All Forum Posts by: Mike Shemp

PMS:  Hospitable
Pricing: Pricelabs
Locks: Schlage
Security: Nest
Rental Agreements: Docusign
Accounting:  Quicken
Additional Automation:  Zapier and Python 

We have one Instagram for each property and regularly get direct bookings from it.

Mike

Before you sell I would do a quick Excel workbook to see if adding value to the rental might drive up the numbers.  Maybe add a hot tub (factoring in the expense also), or commission an artist to do a selfie-wall, or do a theme room.  See if any of those items might drive up bookings, as well as your nightly rate, and then re-evaluate the situation.  It might be helpful to see what your competition is doing in your market and how your nightly rate/bookings compare to theres if they have those additional amenities.

Mike

@Michael Baum - Thank you very much for the contact.  I'll reach out to him.

Appreciate it.

Mike

@Rustin Nordsven - Thank you - will do!

Hi All,

We are looking to purchase a STR in South Dakota, preferably somewhere near the vacation areas such as Custer, Black Hills, Spearfish, Piedmont, Lake Pactola, Rapid City, etc.

I've started looking at properties and starting doing some research.  So far I've discovered that:  Immediate Custer has some regulations, but outside of Custer doesn't; Hill City has regulations; you have to check the deed on the properties because some of them have restrictions on STRs;  some properties have extremely steep driveways which can be an issue in winter, so have to watch for that; some places have dirt roads that are a mess when it rains so that has to be considered.

My questions are:

1. For anyone familiar with South Dakota or invests there, what are other things to watch out for?

2. What are some other areas/towns to consider investing in and why?

Thanks in advance for your help.

Mike

The slow season in NH is November and April.  Outside of that, it's pretty busy.

Mike

We live in NJ and remote-manage 2 cabins in the White Mountains and 1 cottage in the Outer Banks.  The key is having a good team on the ground that you can depend on, and backup people as well.

MIke

We stay away from condos.  As Robert Kiyosaki mentions in some of his books, you are very limited in how you can increase it's value plus you have another layer of government on top of you.

Mike

Referrals from hosts that run homes with great reviews is a good place to start.  

You can find these by going into Facebook groups for owners in the market you are interested in, asking around, and then seeing what kind of reviews the listing has for the person that provided you the referral.  For example you could ask all the superhosts or premier hosts in your market who they use for cleaning and a handyman and get an idea.

Mike