All Forum Posts by: Joshua Messinger

 @Marcus Auerbach and @Joe Villeneuve really nailed this one on the head! Great advice guys! 

Hey @David Lemont! 

I would ask yourself if it's really worth it to get a condo given the competition you will be facing and how you won't be really able to set yourself apart from any other condos that are in the building which could be better than yours. 

I agree 100% with @John Underwood on this one and have to say it would be much more worth it to buy an SFH over a condo. Since you're approved amount is only 350K though I would look into houses that may need some renovations done to them if you have the extra cash to put into it. This way you can build up your equity + market value of the home and have several exit strategies vs just buying and hoping for the best.

I hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh 

Hey @Alice Smith! 

Every area is different and every area is filled with different consumers needing different demands to be met. I would narrow down on a list the current STR's in your area and why have they been so successful. Is it because of certain amenities they offer? Do they offer a unique aesthetic compared to their counterparts which allows them to compete against other properties? What really sets them apart?

There are a lot more questions than this but it isn't just about having the most improved property with the best furnishings, amenities, looks, etc. You really need to dial down what the people coming to your area want. Once you can do that then you can figure out what type of supply you need to provide to meet this demand. 

I hope this helps and if you have any questions please don't hesitate to reach out! 

All the best,

Josh 

Hey @Cameron Brulotte! 

Travel nurses will occasionally use short-term listing platforms like Airbnb and VRBO to book their stay. But, now there are websites out there that are specifically for medical professionals like Furnished Finder which seems to pretty work well for people in the forums. I wouldn't just limit yourself to these platforms though - I would recommend you list your listing on multiple platforms like Zillow, Turbotenant, FB marketplace, FB groups, Apartments.com, Redfin, etc. The amount of marketing you can do is endless but the real question you need to be asking yourself is what is the demand like for this type of consumer is given your property's location, amenities, etc. 

Think outside the box! If you need anything at all please don't hesitate to reach out! 

All the best,

Josh

Hey @AaronFaith Riddering! 

If allowed I would try utilizing multiple types of listing platforms to market the property as a long-term/short-term rental listing at the same time. (some areas may not let you do this though and will force you to only do one because taxing is different). This way you can really capitalize on the number of impressions you're getting per day and if it does better as one then you can run with that strategy over the other. 

But, this completely depends on your guy's situation and what's in your best interest as they are not the same whatsoever and each requires different types of work. Otherwise, I hope this helps and if you need anything else please don't hesitate to reach out! 

All the best,

Josh 

Hey @Katie Miller! 

What I may offer is why wouldn't you consider doing both at the same time and have double the marketing for your listings? 

We are starting to do this for our STRs in Philadelphia as there is an ordinance coming into place on January 1st, 2023 and have seen some pretty solid traction for some of our listing but no conversions thus far for MTRs. The one to highlight about doing this is that you have the increased occupancy/ANR keeping it with an MTR if need be, and if you can't get it booked as a MTR then you can rely on your income coming in from it being a STR.

I hope this helps! If you ever need anything please don't hesitate to reach out! 

All the best,

Josh 

Hey @Kaylyn Geiger! 

Knowing that we may have a potential pullback in the market coming up creates a lot of room for error. I love what @Leo R. said about this - go through multiple potential "worst case scenarios" so you know what would be the worst thing that you could possibly be getting yourself into. 

Also, I would think about what type of "recession" we are getting into and what it is being caused by. This is the first recession where the government has been handing out money like crazy so this really is making a big gray area of confusion for a lot of people. One last thing to consider is how relatively new Airbnb and other booking platforms are. These platforms haven't gone through a crash like this before ever so no one can really know what is going to happen unless they have been renting out short-term with their own direct booking platform for 10+ years. 

I hope this helps and if you ever need anything don't hesitate to reach out! 

All the best,

Josh 

Hey @Cameron Kotara! Amazing work on this one so far! Can't wait to hear about the performance you pull on this one in the future!
 

If you ever need anything please don't hesitate to reach out! 

All the best, 

Josh

Hey @Marette Boyle! 

I love hearing about all you've done so far and how you're willing to dive in and attack everything! 

Please don't hesitate to reach out if you ever need anything! I'd love to connect more! 

Best of wishes,

Josh 

Hey @Pax Magaway! 

I would recommend getting your first investment property before your first home and taking advantage of an FHA loan or your first-time homebuyer credit this way you can build up equity and cash flow at the same time and give yourselves a low-cost way to get into things by utilizing the right loan. Otherwise, if it was the other way around it may be harder to get that second house and turn it into a investment property or you might have to get more creative with your investment using an HELOC or some other form of financing.

Hope this helps and if you have any more questions please don't hesitate to reach out! 

All the best,

Josh