All Forum Posts by: Danny Nguyen

I've never had experience with DSCR loans before but a personal friend of mine is a loan officer and tells me it's easier to qualify than a conventional loan.

I co-own one STR as of right now and also house hack my primary residence! I do have the ability to scale with a pretty sizeable HELOC against my primary residence but am not very good at finding good deals, unfortunately.

I'm running into this dilemma as well and I have been told relationship building is a must. I too co-own one single STR and also trying to scale too. John makes a good point and DSCR loans could be an option though you're obviously subject to a more expensive product that also likely will require a larger down payment.

Definitely interested to see what others have to say on this matter!

Hello BP community and fellow hosts!

My wife and I are currently running an STR out in the Joshua Tree market alongside our business partner. What we're most proud of is our ability to automate the entire process where the time it takes to manage this property is roughly 2 hours per week on average - pretty easy!
However, on the other hand, our revenue performance has been modest (I consider it a base hit, at least it's cash-flowing!) and we are looking to improve its revenue performance. We launched in November 2022 and have an average occupancy of 80% at $210 ADR.

Another thing to consider is that we noticed lately that lead times are getting shorter; we've seen some bookings that are booked 6~10 days in advance (some even within 1~3 days!). How have all of you been adjusting your STR to account for shorter lead times, assuming this scenario is applicable to your market? We use PriceLabs for dynamic pricing and we're curious if any of you have a specific PriceLabs strategy that has worked well.

Much appreciated, thank you!!

That's amazing - truly inspirational! :)

What would you say is the most effective method of finding good deals such as these?

@Erin O'Connor Smith Sent you a DM :)

I am no data expert, but based on AirDNA, it does appear that demand is still consistently growing for the JT area, Yucca Valley included. It could be a seasonal thing, as AirDNA is showing Nov/Dec and Mar/Apr are the months where demand peaks. Again, I am not a data expert so this is based on my observation using the platform.

Not sure of the rules with posting screenshots from AirDNA in the forums so I will refrain myself from doing so, but am more than happy to share screenshots through a DM!

@Jason Kudo @Stacy Binns @Peter Mckernan

Thank you to all of you for all the great responses! Looking forward to finally starting this journey. I'll continue to monitor this thread and post more if I have any additional questions. 

The property we closed on is a 2 minute drive away from the only Walmart in the area, right along Palomar Ave.

We were thinking about getting a hot tub, but our budget does not permit that amenity at the moment. Other than that, we are planning to incorporate fire pit, privacy fence in the back yard, unit has central AC, internet, etc.

Also, I'd love to meet local investors in the area to network! Does anyone know of a local meetup?

Thanks,

Danny

Hi All! I too am new to this thread but wanted to post here because I recently closed on a property out in the Joshua Tree area and wanted to join in on the fun! I referenced Joshua Tree "area" because it's technically in the city of Yucca Valley, CA. 

I did some research on AirDNA and noted that it performs relatively similarly to Joshua Tree STRs. Can anyone attest to this? My investment was based on data from AirDNA and I am wondering if anyone here can attest to whether I can rely on AirDNA's data.

Thank you all!