All Forum Posts by: John Majoris
John Majoris has started 8 posts and replied 117 times.
Post: First STR - Feels like Home Vs. Feels Empty
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @Dustin Redinger:
We are currently putting our first STR on Air B&B and VRBO. The house we have is 3300 sq. ft and has a lot of built-in shelves and cabinets.
I am curious about decorations.
Should I worry about trying to decorate and fill the empty shelving throughout the house? Do any of you have problems with people stealing decorations/pictures?
We have a lot of neat stuff to decorate and make it unique, just wanted to reach out and ask before I put too much in and set ourselves up to have an issue. Thank you!
Does the house have a theme?
Post: More rent vs. good tenant
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @Jorge Espinosa:
So I have one income property only so I’m new to this. It’s a detached duplex so basically a mother in law suite. 1/1 with laundry unit, their own electric meter, water meter and tenant pays all utilities. I’m in broward county 2 miles away from Hollywood beach. Rent right now is 985$ per month based on previous owner.
Question is, do I go up to about $1100 in rent to keep the good, quiet tenant or do I try to go for the 1400-1500$ rent I think I can get take a chance on the tenant I get?
Hey Jorge,
Tough call for the new investor, but market rent is best in the long run for me.
Just do your due diligence in selecting a new tenant if the current one moves out. We do credit, criminal, employment, if they payed rent during the pandemic, etc. Set your tenant criteria, and don't deviate. Get another good tenant, and work hard to keep them. At market rent...
You can also make some improvements, if needed, while the unit is empty. Even a simple coat of paint goes a long way.
Good luck, and let us know how you do.
Post: STR Location Near Busy Roads
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @Kevin Doyle:
@Luke Carl..I appreciate the response. I'm actually listening to the podcast right now that she was on. Great information.
Get Avery’s book
Just do what she and Luke did
Easy peazy ;-)
Post: AirDna and Pricelabs data on your own STR?
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Hi Folks,
For those that have STR's, how accurate is AirDna and Pricelabs data compared to your actual numbers?
Thanks,
Post: automation for STR locks with OwnerRez
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @John Underwood:
Originally posted by @Kyle Mccaw:
Does anyone have experience as an owner here?
I recently decided to use OwnerRez for a short term rental. There are several vendors to choose from for automating lock codes.
RemoteLcok, PointCentral, etc. RemoteLock seems to have good references.
Anyone have first hand experience on which vendor I should use? The more simple, the more better. I'm having enough challenges just setting up the direct booking website.
If you want simple use a lockbox. That's is what I have used for about 8 years and it has never failed me, never needs batteries changed, and is as simple as it comes.
We use a lockbox as a backup...
Post: Is it still a market for BRRRR?
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @Angelica Garcia:
Hi guys! I recently got off the phone with a lender, and told me he wasn't accepting clients for flip and fix. He told me that many were backing out from this strategy due to the extreme prices we're seeing now and it was honestly a bit discouraging. He then proceed to tell me that I should look into short-term rentals instead. Any insight?
Sure. Depends on your goals. STR's are great but require more pre-buy research and more work once they are up and running.
LTR's are easier to manage but they generally cash flow a lot less than a STR
BRRRR can work in either short or long term just as long as you know what you're doing. Not rocket science, but a basic understanding of rehabbing goes a long way
Find a new lender!
Don’t be discouraged, you’re in a great place where folks share their re experiences to help fellow investors. Someday you’ll be giving back ;-)
Good luck, and keep us updated.
Post: 2bd Vacation Rental Cabin In the Smoky Mountains.
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Great job Torre!
Post: Where to Invest $100k
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Hi Paul,
What are your goals?
Do you want to invest in long term or STR's? LTR's are easier and involves less work. STR's are more work but if done right they make a lot more money.
Either way, you're in the right place. Folks here are awesome with sharing knowledge ;-)
Post: AirBNB dna site is it accurate?
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Pricelabs is an option as well. The more sources, the better. Go for the paid subscriptions on a monthly basis. You can cancel when you've made your decision, which, all things considered, is a very important one - ie don't skimp up front.
You can use the low end of the averages if you want to be conservative.
Post: Property Management Fees - 10, 20, 30%?
- Investor
- Clinton, NJ
- Posts 118
- Votes 70
Originally posted by @Calena Reynolds:
Hello BP!
I am researching property management fees and just spoke with an agent who claimed property fees in the Smokey Mountain TN area (typically STR's) were typically 20-30% of rental income. This seemed wild compared to the standard 10% fee. Does their assessment hold water?
Thanks in advance for your feedback!
Hi Calena,
The bad news is yeah, that’s about right.
The good news is that you can handle it all yourself, even if you live across the country, with just a smartphone.
This forum has all the info you need. Great folks here, sharing their processes for success. True goldmine.