All Forum Posts by: Leslie Anne Morris

I'm still using this method to underwrite deals (link to my recent blog post on metrics).  Plugging in the numbers is the critical part right now.  Looking at more than 2 historical year is key.  I still buy in HOAs when the deals make sense.  In my market definitely prefer 'special' properties - think different, and super turnkey.  Yes on mountain views!

Underwriting Made Easy for Short Term Rental Investors (biggerpockets.com)

Have a super knowledgeable team. Work with a local lender - selling agent will see this as upside since they’ve probably worked with them before. 

There are pockets where Airbnb does not collect the full total of the tax due.  Check with your local municipality and then compare that to what Airbnb is actually collecting.

Outside of all of this…the only control you have is to tighten your cancellation policy. 

VRBO and Airbnb. If it makes sense create your own direct booking website and drive traffic to it via google ads and social media. It’s a strategy that takes time to work, won’t ramp up over night. 

It could be something wrong with the listing, but as days and weeks go by with less views/bookings/wish lists that convert the listing does tank in a sense.  You shouldn't have to constantly be changing pricing or the listing itself, but if you are try a steeper price drop or increase even.

I tested both side by side and am still using Beyond.  The swings were much higher and lower, while Pricelabs kept the rates pretty static - meaning I either had unbooked nights or lost out on revenue.  I've also grown large enough recently with Beyond to be granted access to Lighthouse which is in an of itself amazing!  (Think dedicated revenue manager.)

Interview local property managers. I’d recommend 3 just like you would a bid for construction work. 

Con: no lease agreement (edited to clarify - no guaranteed money!)