Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Dan Maciejewski

Dan Maciejewski has started 2 posts and replied 879 times.

Post: Thoughts on the STR market during a recession ?

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

We should always have solid occupancy.  None of the hotels are planning for a significant (other than seasonal) rate drop or loss of occupancy.  

My personal feeling is that the lower end will take more of a hit than higher end due to less disposable income on the lower end.  My higher end clients are still doing as well or better than 3 years ago and are still travelling for leisure.  They are also very optimistic about their next few years.

My bubble clients have mainly gone dark and have been predicting crashes in their personal economies.

Post: STR - which is best: 3 beds with pool OR 4 beds with no pool?

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

In my area, a pool is pretty much de rigueur.  A pool increases rate by about a third (33%).  And occupancy would take a huge hit, too.  It would be like having no king sized bed!  

Post: Cocoa Beach beachfront condo purchased - Evolve, Vacasa, or?

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

I'm on the bandwagon of:  Nobody cares about your property like you do.  

With that in mind, while Vacasa and Evolve have procedures and systems in place, your property is just one more number in their portfolio.  And they have people with way more properties than you that they will cater to a bit more.

My preference, in order of best to worst:

First, self managing.  Not only does this mean that you'll make more money, but you actually will have a a better chance of success because you will know every issue/problem/opportunity that comes up.  And you will actually care enough to react.

Next, find a local manager that specialized in your property type.  They seem to charge between 15-18% in my area.  They will want you to succeed enough to  buy more properties.  And adding or subtracting to their portfolio matters to them.  Plus, they will probably know your name when you call!

Finally, a "big box" manager.  They will charge more to support all their overhead, cutting gin to your bottom line.  And their overhead is really there to benefit them, not their clients.  They will have great systems in place, and should have enough under management that they can handle seasonality and price adjustments, but so should a local manager.  They will handle everything, but they seem to upcharge everything anyway, so they don't always provide the value that their price should reflect.

Post: Regarding Airbnb one room of your house!

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

I know someone that was very successfully doing that in St Pete, so it's definitely possible!  St Pete has an explicit carve-out for owner-occupants, though.  Maybe check with the city to make sure.  I would argue that it should be acceptable, but you never know what they'll say.  The first offset is usually a warning, though.

Post: Real Estate Agent Interview Question List

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

These are all great suggestions. 

I would add:

--Make a list of what you want in an agent.  Asking questions won't help if you don't know want answers you are looking for! 

--Ask what their ideal client looks like.  They should know.  If they give you the generic, "I help my clients buy, sell and invest!," then you can be sure that they don't specialize in any particular market segment.  In most things in life, you want a specialist, not a generalist.

Post: Best/favorite things to add to listing to increase STR bookings

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

Something "Instagram-able"  

Something that they can take a picture of and post to their socials.  Think of those giant Adirondack chairs at every cruise port or beach destination.  Or locally we have a restaurant on Indian Rocks Beach with a giant shark that looks like it's just been caught. Or the Southernmost Point at Key West -- people line up for an hour to get a pic there.

In my area by the beaches in Pinellas, a cool mural by the pool works.  Something beach-y or tropical.  I also recommend putting your houses name, e.g. "Tropical Terrace,"  "Beachy Bungalow," "Terraza de Yona on 72nd."  That way the post can also act as a direct ad if anyone wants to search.  If you're super marketing-oriented, you can add your hashtag or whatever they do!

People love having memories and giving them the excuse for a pic is a great way to stand out and be remembered.  And referred.

Post: VALUE ADD dinning room or bedroom

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

I have definitely seen floor plans that are super awkward and need a dining area.  But for the most part, in my area a 3 bedroom is worth a lot more than a 2 bed in terms of ADR.  I would assume that holds true everywhere.  The more you can sleep, the more it costs.

Post: 100% financing for rookie str investor

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

If you're really getting a 34-36% cap rate, then you shouldn't have a problem getting partners on that!  That's great cash flow for that investment.

Post: Looking for a zip-code to invest in at or near Tampa.

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806

33785!

Other than that, both Tampa and Pinellas are very densely populated so entire zip codes run the gamut from 85k houses to 10million in just a few blocks in some places.  You'd probably be good buying a newer build if your main goal is appreciation in the 1st year and then rentability in the future.  @Kristina Kuba mentioned some neighborhoods that are "up-and coming" with great appreciation potential in Tampa, and you'd be well served in neighborhoods close to downtown St Pete, as well.  The city is putting a lot of money into improving previously underserved communities and a lot of investors, builders, and developers are moving their money in, as well.

Post: Investing in Tampa??

Dan MaciejewskiPosted
  • Realtor
  • PInellas County Largo, FL
  • Posts 901
  • Votes 806
Quote from @Matt Sora:

Is Tampa a good area to start investing for multi family??


 What's your angle?  I assume you're not a developer looking for connections with city council members!  The groups that are starting hundreds units projects are betting on the market.  There's hundreds of million flooding the market with development.

The acquisition of small to medium multifamilies looks like garbage based on current rents.  BUT the Tampa market is projected to grow almost exponentially in the next decade or so.  We have many sectors of mid-to large cap business relocating here.  And that brings jobs.  As long as we can stay business-friendly, that will continue.  That means rents will continue to come up -- to a point.  But they can't rise forever.  They will stop at the level that the ideal tenant for the asset class can no longer afford to live there.  At that point, you will have to spend money to upgrade the units, hoping that the neighborhood does the same.  Or have already purchased in either an improving neighborhood, or an established one.  

There are still plenty of undercapitalized small to medium multifamilies in the Tampa Bay Area.  Not many ion-market, though.  And the ones on-market are asking almost the price to build new!

Personally, my multifamily bets go to:

1. Luxury units in established neighborhoods.  South Tampa will continue to draw high-earning tenants that will need to rent before they can buy/build their homes.  

2. Affordable units that will continue to be in demand as mid- to lower-income tenants get priced out by other landlords.  I'm not saying be a slumlord, but there will continue to be a huge draw for units renting, say, 1200-2000.  Especially units that are well maintained and updated.