All Forum Posts by: Jon Martin

I’m a big fan of used washers and dryers. All of the new electronics and keypads in newer units are solutions in search of a problem. Plus the water and energy saving features that end of hindering performance. I was trying to use my parents washer and there was no way to fill it up more if you wanted to give your clothes more space or let them soak, it had a sensor that decided how much water you can use. And this wasn’t even in California. 

There’s a character in my area (how could you not be if this is your business lol) who gets all the haulaways from a local appliance retailer and hooks them up for you. In 10 years I’ve replaced the Washer and Dryer from him one time each and spent around $1000 total, installed out the door. 

I do a front page AirBnb search for "flexible dates" and choose a random 2-3 day stretch for the city and with the same bedroom count. This should pull up basically everything because it will show all the listings that are normally booked.

Zoom in on the general area of the home you plan to buy. The home locations won't be exact because AirBnb offsets the exact location but it's close enough. Click on as many properties within a close radius as you can find. Then check their calendars and ADRs and note the quality of the listing. I also like to click on a few that are a bit further out away from the main attractions and use those as the conservative bottom end of the revenue scale. 

Should give you a good general idea. 

-Make sure the property is in a good location first and foremost; close to amenities/attractions; use google street view to make sure it is not on a super busy street, across the street or adjacent to a distressed property or low rent business etc (probably not an issue at your price point)

-Run the numbers with all the free tools mentioned; good idea to play around with subtracting a bathroom and bedroom within those searches to be sure there are no outliers skewing the data and to be more conservative at the low end of your estimations

-Check the comps for neighboring properties; how full are their calendars and at what price; also average review rating for location and what comments the guests are leaving about the area (safety, noise, proximity)

-Extra points for properties that are surrounded by more valuable homes; makes appreciation and profitable exit plan more likely 

-As for monthly bills, sometimes this is tough but by your 2nd property for the area you should have a decent idea. Just make sure you are accounting for all the various categories of bills you will have aside from the obvious utilities (lawn care, pool care, snow removal in cold areas, consumables, higher insurance cost etc)

Sounds like an epic set up with awesome amenities but my instinct is that if you want large groups, and they don't have their own RVs, that 3 bedrooms is a bit light. There is a big difference between the ADR on 4 bedrooms and up vs 3s in most markets. I agree that finishing out the basement would be the best move but you might want to see if you can partition off at least one more bedroom down there. Bare minimum have some pull out sofas. 

I've only had 1 VRBO guest and the payout was notably slower. A solid week+ after check out. Whereas with AirBnb they send the payment the day after check in and I usually have in my account a few days later. 

Quote from @Cindy ALexander:

Quote from @Mark Miles:

Originally posted by @Vera B.:

Debating on which town to buy a modest single family home to Airbnb in Northern (western) Michigan. Holland, Muskegon, Charlevoix, or Petoskey?? Anyone visit or have an opinion? Thanks in advance!

Hi Mark,

It is quite obvious you have never ventured any higher than the 45th Parallel. The gorgeous Tip-o-the-Mitt has multitudes of great boating, sailing, fishing, sail boarding, wreck diving, hiking, biking, music and art in the park and navel gazing opportunities from early spring to late fall. The color that blankets this area in Fall is nothing less than breath-taking. The bounty from all the farms means scrumptious, organic fruits and veggies available to professional and home chefs alike. Winter host 3 fantastic ski resorts, miles upon miles of snowmobile trails, snow shoe trails, cross country trails, sleigh rides and toasty bonfires and hot chocolate. Spring brings brilliant wildflowers, budding trees, lovely morel mushrooms and the joyful antics of the wildlife youngsters. Oh, did I mention the delectable plethora of restaurants and pubs, the many art galleries, museums and theatres, the seasonal festivals? There is ALWAYS something happening that is inclusive for everyone.

Absolute fistfuls of money to made with equivalent or better incomes than you quote.  Sorry you missed out on the opportunities!

 You realize that you are replying to a 3 year old post, right?! 

Makes sense . . . to be clear I wasn't asking in the context of it affecting STR occupancy, more so that it makes the overall Disney experience have that much less value for the occasional visitor and therefore less willing to travel a long distance for it. Although I could absolutely see them being awful and cheap guests given by how they carry themselves. LOL

Quote from @JD Martin:

Does Disney World have a cheap season pass program? Disneyland is packed with season pass holders, and some parents were even using it for after school care because they knew their kids would be relatively safe with all of the security and adults. I go for work every 2 years for a conference but would never pay out of pocket to go there at that price and crowd level. Even on a rainy October morning it was still a traffic jam to get into the parking lot at opening hour. 

They obviously had to scale it way back with Covid and there were rumors that it would not return to the pass numbers of before but who knows. 

Agreed with everything above. Don't jump straight into the $1M dream home. Maybe look at properties that are a few blocks back or even a few miles inland. If this is something you plan to use, buy into an area that you like with a 10% down 2nd home loan. 

If you are not planning to use it, then invest in a growing area where the price is close to or slightly below the national median, that way you have far more room for upside growth. Choose correctly and you will make far more from appreciation than cash flow. Look for the home in the neighborhood that maybe needs some updates (within reason and budget) that is surrounded by pricier homes. In 3-5ish years you can 1031 those profits into something better and eventually get that beachfront dream property that you also want to use. 

1) AirBnb does not like to remove reviews, however since the guest cannot actually answer the various review questions regarding check in, value and cleanliness then you should have grounds for having it removed. That said, if there is someone here who has had this exact scenario and it did not go favorably then I would defer to their experience as a more likely scenario, but even then I would still fight it. 

2) I certainly would not have given a full refund. You kept those dates blocked off for them and now you would be out that revenue and hoping for a last minute booking to make up for it. I would maybe do 50% if I was feeling charitable and there were other expectations that were stated and not met, but even then if they were so close-minded as to not even step foot in the place then I would probably tell them to pound sand. 

I dealt with a similar situation recently. My place is in a similar neighborhood (Greenville SC) however the house is uniquely positioned on an odd shaped lot where there is actually a significant distance between itself and the neighboring properties. I only share a lot line with one guy and he is a mellow and friendly guy who says hi to the guests. Across the street is a high end condo complex, and kiddy corner there is a large lot owned by a a land rich guy who has a lot of random machinery and vehicles laying around which I admit, looks crappy, but is not a danger in any way. Other than that, there are a few outdated properties visible from my place but nothing distressed or with undesirables lurking around. I also have an aerial drone photo showing the block with easy landmarks in the photos and description, so a 3rd grader could find my exact place on google street view in minutes. 

At close to midnight of the first of 2 nights, the guest sent a refund request for half of the cost complaining that she didn't feel safe and that the shower wasn't draining. Since she was right about the shower (which I later fixed) I did accept the refund request without protest, but otherwise I would've refused. In the review (4 stars), she praised what was nice about the property while also leaving backhanded comments about the neighborhood and said there was nothing to do, whereas if you walk literally 5 minutes you are at one of the most popular restaurants in the city plus at least a dozen other places for food, coffee, drinks etc and downtown is a 5-7 minute uber ride. 

Moral of the story: Don't give into these guests, because even if you give them what they want they will still throw you under the bus.