All Forum Posts by: Joshua Strickland

I’d go with market price and adjust from there. I’d also highly recommend a pricing tool. Pricelabs is my favorite. Very customizable and cheap.

Do you offer travel insurance? Also I like that you offered a one night refund. You didn’t have to, but seems like good karma.

@Angeline Rebottaro I’m actually going through a similar process with furnishing a condo now. One of the rooms is smaller and I have to choose between 2 twin bunks, one queen, or one twin bunk with a full trundle pull out. I went with option 3 as I’m trying to attract more families with kids, but also wanted to be conscious of some small kids not wanting to sleep in a separate room than their parents.

My question to the rest of the STR community that I think would help both of us….is there somewhere we can look up data on travelers with kids vs. adults in our markets? For example, in X market the average person booking a 3/3 condo is 4.2 adults with 2.3 kids type of thing?

Unless something has changed when I purchased last year the old owner had to cancel and send the guests a new link to rebook the dates under my profile. It was a bit of a cluster, but can be done. It was also my first go at it so I probably made it more complicated then it had to be.

All the rooms is good and also airdna.co is ok, but can give you a general feel for seasonality, etc. You can also look around on people’s Airbnb profiles in the area. 

I only own $2.3 million so I’m not on @Luke Carl level but I definitely agree with him. If you treat it like a business you can easily make up for the 20-35% property management fee even if you aren’t as efficient.

With technology now you can self manage for less than 1/2 hour per week. I’d at least consider it when starting out. You can always bring a PM on if it doesn’t work out. Just get a good cleaner and decent handyman and you’re set. Especially if it’s just one property.

I echo what @Collin Hays said. If your in it for the long haul then time in the market is better than timing the market. 
The other question to ask yourself is if you’re not putting your money into real estate then what are you putting your money into? 

Are you just holding it in dollars? Then you have to worry about inflation. Are you putting it into the stock market? Then you have the same risks as real estate only it can crash faster. Are you starting a business? Well that's what STR is.

@Aaron Oetting to your point… I just order one of these for my newest STR. Makes the whole room feel different.

https://nuwaveneon.com/

Destin and PCB are hot right now and great markets. In between the two are the super expensive places like Rosemary Beach & Watersound. Not sure if they cash flow as well and your price point is significantly higher. You also have to watch for warrantable vs. non-warrantable if looking for a condo. Decent financing difference between the 2.