All Forum Posts by: Dave Stokley

I’ve built relationships with local interior designers and “trained” them on what we need in our STRs. They have to understand where buying nice stuff is worth it (beds, furniture) and where it’s not (lamps, wall art). 

A good interior designer will actually save you a ton of time (= money) and make your life so much easier. 

Strongly advise you to ask professional advisors tax and legal questions.

There is no way to transfer a listing to a new owner on Airbnb (which is extremely frustrating but ultimately I’m not sure it’s a bad policy). We always start a new listing because we don’t allow our clients to be on the listings as co-hosts. 

My first choice would be to leave both listings active, but where I operate there’s no permitting process so I don’t know if/how that works. I know others who ask the guest to re-book, which is super annoying for the guest, but it is what it is. 

I can only answer the second part of your question: it does matter because many lenders won't consider STR income, especially when you're getting traditional financing. If you're going for something like a DSCR loan then a few will use actual STR income, and fewer still will use projections from Airdna. In many cases though they will use market long-term rent if it's not actually rented out.

Never done it but have always heard and assumed at least 10-12%, typically more if it’s your first deal with someone. Once they get comfortable working with you there may be opportunities to reduce that by a few points.

There are some lenders out there that can use Airdna data to support a DSCR loan on STRs, like Host Financial and Aloha Capital. But they're kinda specialty products and you're definitely not getting a prime rate on it. Still maybe worth checking with them.

Hey @Alexander Hernandez my company offers full-service STR management in Cleveland. Will PM you!

 Sounds like you have a job and not investments ;)

Looking to meet up with some other STR folks to trade ideas, expand the network, etc.

Looking into doing this to help my company and our clients get to the next level. If anyone who has done it or is thinking about doing it wants to great some kind of group to trade ideas and experiences shoot me a PM.