All Forum Posts by: Nancy Bachety

@Leon Lee

At the risk of repeating myself, look it up yourself on Airbnb in the area where your SFr is. Compare rates for units with or without kitchens. You could choose option 2 but it might be better to tap into the water supply from the downstairs bathroom and put a small kitchen sink and cabinets. It doesn’t have to be fancy.

Today, my husband and I bought a 72” countertop and two 24” cabinets from IKEA for under $400. Add a sink, small fridge and plumbing, and you can offer a kitchenette. We offer a Bedroom in the separate lower level of our high ranch and it does well but it is not a basement and it has a private entrance too. Time will tell what the kitchenette does for income but we use that level for family at times so that wasn’t the intent.

If you decide not to use it as a STR you can now offer it as a separate LTR. As long as your up to code, of course.

It also depends on your area and who you'll attract. 1000 sq feet is a large area for a STR 1 br. Your nightly rate wouldn't be much more than a STR 1 br that was smaller. Add a sofa bed and you can sleep 4 but that's not as appealing as a Real bed.

Go ahead and research rates for Airbnb and apartments for LTR. 

All in good fun, I would suggest "Mr. DIlls H&CS" or "Mr. Sandhus H&CS". If those aren't options, @Nicholas Dill , I would copy your request right into Craigslist or join/start a STR meetup in your area and network for a name.

@Jenelle H. I don't know that area in terms of STR but start by looking it up yourself on airbnb, as if you were a guest. You'll get a lot of the information you are seeking.

Good luck. 

Your sister may find she can airbnb a studio for herself nearby while keeping her 2/1 LTR.

@Paul Sandhu Thanks for that answer. So what is stopping you from buying them up and renting them as STR?

@Eric James I don't, in that area, but start by looking up units on airbnb, vrbo etc and compare with what you know about the LTR market and even zillow for sales. airdna might help with rental data too but look up places you'd stay at or in places you'd avoid and look at their rates. Good starting point. Very seasonal place, isn't it? 

@Paul Sandhu I want to thank you for all your quick and informative posts. You seem to have captured and mastered a market that no one else has, and a str model as well. Your cash flow and very low expenses are remarkable.

In your area, I'd think the low home values would appeal to an investor seeking cash flow and border a 1.5% -2% monthly rent. Is that not the case in Coffeyville?

I started with airbnb and added vrbo so therefore I am more comfortable with airbnb. I didn't buy the subscription with vrbo for this reason but I'd consider it if the bookings were there. We are going to start focusing more on that platform going forward. We get maximum dollars on the weekends via airbnb and like the less wear and tear. It's positive cash flow so it has been good for us.

Regardless, does anyone use a checklist, paper or otherwise, for their cleaner that they'd be willing to share? 

@Marc Jackson Thanks for sharing the results of your analysis. We self-manage but we're looking to automate, especially in the area of pricing and syncing across airbnb and vrbo. I'm going to look at lodgify and MyVR but I'm not sure we can justify the monthly costs. Are they website platforms that allow you to build it out, and sync calendars, and do the pricing based on algorithms (like wheelhouse prices)?

@John Underwood that is the first I heard that. This is the first year we’ve been in this business and I was preparing to issue our cleaner a 1099. We pay $175 per clean and pay her via a mobile app. 

We both (husband and I) have w2 jobs and I am a real estate professional, as per my accountant and me. (We own and operate 3 airbnb’s, just hosted our first guest on Sunday in Greenville, NC, our third place.) 

So the big question here is as long as one has proof of payment, one can claim the cleaning as expenses without a 1099?

We’re visiting your area soon John. When is your next meeting?

@Lisa R. Research the existence of Seattle STR meetups or fb groups. Join from afar or start them now. Message current hosts. Tell them about the group and plan a meetup. Network and then offer to manage. There's a lot you can do prior to moving to set yourself up. Good luck.