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All Forum Posts by: Eric Mcginn

Eric Mcginn has started 37 posts and replied 221 times.

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85
Originally posted by @Ryan Detzel:

This thread is great. I'm trying to analysis a seasonal property now which we basically get three months to make money because it's in Maine on the coast. I feel like there is a lot of risk, if we don't rent it for those 8 weeks we won't be cash flow positive. Are you cash flow positive still or do you need a certain occupancy to break even?

 Yes I’ve definitely got some good feedback! 

So this STR is not quite breaking even, needs to be booked 3 weekends a month to break even and we haven't quite been doing that. But it was never the plan to be strictly a STR. We bought it for ourselves to use and to build some equity.

I know what your saying about missed opportunity, I haven't had time to give the STR much thought lately and I definitely missed bookings because of it

I have a triplex in Biddeford that’s killing it though! Where is your rental? Small world. 

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

Btw there are lots of amazing free services and platforms out there cozy.co is fantastic for my LTRs and doesn’t cost me a dime. 

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85
Originally posted by @Ken Latchers:

No free alternatives. Why are you concerned about paying for strong value? For 1% of revenue, you might get 5-30% boost. For free, you will get guesses and crap, like airbnb smartpricing. Learn to invest in good tools, not cheap out. 

 You must have missed the part where I asked how much it is? 

Why would you want to pay for something if there’s a free equivalent? Never hurts to ask. 

Thanks for answering, and sorry for asking... 

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

I just signed up for and enabled wheelhouse smart pricing, I hadnt even really considered tapping into mid week bookings with a lower price. 

What is the cost of wheelhose after the free trial? any free alternatives?

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

Brilliant! Thank you for the guidance and support!! 

I’ve had a snowy picture until recently, maybe should have switched to spring a little earlier. Great ideas!!

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

Luckily we bought with only pleasure and long term equity in mind, so we’re actually doing much better with the rentals than I planned on. 

I absolutely love the Rimforest neighborhood, very close to Gregory and arrowhead, the most accessible and closer to skiing than arrowhead or crest line , but I see what you’re saying about rental preference and what they search for. And interesting about 3bd 2ba preference too... 

I’m also happy to not have to deal with town ordinances about STRs!

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85
Originally posted by @Denise H.:

@Eric Mcginn We closed on our home in Lake Arrowhead in October so this is our first go round as well! We kept the property manager that previously owned it as they were keeping it booked and allowing us to be completely hands off. They did tell us that May is their slowest month historically, we had 22 days booked in April, and will end May with 10. The good news is our summer is almost completely booked. I know they did drop prices for May and offered some sort of promotion, I will have to go back and see what it was. We are walking distance to village which I believe is a positive for us. Good luck to you, I'm sure your summer will be great!

Wow, hands off sounds nice! Hard to imagine it could cover all the expenses including management company? 

What company do you use? 

I had zero bookings in April, and a couple weekends in May. 

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

Thank you! Yes, we're lucky to have dual seasons. But people in LA have no reason to go up the hill while the weather is perfect at the bottom I guess. 

Yes hopefully some more positive reviews will help. Do you even have your place available during the winter?

Post: Between seasons in Lake Arrowhead

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

We are new, in Rimforest. Had a great, busy winter. Then spring came around and it's been completely dead! I guess I should have lowered the price but wondering how big of a difference other people are seeing between seasons. Luckily summer is here and it's picking back up but it's been basically empty all spring unfortunately, still learning. 

Thanks!

Btw the place is a 2bd 1ba 

Post: Vacation rental came with an Undisclosed Easement: title claim

Eric McginnPosted
  • Real Estate Investor
  • San Bernardino, CA
  • Posts 221
  • Votes 85

Yea, he's very helpful but isn't super familiar with title claims, I've been talking to as many people as possible basically. 

I didn't want any of this, but I have to deal with it unless I want to get totally screwed.