs to either handle all of their own repairs and let you handle rents/leasing or they need to self manage. 

Congrats man! Every property adds to the snowball rolling down the hill.

Quote from @Noemi Cser:

Quote from @Bob Stevens:

Quote from @Rhianna Cultrona:

Hi all! We are closing on a property in Akron. It is currently section 8 with a tenant in place. We have other properties that are not section 8 so we are familiar with the area. Our current PM isn’t taking new properties so we are thinking we might try to manage ourselves. This is risky since we are out of state so I am looking for pointers on how the transition works on a section 8 and really anything else you think could help my research. I was on the AMHA website and didn’t really find what I was looking for. TIA

 We have about 30 props in Akron, I would never in a million years even think about self-managing, why? Its like 100 bux a month, meaningless fee for them to handle it all 

Good luck 

 Hi Bob, who do you recommend in Akron that advertises your property on the Affordable Housing website?

 I just put them up on the AMHA search myself and put my PM as contact but I tend to be hands on.

If you are willing to pay market, buy a turnkey MLS property. Preferably vacant. Put your own tenant in.

Also, get it appraised like mentioned. Having a tenant in the property is not that much of a bonus. If anything it is often a negative. 

Quote from @Ryan Arth:

Quote from @Brendan Taylor:

Best way to analyze areas is to make a trip and drive around the city. If you are serious, this will be 100% worth whatever time and money you spend to do this. 

I could sit and tell you all zip codes I am comfortable buying in but Akron like many cities almost changes from block to block. There are areas in almost all zip codes I would buy in. 

 For sure, driving the area is always the best. And it is usually difficult to recommend areas without context, as you never know what price point and property class someone is targeting. Or what their risk tolerance is. 

His question was about areas to avoid, which was a little more specific than many similar posts asking about neighborhoods. 

For sure. Like most questions on here a lot more context is needed to truly answer correctly.