All Forum Posts by: Joshua Strickland

Add a digital guidebook like touchstay or hostfully. You can add tons of info for the guests and it also solves 99% of their questions.

Also you can add a product like Stayfi. Makes them enter their email address to access the internet so you capture it in a database and can market directly to them in the future. 

Doesn’t really matter. Will be deal/management dependent. Blue Ridge, Smokies, Myrtle will all be good. If you’re looking at beach markets it will be hard to find a house for that right now and condos will have a higher down payment and interest rate typically than single-family homes.

If you don’t buy real estate now then where else where you put your money? Holding it in dollars will kill it due to inflation. Stocks and Crypto are just as likely, if not more, to “crash” in comparison to real estate. Your other options are starting a business with it, which if you have a passion go ahead, or spending it on non asset items which is equivalent to setting it on fire anyways. I am and will continue to buy now, but keep ample reserves just in case. 

@Phillip B. Your numbers look right. I self manage to keep the 20-25% management fee. I haven't owned mine for a full year yet, but have a 3/3 new construction condo in PCB that will do $80-85k/ year. Debt service just under $3k/ month plus $600/ month HOA. $10-$12k in other expenses. Leaves me with a net of around $25-30k or about 30-35% depending on a few factors. Paid $618k, but now those are going for $800+ in my building.

Long story short, you can still make a great return if you self manage. Using a property manager you will have less headaches(day to day at least) but still can turn a smaller profit.

Hospitable. There are a few additional features I wish it had, but overall really good.

This study looks to be based off 2020 data. The theme parks were shut down for large portions so demand was super low. It will show back up when they put out their 2022 numbers.

Also their are a lot of these lists online. Evolve, TripAdvisor, Airdna all put them out and they are all different, but do have a lot off carry over places.
 

I have a cabin in the Smokies that I love and a condo in PCB that I love equally as much. Both have had wild appreciation over the past year. My cabin is easier to manage as dealing with getting guests parking passes for my condo adds an extra step I don't care for, so probably slight edge to the cabin/SFH so you don't have to deal with those issues.

PCB, Destin, Orlando

Diversification. My 1 LTR has been on auto pilot once I got a good renter in. Much less day to day work than STR, but the CoC return isn't nearly as much.

My personal belief is right now is a very unique time with STRs. It's truly changing the way people travel and getting in now is on the front end. Sort of like getting in early on a stock. That's why returns are so high. Eventually prices will catch up to bring your return down closer to what typical LTR, multi family, and commercial investments are. Not as much due to the increased labor to operate them, but definitely lower. At 20%+ CoC STR is worth the work it, but not at 10%. Not for me

Reduce expenses and make more money.

2 years of super frugal living and working 2-3 jobs will set you up for life long success. My wife and I love on about 1/2 of our income, but that 1/2 is getting to be pretty nice now.