All Forum Posts by: Jim Stutzman
Jim Stutzman has started 5 posts and replied 19 times.
Post: Looking to invest in Moab for a STR
- Posts 19
- Votes 8
How is the rental market in Moab? Does anyone know of a STR savvy RE agent in that area?
Post: Broken Bow - Tapped out?
- Posts 19
- Votes 8
Hochatown needs to catch up on amenities and get the streets fixed. There’s room for more cabins but they need to get caught up on restaurants, entertainment and infrastructure.
Post: Help me jump to self managing.
- Posts 19
- Votes 8
Quote from @Brooklyn McCarty:
Start by reading Short Term Rental, Long Term Wealth. Literally everything you need to know is located in that book.
Post: Help me jump to self managing.
- Posts 19
- Votes 8
We own 3 vacation properties. 2 in the black hills and one in Broken Bow. I feel like we are not being represented well by any of the companies. We just bought the Broken Bow property 3 weeks ago and our summer is nearly full but they listed it at $225/night. This is a $900k property. The enemy method showed me $400/night minimum. Should I pull the property going into the busy season a try and rebook or should I wait until the slow season at the end of the year? I’ve been having to advise them on descriptions and photos and I’m kinda at my wits end. Please help maintain my sanity.
Post: Self Management Questions
- Posts 19
- Votes 8
Quote from @Eliott Elias:
Why do you want to take over management? Are you prepared to do so? Just know these properties will go from an investment to a job.
Our primary business has grown to a place where we can start stepping back a little. I also don't like leaving as much money on the table as I am. It's likely over $60k.
Post: Self Management Questions
- Posts 19
- Votes 8
We are closing on our third STR on Monday. The first 2 are in the Black Hills and the third is in Broken Bow. We have hired management companies to date, but are really wanting to take over management ourselves at the end of the year. We don't want to screw things up going into our busy seasons. What resources should we be looking at to make this a seamless transfer and not screw up too badly?
Post: Looking into Broken Bow, Ok
- Posts 19
- Votes 8
Quote from @Ryan Benedict:
Quote from @Brooklyn McCarty:
Broken Bow is a great market.
The general rule of thumb is a 4 bedroom is going to generate more than a 1-3 bedroom. However, 1-3 bedrooms are great places to start. Find out what your budget is and go from there.
I agree ive always heard more heads in beds, but I think with broken bow its a more of a romanic weekend stay and ive talked with a couple people invested there already that there 1/1 are doing better occupancy thank the bigger homes.and I think my budget can handle the 1/1 better there also broken bow is pricy but worth it if you can you swing it I believe.
The numbers on Bnbcalc didn’t tell me that. 3/3 was the sweet spot for return. It’s more money though.
Post: Looking into Broken Bow, Ok
- Posts 19
- Votes 8
We are about to close on a 3/4. We are buying to rent but also want a place our family can enjoy.
Post: Property manager is charging a lot of extras
- Posts 19
- Votes 8
Quote from @Alex Kovalenko:
So got an update on this - after inquiring more into it and speaking with PM over the phone - the PM sent me the following email ;)
"Please take this email as my notice to terminate my property management agreement with you. I am giving you my 90-day notice as required per my management agreement. It appears that there is no trust from your side in our ability to manage your home which is reason enough for me to not continue this working relationship."
I followed up with an email asking how me asking why and how we spent $3k in extra fees is "no trust from my side". This is on top of another invoice they sent us in January for $500 for a washing machine leakage that they said they made a mistake and voided it.
But in any case I guess it's for the best. Who do you recommend for short term PM in Cape Coral / Fort Myers / area?
They know they are screwing you. This was a blessing.
Post: Property manager is charging a lot of extras
- Posts 19
- Votes 8
Quote from @Alex Kovalenko:
Thanks all for your answers - yes I am investigating. I am frustred with lack of communication and random expenses that are in thousands of dollars even though we are only with them for a few months. I did request to authorize any extras by me and not proceed without my OK. What are your thoughts - does your PM do similar things? Like I feel the markups a bit insane. And these are on top of their monthly fees + 20% commission off each booking (like they got all their bookings off Airbnb)
Example are and all of these are just in a few months!
$1k in purchasing a few paintings (to make it more appealing) and hanging them , as well as assembling a table outside ;
$600 power wash the house ;
$100 to throw away garbage ;
$400 investigating A/C and breaker ;
$300 checking sprikler system;
$50 freshup fee they charge us ;) - on top of $300 FEES they charge the tenant to clean
etc...
Are you under contract with your PM? If not, I'd be interviewing other PMs.