All Forum Posts by: Leisa Neal

I self managed my STR on Galveston Island from a distance and did very well. I can recommend a wonderful cleaner, if you get that far and I don't mind sharing my experience if you want to message me. I am a Realtor and I visit the Island often.

@Dmitriy   Thank you!   Looking for my next one now :)

Investment Info:

Single-family residence other investment.

Single family historic bungalow. Restage and get actively producing income to resale

How did you find this deal and how did you negotiate it?

fsbo and I was friends with the owner.

How did you finance this deal?

My banker said "here you go" and gave me money

How did you add value to the deal?

Added higher end furnishings, improved the amenities. Added comfort factors and ease of entry. Did heavy marketing to bring in more guests. Tripled the rental income within 9 months.

What was the outcome?

Had several offers from guests and sold at a profit.

Lessons learned? Challenges?

My biggest lesson learned on this one was that no matter how nice you make a vacation rental, there will be both people who don't appreciate anything and break everything they touch and there will be those who love your place so much that they want to buy it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Realtor.

Good luck.  I had to bring my contractor from home (5 hours away) to Galveston to do my stuff.  I contacted several local contractors and they either gave me stupid high bids, just got out of prison, or just didn't show up for our appointments.   I'm sorry I can't be more helpful!  I hope you find someone.  I'm sure there are good ones, they are just super busy!

We're staying booked more than last year!   95% of our out-of-state guests cancelled but our in-state guest rate has gone through the roof!

lol that would be great!

Thanks @Timothy Church!  That was very helpful.  Would you mind if I sent you the link to my current property so you can tell me what I may need to do differently?  I appreciate your input!

Leisa

Hi @Christina Johnson,  I am a Realtor myself and have actually been in contact with you in the past.

Thanks for your input.

Thanks @Ken Barton,    I probably didn't word my question correctly.

  Do you find it more profitable to run large numbers of guests through a basically stocked home with a lower rate or fewer guests in a nicer home at a higher rate?   I can see that cleaning and upkeep would cost me more, with more stays.   I feel like with the wide range of properties and clients in the Galveston area, I may be missing an opportunity to appeal to a different clientele.  I was just wondering if it was worth the headache.

Thanks!

I closed on my first house in Galveston in Feb. 2019. It's in the Historic District. It was a STR for 4 years before we bought it and we had stayed there several times. I wanted it for my personal getaway, but also want it to pay for itself. It's been doing good so far. I'm wanting to invest in a second property that I won't care as much about, if that makes any sense.

  Is it better to just stock the next house with basic items and run a large amount of guests through to get the numbers?  I have always tended to skip past rentals that are bare bones, but I understand that other potential clients may only care about a low price.

In our first house, we have things that we enjoy ourselves, such as nice mattresses, linens, etc. We're in the Historic District so we get a pretty good clientele that aren't party animal, beach bum type and they take good care of the home. I was wondering if any of you that have multiple STR had any tips on the next property for me. I'm wanting something that ok for families to just pile in. Something to keep occupied at any cost.

 I notice a lot of the STRs listed on Airbnb and homeaway really reduce their rates in low season, do you get a different sort of guest at that rate? Do you have problems?   

I guess I'm wondering if it is worth it to have a "pile in" house or if it will just be a headache.

Any ideas would be appreciated!