All Forum Posts by: Gi'angelo Bautista

Do note that there is a big difference between Leisure markets vs Urban Markets.

Examples of Leisure Markets:
Gulf Shores, AL / Park City, UT / Maui, HI

Examples of Urban Markets:
San Francisco Bay Area, CA / Seattle, WA / Los Angeles, CA

Share of Guest Reservations in US Urban Markets (2023)

74% Airbnb / 5% Booking.com / 7% Direct / 15% VRBO

Share of Guest Reservations in US Leisure Markets (2023) 

15% Airbnb / 1% Booking.com / 55% Direct / 29% VRBO

Urban markets tend to have more Airbnb guests whereas Leisure markets might have more VRBO / Direct booking guests.

I hope this helps!

@Cheryl Schuck SOW is the scope of work

How much do you charge for midterm rental property management/co-hosting? We have a STR property management company (70 listings) and we want to on-board more mid term rentals.

That sounds fair to me because you are doing most of the work, raising the money, and you are doing literally all of the construction. Maybe play it safe and stick with it and raise it for the next deal if she provides more value.

If you aren't experienced in construction, than flipping will take way longer and it's more worth it to just wholesale. If you are experienced flipping, you'll have to look at time versus money.  For your example, it's better just to wholesale. If there are any mistakes on your estimates, your profit is gone.

haha was that chat gpt you used? @Juan Hasbun

You should at least create your SOW with your finish material costs because the GC's/investors/builder's experience may be different than what you are envisioning. The costs can be found online and your local building supply stores. Generally, some items shouldn't be bought from Home Depot/Lowes like kitchen cabinets. Just go to the cabinet store. 

You should build up your rolodex of building supply stores and you can even ask on Facebook groups for recommendations. You have to do this in the future anyways because the GC is going to ask you.

It's recommended to hire a GC for your first project. Make sure you have your SOW done with all material costs and all appropriate contracts signed with the GC.

Do you have the set of architectural plans in hand? 

Did you speak to the architect directly?

Did you verify that the plans were submitted? 

Did you get approval from the planning department?
Did you go over the plans to see what the reason was for engineers to reject the plans?

Did you ask how many engineers the GC talked to?

It sounds to me that the GC doesn't know what he is doing and he is inexperienced. He also might be robbing peter to pay paul. He also started the relationship with a lie by borrowing another person's license.  Full gut renos generally need a more experienced GC than someone who does a regular rehab and usually cost more than you expect. Terminate him immediately and file a complaint with your state board. 

@Michael Baum we have 70 listings so we are moving away from excel. 

Hi all, I was wondering what Trust Accounting software that you are using? This only applies to short term rental property managers. 

Don't say quick books as CPA's say it doesn't do well with Trust accounting.