All Forum Posts by: Joseph Bafia

Brittany - 

I'm in Raleigh as well and would be happy to get together and swap stories!  I've also made several good real estate connections here in the Raleigh area and happy to introduce you.  I'e found that smaller group meetings or even just one on ones are often better than the larger networking events.  Send me a note and we can exchange info.

It took a little time for all of ours to gain some traction early on.  The same scenario occurred where we got a booking right away and thought the reservations were going to keep flowing, and then there was a "pause.  As others have mentioned, you may need to have some patience and see where it goes.  

Also, are you only on Airbnb?  We have every one of our properties on both Airbnb and VRBO.  There are some markets we are in where one is MUCH better to us than the other.  There are also facebook groups for various cities/states/communities where you can place and promote your listing.

Happy to help answer any other specific questions!

https://www.biggerpockets.com/users/katier63#0

Katie has helped me tremendously doing this exact strategy.

John - 

Would love to hear more about your NC project as we have a good presence out there as well (1-Mars Hill, 1-Burnsville, 4-Hendersonville).  We've also bought and sold several in that area and have several connections if needed.  

Ours do very well all year long.  The winter months bring people from the south who want to see snow and plenty of outdoor and winter activities in and around the area.  Summer months are always popular for both locals and again those from the south looking to escape the summer heat.  

Always happy to connect and share stories and resources.  

As for the Florida property, as other s have said, its a personal preference.  I've regretted selling a few properties that I wish I held, but also very glad I sold others for the cash to use on other projects.

Best of luck!

Chris - 

Good analytics!  The numbers need to work to do the deal for sure.  Are you intentionally looking to outsource the management and day to day operations to a management company versus self-managing?  Some need to outsource this as they have other responsibilities that would not allow them to self-manage.  At the same time, some new investors outsource the property management because they believe they have to.  It is possible to self-manage and save on this expense (or at least keep it for yourself).  If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

My son and I operate many LTR & STR properties and self-manage them all. It's definitely not for all, but can be done. Happy to help answer more detailed questions if you have any and best of luck!

A simple read:

STRategy: Start up Guide to Short Term Rental Investing

One on one mentorship is also a great approach to learn from someone who has done it successfully and can help you avoid mistakes!

Best of luck!

You can have a viable STR in not a "vacation" market. Just need to do some research on what makes sense in the market your after. Are there other STRs? Is there a nearby draw to other attractions? We don't rule anything out but just need to make sure price is right and that you have demand.
We’ve got STRs in a variety of places and all do well for different reasons.  

I live in Raleigh, but invest in Western NC and also at the coast of NC ( and a few other places).  Love to connect with other locals!

agree with @David Chappell as mine were the same. I was able to begin renting it as a STR right away. Its a "vacation home" so I was not going to reside in it for a year regardless. We self-manage, and agree, no active lease.

I've done several and fairly straightforward process.  We (and family) stay in ours over 14+ days as well.

Glad to hear you’re getting into STRs!  
if you can create some great systems, it won’t take very much.  My son manages 6 units and with our systems and some automation, it doesn’t take a ton of time.
also keep in mind that you can also list on VRBO (in addition to Airbnb ) to capture more business.  Depending on your market , one may do better than the other.