All Forum Posts by: Gerald Pitts
Gerald Pitts has started 11 posts and replied 460 times.
Post: How much should I charge as a Co-host
- Lender
- Asheville NC
- Posts 466
- Votes 317
20%
is what I charge, and is the going rate, from what I've seen when researching around a year ago.
Are you new to managing STRs, or just new to co-hosting?
Post: Robbinsville, NC Market
- Lender
- Asheville NC
- Posts 466
- Votes 317
I would look into data sites like STR Insights, Pricelabs Market Dashboards, Airdna (Paid version), Rabbu, Awning. Annual Revenue is more important for investment penciling out than year round occupancy. A lot of successful markets are sustained by 6 or 8 mos out of the year.
Post: Short Term Rental (Snowshoe) Underwrite
- Lender
- Asheville NC
- Posts 466
- Votes 317
Quote from @Christopher Cockrille:
Hey all, I currently do not own any properties and am looking to have my first self managed STR. (My wife will help, she was a CAM so has rental property management experience).
I’m underwriting a property at Snowshoe that is a true first floor ski in/out right in front on one of the lifts. The problem is that it’s been quite difficult getting true rental numbers from the agent and owner for this unit. I’ve seen numbers from 16k to 21-22k gross to include also being told that these type of units can easily do 26k gross.
The 1 bed 1 bath condo is listed at 180k, agent thinks I can ask for 170k.
Since this is my first property ever, I don’t want to purchase it based off of fictional higher “it should do this” numbers especially when it’s currently being managed through a property mgmt company that is only grossing 16-22k (numbers far apart as a result of inability to get clarity on true numbers).
If you own condos at Snowshoe, are any of these numbers reasonable? What are you doing? Or with properly self management unit would we do better/worse?
Thanks in advance!
STR Insights is a great tool for data.
theres also pricelabsarket dashboards, airdna and rabbu.
Post: Marketing a unique Airbnb before it's built
- Lender
- Asheville NC
- Posts 466
- Votes 317
Airbnb and VRBO. No direct booking site right now.
Quote from @Daniel Bedell:
interesting, and you were able to do this on Airbnb @Gerald Pitts or just on your own website??
Quote from @Gerald Pitts:
I second this. We did this with a New construction property. We posted work in progress photos, and Pinterest photos of furniture and decor, and were able to land 20k or so in bookings before the professional pics. Listed as "Coming soon" with month eta and conservatively blocked off dates until far into the future.
Quote from @Michael Baum:
I wonder if you could put it on AirBNB and VRBO as a listing allowing bookings for when it is completed?
Use a bunch of artist renderings and actual photos of the views and land along with pics of the lake, the ski resort etc.
The biggest issue is that you will lose the early boost a new listing gets. Kinda. You will get the boost but people looking right now for a place will be out of luck. It could sour folks, so spell out the estimated availability in the listing title.
Post: Marketing a unique Airbnb before it's built
- Lender
- Asheville NC
- Posts 466
- Votes 317
I second this. We did this with a New construction property. We posted work in progress photos, and Pinterest photos of furniture and decor, and were able to land 20k or so in bookings before the professional pics. Listed as "Coming soon" with month eta and conservatively blocked off dates until far into the future.
Quote from @Michael Baum:
I wonder if you could put it on AirBNB and VRBO as a listing allowing bookings for when it is completed?
Use a bunch of artist renderings and actual photos of the views and land along with pics of the lake, the ski resort etc.
The biggest issue is that you will lose the early boost a new listing gets. Kinda. You will get the boost but people looking right now for a place will be out of luck. It could sour folks, so spell out the estimated availability in the listing title.
Post: Wondering regarding cash out refinance on a 4plex using DSCR loans …
- Lender
- Asheville NC
- Posts 466
- Votes 317
yeah DSCR should work. Just find a calculator online and run numbers of current situation vs refi. Maybe lowers your total Cash Flow by a few hundred dollars but you net enough to cover that and more with the new property.
Post: Air BNB Rental Arbitrage
- Lender
- Asheville NC
- Posts 466
- Votes 317
Look into cohosting. Almost no capital investment/ risk. Almost the same strategy as arbitrage. I think this year will be huge for this with a lot of people getting into STR during the gold rush, and now seeing that it's harder than they initially thought.
Quote from @Celina Smith:
Thank you all for the feedback. Definitely need to do more research in this area. We know there is no easy money but looking for a quicker way to start generating a profit without a huge initial output of capital
Post: www.mylodgetax.com - worth it?
- Lender
- Asheville NC
- Posts 466
- Votes 317
To me, the few dollars a month is worth getting that time back. Another vote for the automation, accuracy, and easier scaling. Instead of worrying about paying $27, focus on how to make $1000 more.
Post: Can a DSCR loan refinance another DSCR loan to gain equity or a lower interest rate
- Lender
- Asheville NC
- Posts 466
- Votes 317
Glen already said it all regarding lending. I would also consider less, but nicer properties. You could make the exact same or more revenue with less bookings. So instead of 8 properties that are 2 or 3 bedrooms and gross 60k each, do your research on where you could have a a few 6 bedrooms that can gross 150k each. Then instead of 8 different families contacting you on a Saturday, you have 4 nicer listings with a lower maintenance clientele. Welcome to the investing world, and reach out if I can answer any more questions.
Post: Airbnb data & Analytics
- Lender
- Asheville NC
- Posts 466
- Votes 317
You're looking for rankbreeze.
also Pricelabs, besides being a great price tool, has market dashboards to compare yourself with comps.