All Forum Posts by: Michael Baum

Hey @Gina Kuchta, just list it directly on VRBO and sync. Easy peasy.

No way I wouldn't use VRBO with AirBNB.. That would cover 95% of the people looking to STR.

Everything else is pretty much a wash IMHO. Booking.com will just get you bookings that will get canceled with no recourse if you get any at all. 

You might look at Houfy as well. It is free to list there and some folks on here do really well with that platform.

We get about 70% of our bookings through VRBO. Right now we are booking pretty strong for 2026 and that 70% is still holding strong.

So @Samuel Boyd, I look at things this way.

A single high end property will do X amount of dollars. That could be more than 3 more modest properties or maybe not.

What I believe to be true is that the market for a single high end property will be smaller than 3 more modest ones. 

Most folks can't afford a $2000 a night place (or whatever that might be) but most families can afford $400 or $500 a night for a nice place that fits the bill.

Like @Patricia Andriolo-Bull said, more data is needed to really drill down. I think in most markets, 3 nicely appointed modest properties will perform over the long run better than a big fancy one.

If I had my choice, I would have 3 lake houses like I have now rather than a single lake mansion. I know I could keep all 3 booked solid for the season whereas that big house, I am not so sure.

Hey @Nathan Mittlesdorf, so I of course agree with @John Underwood on the insurance but it looks like you have that covered.

I will say that renting those pontoons is pretty cheap compared to where I am. A quality modern pontoon goes for $400-$500 a day.

How big is the lake? Can you identify it? I would like to get an idea of size. We are on Lake Coeur d' Alene in North Idaho and it is just under 50,000sq acres.

One thing you could look at, if the lake is big enough, is to add watercraft like Jet Ski's and ski boats. If the lake is smaller then they might not be too popular if it is primarily a fishing lake.

I would also add a general store with basics, bait, beer, food stuffs etc. Easy way to add some revenue but it is more about getting more guests for the convenience factor. It won't be a cash cow.

Off season, how is the hunting? Is there a lot of hunters coming to the area? That could be a way to generate revenue.

How about snowmobiling? Are their trails nearby? 

Regarding future financing, that is more tricky. You will most likely have to get some kind of SBA loan for it as it is a mix of real property as well as an existing business. 

I would get that ball rolling the second after you sign the papers for the owner financing. It can take a long time to get everything in order and you don't want to be under the gun.

I will say right up front there will be no life balance for this project IMHO. It will be all about this and pretty much only this for the most part. Once you get things rolling, it will get easier but the off season will be spent fixing the boats, the cabins, docks (they take a pounding depending on the lake), buying new linens...the list is almost endless.

I have talked with a few owners of various mom/pop resorts and they have all told me the same thing, it is a labor of love and being independent. They aren't making a fortune, never take a vacation and pretty much live for the property. 

This is pretty much no different than owning a restaurant, trucking business, construction or just about any small business.  

Hey @Erica Morrison, so my wife and I spent some time in AZ a couple of years ago. I wanted to drive out to Pinetop/Lakeside and it is a nice town but I am not sure how will it will do as a STR.

Where I might look is the greater Sedona area. Closer to you, just in case and a known quantity as a vacation spot with 4-6 million visitors a year. 

I have a guy there who can help you. He knows every STR regulation in the greater area. Almost by street and in some cases exactly that. PM me if you would like.

Hey @Bob V., you will get various answers on how much per room etc.

I don't think that buying used means buying crap or how @Avery Carl once told me, "Grandmas white wicker furniture.".

If you have the time and inclination, hitting up Craigslist, FB marketplace and OfferUP among other places will yield a treasure trove of deals.

You can get top quality USA made furniture for pennies on the dollar. We got a brand new La-Z-Boy hide a bed couch that sold for over $1500 for $200. A full oak dining set for $125 including the buffet. 

You just have to be flexible on the design a bit. We shot for comfortable home feeling. Like being at your own home but on the lake. It has worked really well for us over the last 8 years and we are still using all the various furniture pieces except for a hand made futon that a guest destroyed.

The place you buy brand new is mattresses, linens, towels etc. If you search for some of my posts you will find I do a Mike's Deal of the Day. I list things I find like TV's, sheets, towels etc etc that I find to be good values. Plus I have a ton of posts about exact types of sheets, brand names listed, towels the same.

Are each of those properties exactly the same in the same area?

Hey @Juan David Maldonado, I think you get the gist of things from my pals here.

Don't rely on a landlord policy, AirBNB AirCover or VRBO's insurance. You MUST have a correct STR policy specific to short term rentals.

Check out Proper (expensive), CBIZ and Foremost (very popular here) to get some quotes.

I got someone complaining about needles and a few pinecones from the many Ponderosa pine trees that surround our lake house. They said we should do something about that.

The trees are between 90 and 120 feet tall...sheesh.

Also, I do believe this would fall into the "significant services" category which would change your tax situation.

The pack up service is a cool idea but would also fall into that category as well.

Looks OK @Jonathan Snider, but there are some glaring things that jump out to me from the get.

First, I would fix that deck. Redo the railing for sure then sand and either stain or repaint the boards. Plus paint the underside. All that mildew on the deck joists is really ugly.

I would also look at painting the fencing, especially due to the mildew near the deck.

More artwork here and there with more color. Lots of tan, needs splashes of color.