All Forum Posts by: Kyle Parks

Even if you people don't cash out refi they should be raising rental rates to match the market. Selling in a hot market means buying in a hot market. Adjust rents , cash out refi, rinse repeat.

Just had an offer accepted and doing a walk-through in an hour. Got 100k out and I will be generating another 500/month profit on the low low worst case scenario end. Buy and hold!!

2 Votes

Originally posted by @Scott K.:

Thanks for the input. We get probably 60 percent occupancy in a remote rural town where people generally only come for weekends with huge groups, 14+. So while it's possible to get higher occupancy I think it's unrealistic given the market. We still make a lot of money. 120k revenue for a 300k house.

Sounds like you are absolutely killing it. On a property that size I'd imagine that is par for the course. We typically get people on business, cleveland clinic or "just passing through" guests here in cleveland during the week.

1 Vote

That's awesome! Congrats

0 Votes

Booking.com is awful. 0 support yet they take the same or more as other platforms.

airbnb and vrbo should be more than enough. If you are not getting bookings on those platforms you have an issue that more platforms is not likely to solve.

2 Votes

Originally posted by @Dave Stokley:

Originally posted by @Ben Riechmann:

How did you get into them Dave and what are the pros and cons in the Cleveland Market. I always hear about them in other places. It's nice to hear there are investors doing well with them here as well that I can also direct people in my network to you guys if they are interested, maybe something I should diversify in myself.

I got into STRs by buying a property and throwing it up on Airbnb, realizing it was a ton of work but very profitable, developing systems that use technology to make it easier, and offering my systems as a service to other investors. Pros of Cleveland: affordable property and high demand i.e. way more traffic than you'd expect (tourism is one of Cleveland's largest industries). Cons: Cleveland City Council has taken an anti-STR position for a long time and is currently proposing more restrictions (as are other local municipalities), it's very seasonal, all the houses in Cleveland are 100 years old and thus work/cash-intensive to maintain to STR standards.

PM me if you want to meet up and talk more!

Hey Dave!

Did you guys recently re-work the 'brew loft'? It dropped off our radar for a few months and came back and looked refreshed. Its interesting how many properties in W Cleveland are mismanaged and underwhelming leaving $ on the table. Seen a few people go half assed and close up shop some months later. My wife and I have a small cohosting company and you guys are on our radar as actual competition.

How did you get started in cohosting? We had several people approach us after staying in our personally owned rentals. We own 2 and will be managing 11 for others (most are launching within the next month).

Kyle

0 Votes

Cleveland, Ohio

@Chris Robinson

I'm in west cleveland currently trying to purchase a 2 unit cash. What I can tell you is this - everything that does not have major issues and is decently priced is going at or near asking in hours (of going live on redfin/zillow), cash.

Good single family homes in decent areas are going for above list, 20% or so (as of a month ago, stopped looking at them).

Hopefully someone with better insight will come along and help us both out!

1 Vote

@Nathaniel Wenner

I would wait until they have left the unit. They are already in place and paying. You will likely need to do this once they move anyway, so why do it twice?

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A random thought - if legislation is being drafted to hurt 1031 exchanges we may be seeing more of these come up for sale in the near future?

May be off base.

2 Votes

Originally posted by @Paul Sandhu:

Self manage. Set it up yourself. It aint rocket science mayne. I've got 23 STRs that I set up myself.

Airbnb in ohio has become a goldrush. Lower barrier to entry and everyone has dollar signs in their eyes. I'm a firm believer in "stopping the scroll" but then again we don't rent to refinery ruffians. I am truly envious of your racket

2 Votes

All Forum Posts by: Kyle Parks

Kyle Parks has started 2 posts and replied 105 times.

Post: How are you buy and hold investors resisting the urge to sell?

Post: How are you buy and hold investors resisting the urge to sell?

Post: Already on airbnb/vrbo, is booking.com worth it?

Post: Short Term Shoutout - Just listed and hitting the ground running

Post: Already on airbnb/vrbo, is booking.com worth it?

Post: Are there people doing Airbnb in Cleveland?

Post: Cleveland 1st Rental

Post: Rehabbing With Tenants in place.

Post: Why are all the small multifamily suddenly for sale?

Post: ISO Airbnb designer/consultant (Columbus, OH)