All Forum Posts by: Ryan Moyer

Sounds like Zillow trying to do the same thing algorithmically last year and tanking their stock 80% when it blew up in their faces.

Good luck to them, I guess.  Lots of holding costs and markets that are up 100%+ already in the last year, in areas where the snow quality and ski experience gets worse every year.  Maybe an opportunity one day if the market stays flat or even pulls back some over the next few years and they decide to cut their losses.

Quote from @Tammy Nelson:

The other option would be to live and work in a ski area-they are always looking for good physicians!

 Are they?  Serious question because my wife is a physician (OB/GYN) and we are big skiers.  I've always assumed that it's a lot like big cities, there are tons of physicians that want to work there and the salaries don't scale with the housing costs.  Maybe I need to look into it more.

Quote from @P. Foster:

Quote from @Ryan Moyer:

AirDNA is not accurate for my properties.  I have a property in Southern Utah that AirDNA says I can do $40k on and a property in Davenport (right next door to Kissimmee) that it says I can do $55k on.

My Southern Utah property has grossed $90k in 7 months so far, and Davenport has grossed just under $40k in 3 months (none of which were the high season).

My personal take on it is if you're just looking to buy a nice place in Kissimmee that is turn key with the same old nice furniture and throw it on the market then don't waste your time.  There's 20,000 of those properties in Kissimmee/Davenport and getting yours booked over theirs is just a race to the bottom in pricing, and people there are willing to go insanely low on pricing.

To succeed in the Orlando area you need to stand out, and that means theming, arcade, etc.  You can go all out (like I did) and do very well, or you can go a little more chill/budget friendly and still do okay.

This is my place there: https://www.airbnb.com/rooms/5...

@Ryan Moyer your airbnb look fantastic! I'm in same boat OP, I can't figure out how to cash flow on some of these 5-700k homes, then HOA fees, and Insurance. Plus the cash on hand upfront for the decor and theming. How much are you spending on interior design and all that custom theming? if you don't mind me asking? I'm in the Orlando area so very familiar with the areas of central Florida.

I spent 65k on theming, arcade garage conversion, etc.

My loan is only 568k but you could double it and I'd still cash flow comfortably.

I think the 6br's are a good sweet spot currently.  I rarely have groups large enough that they use all 9 bedrooms. 

Quote from @Yves Jodesty:

 My home is in Champions Gate.

It's good that you're cautious about over-leveraging. Remember, with a HELOC you don't have to take the money all at once, and you only pay interest on the money you use. So if you want to use it to buy 4 (I would prefer that to just buying 1 with cash) you don't have to buy all 4 at once. You can buy 1 or 2 and see how they go, make sure they are hitting your numbers, etc before pulling the trigger on the others.

I think it's very common.  One of my cabins sleeps 16 but has seating for 10.  My Disney house sleeps 22 but has seating for 8 at the dining room table (plus 5 more at the bar, the rest have to eat outside or on the couch).

I was worried about it at first too but then I looked at all the other houses in the area on airbnb/vrbo and they were all set up the same way.

So far it has only come up as a potential issue at Thanksgiving with a guest that was worried about it.  But that booking was so expensive I shipped a couple folding tables and folding chairs to the house for them to use, and now those are available if anyone ever asks.  So far, no one has.

Quote from @Sharonda Frazier:

@Ryan Moyer I'm OK with a destination town AirBnb property not being a BRRRR. That's a great point about the theming in the 8br SFH vs. the condo. I would definitely need to hire someone to do the theming for the property. Let me know if you know of any companies that will handle that aspect. I am in California so I would need to hire for everything. Thanks for your input!

 I have theming contacts.  If you end up buying in Orlando let me know and I'm happy to share.

This is my place: ★★Cosmic Villa★★ Amazing Theme Rooms, Arcade, Pool - Villas for Rent in Davenport, Florida, United States

$350k is a tricky budget in Orlando.  Not that you can't find something in that range, but rather that to have the best success in Orlando you really want to do some theming on your place.  The problem is the theming is going to cost the same regardless of what kind of property you put it in, but the returns are going to be exponentially increased on theming out an 8br single family home vs. a 3br townhouse.  And it won't help with your brrrr since it won't actually increase the value of the home.

You can make it work, for sure, and some of the realtors here like Shawn can help you find a place.  With that much cash you might be able to increase your budget a bit and get a place where the theming will really create some great returns, though of course only do what you're comfortable with!

I use Resort Cleaning and it works great.

Sends them a request for a clean when a new booking gets made, they accept it, and then they can mark it as done when they're finished.

Cost is $1 per clean you can elect to pay it or have the cleaners pay it.

Only thing I don't like is that it doesn't show the cleaner the whole booking/calendar, only the cleaning date request.  So they don't know if a clean is a same-day turn or not since they can't see when the next booking starts (they can only see when the next clean is).

Quote from @Mariam Dao:

I am also looking to get my second str. I have one in jersey and it is doing great. I just got pre approved for $600K from my lender and Im now on the hunt for a realtor in the Orlando area that can help out. As a New Yorker im not familiar with the area but im confident it will be well worth it. @Ryan Moyer Your Air BNB looks Amazing. Great job in that. Do you know any of the companies that help with the design factor? Thank you

There are lots of companies in the area that work with theming.  There are ones that you can just give a budget to and they'll decorate the whole house including theme rooms, or ones you can hire just to do one particular room, etc.