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All Forum Posts by: Melissa Wesling

Melissa Wesling has started 3 posts and replied 134 times.

Post: New to investing, deciding on two markets

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

Do you plan to hire a property manager? We manage our own STRs from out of state, but they are only a 2 1/2 hour drive to get there if we needed to or want to use one ourselves for a weekend. If you manage your own, the rental ordinances vary per city, so I would check on that to begin with. We had to assign a local agent to our properties since we did not live within 30 miles. We hit the jackpot on a reliable cleaning crew and handyman so that helps tremendously while we manage from afar. Are you planning to do short term or long term rentals in Muncie? It sounds like that's an area that can be converted to a LTR if anything falls through with having it as a vacation rental. Galveston and Myrtle Beach are popular vacation spots for STR, you can begin to look at the active STR listings in those areas to see what you would be competing against and get a better idea of the property you would want to invest in.

Hi David, my STRs are in Michigan (drive to) and while the rental restrictions were in place, we were not allowed to rent or we would be fined.  We had cancellations while the state was on the stay at home order and some additional cancellations around the time of opening, but once the restrictions were lifted, we booked back up.  I'm not sure if that helps, but we did see that people were ready and willing to travel as soon as we were cleared to rent. We also manage our own and still were able to book our summer after Covid.  Good luck to you.

Post: Do we renovate a 1930s home, or keep the charm?

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

All great advice above.  I agree that you can keep some of the charm while updating some of the spaces to be more modern (kitchen, bathrooms).  As mentioned above, a 5 bedroom home will likely have kids staying, so be sure that the home isn't too fragile.  One of our STRs was built in 1940 and although we renovated some areas, people do seem to like a touch of charm. On the other hand, a themed rental may catch the eyes of some guests, so depending on your location it could work, such as if it's a historic town/destination.  If it's the beach/lake, it seems people like more of a relaxing beach-y vibe.  Sounds like a great project, have fun!

Post: Building a house to turn it into an Airbnb?

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

Hi Franck, we are also about to begin our first purpose built vacation rental.  We already have two STRs in the same town (South Haven, Mi), so we have some confidence in our risk since we know the market.  We know we won't initially profit but the tax benefits always help.  Another benefit to us is that we will also vacation there in that house, as you mentioned. 
The location is the reason we couldn't pass up on our deal (which was also a tear down) and it sounds like yours is a great location!    Analyzing income and expenses is an important process. I used a great short term vacation rental analyzer tool that determines "break even" for our build.  Message me if you'd like me to share it.  Good luck!

Post: Seasonal rentals - Catskills NY

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

Hi Ethan, we have 2 STRs in southwest Michigan and our busy season is Summer. We get some weekends booked for spring and fall and always felt lucky to have anything booked in the winter. However, each winter we tend to get more guests around the holidays, so it seems the trend is changing. Our properties definitely aren't year round rentals, but we like to use them at times, even in the off-season, so that's a benefit for us. In your case, you can research other properties in the area and see how their calendar is booked as well as what they charge. Of course this won't give you a completely accurate picture since properties should be looked at on a case by case basis. There are vacation rental analyzer tools out there that can help you identify profit by looking at income and expenses. Rentalizer is one tool, Transparent has a market intelligence dashboard, and I have a proforma tool I like to use as I look for a new STR to invest in. If you message me, I'd be happy to share it with you. Good luck to you!

Post: Vacant land - Short term rental to build

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

We are also starting the process of subdividing a lot (much, much smaller lot than you!) to build two STRs.  We already have 2 STRs in the town, so we feel we know our market pretty well, which is a confidence boost when taking the risk.  Just make sure it makes sense for profitability.  I have a free proforma tool I like to use when analyzing short term vacation rental income and expenses.  I'd be happy to share it with you if you want to message me! 

Post: Miami Beach Investing

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

Miami Beach is a hot market but not always friendly with regulations for vacation rentals. If you do decide to go to that area, you may want to make sure the STR can be converted into a long term rental if rules and regulations change for STRs. I have a great vacation rental analyzer tool I like to use when considering short term rentals in new areas. Message me if you'd like me to share it!

Post: Condo Investments in South Florida

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

Hi! It sounds like you decided on a SFH and that would be my suggestion. One thing that wasn't mentioned in the thread is that with condos you are most likely more limited on number of people you can sleep there. Vacation rentals drive profits by how many people you can sleep and SFH often have a larger availability for "heads in beds" so to speak. As you look into STRs, I have a great proforma tool that analyzes expenses/income and I'm happy to share with you, if you send me a message, I'll send you the link. Good luck!

Post: 21 and eager, Where should I start?

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

It sounds like you are looking for long term rentals, but if you are looking into real estate for short term vacation rentals, I have experience renting STRs in southwest Michigan should you have any questions about that market.  Good luck! 

Post: Western NC Short Term Rental

Melissa WeslingPosted
  • Investor
  • Chicago, IL
  • Posts 148
  • Votes 97

@Derek Larson, Our STRs are in South Haven, in southwest MI. Traverse City is nice! Northern MI had restrictions lifted a bit earlier than southwest MI, but I am glad to see people want to rent again and enjoy new scenery.  We usually only book weekly in the summers but we changed the calendar to a two night minimum which I think helped fill the calendar during this uncertain time.  Glad you are seeing a good recovery as well!