All Forum Posts by: Jeff Langley

Quote from @Vincent M.:

@Jeff Langley Thanks Jeff - what Water sensors and smart switches do you use?  I have mesh in my home and will probably use it in the rental also just for high-quality throughput.  Where do you have your water sensors placed? 

The smart switches are Kasa and i don’t recall the water sensor. It’s a cabin that’s on a well, so it’s placed in the well closet. I debated using a smart hub or IFTTT, but chose stand alone devices and it hasn’t been too time consuming. 

Hi, Depending on the house size, i use mesh routers to ensure strong WiFi signal and in/around the home instead of getting two routers. I’m about 9 hours away so i rely on smart systems- WiFi thermostats(ecobee), door locks(encode), mesh WiFi system(deco), WiFi water sensors, WiFi light switches(so i can leave a light on for late arrivals), i use wireless solar camera's which are probably the least fancy but get the job done and i only check them when there are issues or looking at the weather. 

Quote from @Jignesh S.:

Quote from @Jeff Langley:

I would say that I’m getting 70% vrbo vs Airbnb. Which i actually prefer because the majority of my vrbo bookings are opting $59 for accidental insurance. Also, if you don’t have a $500 annual plan with vrbo- keep calling until someone offers it. I threatened to cancel and it suddenly became available when speaking with vrbo for the 3rd time. 

Hi Jeff: What is the $500 annual plan with VRBO a subscription for listing ? In case of STR managed by property management (such as Evolve, Vacasa, Red Awning, etc.) who pays for this ?

It reduces the rake from vrbo. I believe it goes from 8% to 3%, so if you’re expecting to bring in more than 10k annually, it makes financial sense to pay the annual subscription. 

I have not used a 3rd party service such as Evolve or Vasca. Unless I’m missing something, they don’t bring any value to what i can already do on my own and when you buy properties in most of todays markets, giving up 10% of revenue is not ideal.  Heck, I can easily manage others for that compensation. 

I would say that I’m getting 70% vrbo vs Airbnb. Which i actually prefer because the majority of my vrbo bookings are opting $59 for accidental insurance. Also, if you don’t have a $500 annual plan with vrbo- keep calling until someone offers it. I threatened to cancel and it suddenly became available when speaking with vrbo for the 3rd time. 

Whatever you feel more comfortable with. If you can, take advantage of the loan products with little down such as the 10% 2nd home loan. 

Find a way to add value. Start early and understand that you will make mistakes, it’s how you learn from your mistakes. 

Also, understand emotional intelligence and always look to improve individually. 

I've had some DSCR offerings of .75 ratio but you'll pay for it in the increased rates. There are also products that do calculate for STR with airdna data… i haven't had to use any yet since 2nd home loans work well for that.

I’ve found it accurate in some markets, but not in others. It’s just another tool to arm you with info. 

I have multiple DSCR and conventional loans and DSCR programs are offered for STR and LTR data. I would think if you're buying an STR in a popular STR area, it'll be more challenging to get a DSCR loan because you're paying top dollar if it's a proven area so the ratio may be less than what most require, which is 1.25

Great topic. I’ve seen cabins hosting up to 16 people but the dunking table sits 6 and they have decent reviews. Personally, i like the table arrangements to get closer to the occupancy. It could just be my preference but my cabin sleeps 14 and the dining table alone sits 12, 9ftx4ft.