All Forum Posts by: Jimmy Woodard

@Jason Lagan check out @Avery Carl and her team at the Short Term Shop: https://theshorttermshop.com/

@Zach Keene you can check out Airdna and Rabbu to get a sense of occupancy based on comps near your property. Good luck!

@Charles Jones property management systems like Guesty allow you to create a message cadence once and then for every upcoming guest it will automatically go out to them based on pre-set days and times. We usually have 5 messages automated between post-booking, pre-arrival, during the stay, pre-checkout, and post-checkout.

@Fakaradin Floyd just know if you go down the rental arbitrage path, it's going to be a numbers game. You may have to talk to 179 landlords before you find one that says "maybe." You might be better off networking with other young hustlers like yourself to crowdsource the purchase of your own STR property. Good luck!

@Pedro C. below are important points to know about self managing:

• Research local regulations to figure out what you need to do to have a legal STR
• Research properties near yours on Rabbu or Airbnb to figure out what amenities sell and what you can add to stand out
• Hire a professional photographer
• Implement a pricing tool like Wheelhouse, Pricelabs, or Beyond Pricing. You’re leaving money on the table if you try to do pricing on your own
• Find a solid cleaner and handyman (this may take a couple tries) as they are the lifeblood of your business and will help you with any last-minute requests that you can’t do being far away
• Use a Property Management System (PMS) tool like Guesty or OwnerRez to automate messages and run your business more efficiently

Good luck and DM me if you have any further questions!

@Lane C. I have a property in Lake Tahoe. Very seasonal (highs during summer and winter months), but the numbers more than make up for the seasonality. No matter where you go, make sure the regulations are favorable, you can stand out from the competition with renovations/upgrades to the property, and you have a reliable team (handyman and cleaner). Good luck and DM me if you have any questions!

@Tracey Lane no experience in Mammoth Lakes but Lake Tahoe is a very similar market where we do have a property in. Expect high seasonality with the majority of your revenue coming in the winter and summer months. 

In terms of running an STR remotely, biggest pieces are having a reliable cleaning crew and handyman. They'll be your eyes and ears for the property and the people you reach out to when something goes wrong with your guests. You nail these down, and remote management will be that much easier.

Also make sure to automate your management as well with smart locks, pricing tools like Wheelhouse or Pricelabs, and PMS tools like Guesty or OwnerRez. Good luck and DM me if you have any questions!

@Joe P. If the numbers are coming out to less than 10% CoCR, I personally wouldn’t do it. It’s good you’re thinking about ways to renovate it, because you don’t want to be just another condo on the beach. If you decide to move forward, take a look at Rabbu which gives you free comps so you can see what the top condos are doing near you. Good luck!

@Tyler Henry no matter what market you end up going with (because there are plenty), here's a checklist of items you can run through to help you along your journey:

1. What are the regulations? Make sure there are no rules against non-owner occupied STRs with a quick google search
2. What are the comps? Check airdna, rabbu (free tool), and airbnb to see what the numbers are near properties you're interested in. We usually try for a 20% cash on cash return, but anything above 15% should be a great investment
3. How can I do better? This isn't a "list it and they will come" business. Figure out what renovations you can do to stand out from the crowd. The Enemy Method from @Avery Carl is a great resource here.
4. Who's on my A team? Any great self-managed property needs a high-quality photographer, handyman, cleaning crew, along with other property vendors as necessary (pool care, lawn care, pest control, etc.)
5. What tools can I use to automate tasks? Look into pricing tools like Wheelhouse, Pricelabs, or Beyond Pricing, as well as PMS tools like Guesty or OwnerRez to automate guest interactions

Good luck and DM me if you have any questions!

@Michael Windsor here's a checklist of items I would run through if you decide to self-manage instead of paying 20-30% of your gross revenue to a property manager:

1. What are the regulations? Make sure there are no rules against non-owner occupied STRs in Marco Island with a quick google search
2. What are the comps? Check airdna, rabbu, and airbnb to see what the numbers are near properties you're interested in
3. How can I do better? This isn't a "list it and they will come" business. Figure out what renovations you can do to stand out from the crowd
4. Who's on my A team? Any great self-managed property needs a high-quality photographer, handyman, cleaning crew, along with other property vendors as necessary (pool care, lawn care, pest control, etc.)
5. What tools can I use to automate tasks? Look into pricing tools like Wheelhouse, Pricelabs, or Beyond Pricing, as well as PMS tools like Guesty or OwnerRez to automate guest interactions

Good luck and DM me if you have any questions!