All Forum Posts by: Lee Patsel

That market is certainly one of the most popular places to visit. The super properties there are killing it. Competition is super high which certainly requires someone to truly be managing the listing and perfecting the guest experience which makes it anything less than passive. That being said, I would expect that you could hire the right management company that would make it passive for you and still cash flow. Less than if you did it yourself, but depending on your goals this could be a match. You continue to get the passive appreciation, you make a few bucks, and you get the additional equity from principal paydown. I also like the suggestion of putting it on the market and testing it.

Hey Jared, I see it has been awhile since you posted this, what did you end up doing and how has it turned out for you? Curious.

I'm with you Tiffany. Always wanting to learn and grow as well!

Obviously a hot topic with all the replies! Some really good advice for sure. At the end of the day, it is all about how you want to spend your time. What do you enjoy and what adds the most value to you at the end of the day. If it is doing the property management, then create the right processes, automate what you can and have at it. The more standardization you put in and automation you leverage, the more you can scale. 

On the other hand, if you hate the guest relations, marketing, managing the team, etc then even 1 property will be the limit because it isn't something you should be doing. 

I think what most people are saying is that you shouldn't just make your decision based on saving $XXX but take into consideration your time, skills and goals.

Hey Forrest. I see that you didn't get much response to this question in this forum. How are things going now? did you get a lender and get your project started?

I know it has been awhile since you posted this question and have gotten lots of good advice. Curious, where do you stand now? Did you invest? Do you have other questions?

I would say your line of thinking is spot on. Getting the traffic in one platform and then conducting business in another feels a bit unethical to avoid some fees.

As things get easier and easier to create things like direct booking websites/pages, I would encourage you to think about it. Being entirely dependent on the OTA can prove to be quite risky. What happens when they pull your listing for whatever reason (1 million+ stories out there about that)? I think you may find it doesn't take near as much time as you might think or as big of as investment if you use resources from Fiverr or something as well. Might be more worth it than you think, even for 1 property.

Just my thoughts.

It all really depends on what you want out of this investment. If you want to spend the time and energy managing the team, the bookings, the marketing, the guest communication and everything that goes with it, then doing it remotely is not an issue. With the right tech and operating procedures you can be very successful. Most of us (property managers/co-hosts) do what we do remotely. No reason an owner can't do it as well. If your goal is to get more properties, use your time on other things, then having a property management company is a very good investment. I would say the attention to the details of keeping your property priced right, listing optimized for SEO and having a direct booking option with marketing is going to be more and more crucial as the market changes and success isn't as easy as it was over the last couple years. Good luck in this exciting time!

Alex, are your rentals short or long term?