All Forum Posts by: Leslie Anne Morris
Leslie Anne Morris has started 3 posts and replied 1252 times.
Post: Joint Bookings on One Listing
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Yes people do this when it makes sense. I believe it’s encouraged by the OTAs. You might research it with them because I think there’s a policy for it.
Post: Another one bites the dust
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Quote from @John Carbone:
Quote from @Leslie Anne Morris:
Ouch that stinks! I’m seeing this quite a bit right now with folks wanting to list their cabins.
Post: Rehab vs turn-key rental property
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Quote from @Raushanah Glinton:
Quote from @Leslie Anne Morris:
Yes turnkey all the way! In my market it's key. Plus it's my personal investing strategy. I think everyone is always looking for the deal. But sometimes the best deal is to conservatively underwrite a turnkey STR in a major vacation destination.
I was considering this strategy. What numbers are you looking for when you run the analysis for returns?
Post: Buying STR with current rates as a retirement plan?
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Quote from @Kiko Mattoso:
Quote from @Leslie Anne Morris:
I own a property management company so I primarily use data from our portfolio or from Key Data. I think AirDNA is too conservative lately. I do typically buy turnkey and leave room for a budget of $3500-5,000 to create some sort of fun or enhanced space. I have some case studies on Instagram about what I’ve done it’s @Leslie.Anne.Morris - check under story highlights. Specifically ‘Whiskey.’
So I must be doing things totally wrong. I purchased my cabin that wasn't in terrible shape for 222k with 10% down, but then I spent 70 renovating it, making it look attractive to guests. In the next house I buy, if I'm to spend 5k tops, it needs to be in really good shape already because 5k would be just for external painting and nothing else in NY.
Still learning everything, thanks for taking the time to write :)
Post: Buying STR with current rates as a retirement plan?
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
I own a property management company so I primarily use data from our portfolio or from Key Data. I think AirDNA is too conservative lately. I do typically buy turnkey and leave room for a budget of $3500-5,000 to create some sort of fun or enhanced space. I have some case studies on Instagram about what I’ve done it’s @Leslie.Anne.Morris - check under story highlights. Specifically ‘Whiskey.’
Post: Rehab vs turn-key rental property
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Yes turnkey all the way! In my market it's key. Plus it's my personal investing strategy. I think everyone is always looking for the deal. But sometimes the best deal is to conservatively underwrite a turnkey STR in a major vacation destination.
Post: "No bookings for February"
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
Ouch - I am seeing this happening a lot and its pretty sad. Moral of the story get a team that is knowledgeable and also don't buy something because it is cheap (ie the house instead of the cabin). Well written!
Post: Looking for STR Lender
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
I did a construction loan recently in the Smoky Mountains and I used SmartBank. They are a small, local bank - so look for one in your market.
Post: Buying STR with current rates as a retirement plan?
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
I have 11 STR in the Smoky Mountains and I don't buy unless I can reach 20% cash on cash. My two deals last year put me at 23 and 24%. It is doable in strong markets to find a better return. You may contemplate what your ultimate strategy is - if you are flexible on market, then definitely look at the Smoky Mountains.
Post: Direct booking web.
- Real Estate Agent
- Smoky Mountains, TN
- Posts 1,261
- Votes 983
I use Ownerrez who offers PMS with a templated website. It made it really easy to launch and get going quickly.