All Forum Posts by: Christopher Price

Well hopefully someone here can shed some light on them for you. I haven’t seen too many people posting here from the PNW vs the east coast. If you’re on Facebook you could try this group, maybe someone there has some info for you. https://m.facebook.com/groups/325358012242591/?ref=share&...

Best of luck!

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Hi Elizabeth! It's definitely possible(depending on the area and STR-LTR difference). From a beginning standpoint you have to look at it from a numbers perspective. Are you getting a good ROI on what you invest in the property. I can tell you as a co host, I see properties doing a 2K plus or more as an STR than they would as a LTR. So if you were to spend 10K, you have to figure out how long it would take to pay that back and make profit.

In my market arbitrage isn't easy because there are so many smaller 2/3 bedroom places that the only way to make top dollar is to stand out amongst the rest, which means probably spending more than 10k. I instead started a property management company and learned all about STR's and now I co host for these owners and my own properties, and for them it's a win because they still make more and don't have to deal with anything.

There are other things to consider like regulation changes in the future and other factors. Hope this helps and good luck in your market.

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I also struggle to believe that. I can't speak for them or that area but I have had a few investors that wanted to be on the coast-pacific beach to ocean shores) and from what I've seen and researched there wasn't amazing results based on COC numbers. Who know what regulations will come down the pipe as other local towns have implemented.

Just looked up Airdna and they have the lions share(289 rentals) in the area although they aren’t listed in the Top Properties category. They do own that town like you said from the looks of it. The top properties are local managers with under 15 properties.

Is there a reason you’re looking here? Trying to use it as well or just as an investment?

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Hey! Seattle can have great opportunities with the new laws allowing you to divide and sell off DADUs. There’s a lot of potential areas that would be great for this just depends on the location and the numbers. Have you don’t anything like this before with adding ADUs or DADUs? I have some connection in the area that are doing them and can share some insight on the laws and the potential. Reach out and we can chat and send them your way.

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Seattle, Washington

Would love to connect while you are in town. Will send you a PM . Looking forward to connecting.

Thanks

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Seattle, Washington

Quote from @KiKi Wood:

Quote from @Levi Koskan:

Howdy BP community, thank you in advance.

In addition to doing my own research, I'm also looking for STR Property Manager recommendations from this community. BP has provided so much value to me and my RE endeavors that a recommendation would go a long way in helping me find the right partner.

Why now?
I've been a house hacker the last 7 years. Started with LTR tenants, then bought my second house and I converted an ADU to an STR while I still lived there. Due to a growing family I've had to move into my LTR home recently. I've been managing the STR myself and I'm comfortable managing it myself but due to some of the unique aspects of the property, I feel that having a professional STR PM involved might lead to one of those situations where by me doing less I'll actually get more out of the property.

If anyone has experience with a well established STR PM that has the below assets, I'd love to hear about it!

The right kind of PM for me:
- Is established in the STR space and has a sizable team, including a handyman on staff.
- Can perform an audit of my property, it's unique attributes, and make data driven recommendations on optimal strategies to increase performance.
- With their portfolio, they have access to a property management software that will allow syndication to more channels then I can manage myself. Outside of Airbnb, VRBO and Booking.com, I'd like to be listed on TripAdvisor, on Google's Vacation Rental Search results (only available to approved PMs, not individuals like myself, and potentially flipkey, fullyfurnished, and craigslist.
- I'd prefer they be local to ATX but I don't see that as a hard requirement if they are highly reputable and have access to locals.

I'm a willing partner, I can commit to:
- Super clear and reasonable on expectations
- Being super responsive to requests. Be it unique guest requests or repair requests.
- Open to suggestions on property amenity improvements and listing management
- Available to review reports and communicate openly.

If anyone in this community has first hand experience with a PM that you think I should meet with, I'd REALLY appreciate the recommendation.

Again, thank you for the attention and help!

Hi! I totally understand wanting to hand off some responsibility, it can be a lot! My fiancé and I personally manage around 30 properties in Indianapolis, IN, but we only do local. I will say, here are a few helpful things to MAKE SURE the PM you choose has in place, so you can be as hands off as you want, and your rental will be managed well.

- Software, software, software! Make sure your PM has systems in place that make things automated and is able to maximize income. We personally use Guesty for general management and communication, PriceLabs for dynamic pricing, Breezeway for cleaner/maintenance tasks, and starting to build a direct booking site on Guesty. Systems/Software is so important to make an STR run properly!

- Make sure the PM has a solid, dependable cleaning team. That is imperative to managing STRs well. If the home is NOT cleaned thoroughly/properly, you will have repetitive problems through reviews, and that means less money.

- Make sure the PM's contracts are solid, and you fully understand their scope of responsibilities. IMO, a local PM is a NEED to make sure the STR is managed well and properly taken care of. Do your research!

Good luck! :)

GREAT advice! Cant agree more about having systems in place to automate AND having someone local.

1 Vote

Austin, Texas

Quote from @David Rutledge:

Hi everyone,

I am as told to post this question here but I apologize if it’s out of place.

My wife and I have built up a portfolio of 14 strs over the past few years. We have some capital and are looking to possibly purchase a small hotel.

We have only ever bought residential sfr with conventional financing so commercial lending is totally new to us.

We are looking to put as little down as possible to stretch our capital as much as possible. Ideally 10% down. I’m thinking that an SBA loan would be our best bet but I am not sure.

Can anyone shed some light on what kind of down payment, terms and qualification requirements we would typically be looking at for an SBA or low down commercial loan?

Also as I understand it qualification for these loans are based on the property as opposed to the borrower. So is this just as simple as showing how much the property makes or do they also look at personal debt to income, credit score, reserves etc as well.

Any insight into the kind of options we may have for something like this and how qualification for a small hotel differs from residential conventional loans would be extremely helpful.

Thanks in advance.

Hi David,

Congrats on the success with the STR's! That's awesome.

A boutique hotel is a great investment, assuming your plan is the turn it into a STR hotel as well.

From the commercial side you have more ability to force appreciation by increasing the NOI. Residential is wayyyy different.

Have you thought of doing Seller Finance?!

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If you're looking for one rental maybe not, depends on what you're looking for. For example if you're looking to purchase a property in a more expensive, but higher revenue market then it may be worth it. Would you pay $500 to save your $1M+ purchase or for a $200K purchase. For those that use it for multiple properties and use it daily it pays for itself well over. STR insights might also be a good option to look into. Their approach to the market data is a top down approach and helps you narrow your search, it's also not as expensive. Hope this helps!

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Saint Petersburg, Florida

Normally I would say sell it with a realtor but as a STR if the numbers were decent you can find other investors that would take it off your plate. If I was in the area and looking I would buy without one seeing that I am an inspector and investor so I know what to look for. Assuming you need the equity in the deal and not looking to have someone co host the property for you, I would go that route. Send me the details vi message, the Airbnb listing and I can see if any of my people down there would ne interested.

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Cape Coral, Florida

All Forum Posts by: Christopher Price

Christopher Price has started 0 posts and replied 25 times.

Post: Minoan to furnish rental properties

Post: Any investors with Seabrook, Washington Vacation rental experience?

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Post: Let's Connect: Networking in Seattle from July 5 to July 17, 2023

Post: Long time self-host looking for a STR PM consultation and partnership

Post: SBA loan for small hotel

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Post: Selling a STR, furnished or not, list with agent or not?