All Forum Posts by: Karen Chenaille

Hey Folks!

I am looking to purchase a STR in the MS Gulf Coast Area...specifically Biloxi or Gulfport. I am looking for a reputable realtor that understands the STR market. Does anyone have any recommendations?

Thanks in advance!

Karen

Great question thanks for asking it!  I too have been considering subscribing to determine the best out of state short term rental markets. 

@Jerry W. Love love love your question as I too have struggled with the degree of improvements question. You stated the majority of your clientele are fishermen. Fishermen are generally more focused on the quality of the fishing holes and less on the quality of the accomodations. I would focus my STR investment on amenities fishermen would pay a little extra for...like maybe a map denoting some secret spots, or loaner fishing poles...you get the idea. Maybe discounts with a local fishing guide. Some of these things won't cost you much, but your guests will love them.

I would go conservative on interior upgrades...just make them comfortable and things that a fishing crowd might appreciate...I would not focus on the finishes per se. Stick to providing all the stuff required to stay comfortably for a weekend...well appointed kitchen, ample TV, comfortable furniture.

Best of luck!

Karen

@Charles Kennedy I used to try to adjust my prices myself. It was really time consuming to adjust each day and I did not have the data available to establish a fair market price that took into account seasonality, competitors, and holidays. I am Now using Wheelhouse and I love it. Www.usewheelhouse.com. You can also use beyond pricing. Whatever you choose stay away from Air BnB’s smart pricing. It’s ridiculously low and not reflective of listing value. If you are on HomeAway and AirBnb, there isn’t a tool out there yet that syncs pricing to both.  HomeAway has introduced a new market driven pricing tool that is pretty good and free and the pricing is realistic. 

All the best,

Karen

Hi!

I have been doing Air BnB in my home for a year now. I have tracked my expenses since the onset. I also own an air BnB at a local ski resort. That has been operational since September. So I have expenses representative of both types of rental styles that I would be happy to share. 

Karen

Greetings!

I need a very fast piece of advice...my banker is waiting on my go ahead to continue processing a loan for a BRRR.

I received an appraisal equivalent to the negotiated sales price on a duplex with a basement efficiency apartment I am going to BRRR. The property requires about 30K in rehab. The property has been vacant for three years. The appraiser used the income approach for the appraisal, but in the expenses analysis made some unrealistic assumptions...such as 3000/mo in landlord paid utilities, 8% contingency reserve, 8% vacancy...the list goes on. My concern is that if I go to refinance this in a year, and the same poor assumptions are used to generate the expenses, I will not get the bump in value needed to cash out.

Question: Assuming I try to refi in a year, is the appraiser obligated to use actual expenses if they are available?  Is there a seasoning period to the expenses/income that I should wait before trying to use the income/expenses as refi qualification?

if I am going to wind up in the same boat in a year and can't get my cash out, I am going to walk on the deal.  My banker is pushing me for a decision...any advice would be much appreciated!

Thanks!

Karen

Hey folks!

I am looking at tenant cloud. I have quickbooks for my accounting software. Does anyone know if TC integrates with QB at all?

thanks!!!  Makes sense. 

Greetings,

I am almost ready to post my first BRRR deal up on the forum for the group to dissect. Before I do that, I am wondering where I would reflect a borrowed down payment and repair costs (I am using a heloc to fund) in the calculator.

Thanks in advance!

Hi Brian

I noticed you had the same question as I did, but no one responded. I placed an ad out on the marketplace to see if anyone bites. Did you have any luck finding someone yet?