All Forum Posts by: Patrick Osterling

Hi @Erika Martinez - can you post your property here for people to see? It's very difficult to provide accurate feedback without seeing what your listing looks like. Perhaps there's a few tweaks you can make with your current STR to generate more income, or maybe MTR might be a better route, but without seeing the actual product (property) there's a big piece of the puzzle missing for us.

We pull data from PriceLabs on 1,000 to 5,000 listings in the area, then narrow it down to the best dozen or two comps, then average out the annual revenue, occupancy, average daily rates etc. We focus on properties with a similar bedroom count (or that sleep the same number of guests), similar style, location, amenities, good reviews and availability. 

That’s been the most accurate way we’ve found to analyze properties. Tools like BNBCalc and AirDNA are great starting points, but there are just way too many variables to rely on a quick address search. It takes a little extra digging, but in our experience, it’s 100% worth the effort. Hope this helps!

Hey Christine, we just furnished a 3BD, 2.5BA 1550 SqFt upscale house for around $14,000 all in. My wife is a wizard at sourcing great furniture and decor that balances quality and price. We also used a 0% APR Chase credit card and paid it off with the cash flow so we were less out of pocket upfront. Hope this helps!

Hi @Kwanza P. I second what @Bradley Buxton said. With several different counties across 2 states, and regulations constantly changing, it can be a bit challenging to figure out. I'd suggest working with a good realtor that knows what they're doing! There's still good deals to be had. We currently manage a portfolio of 10+ STR's in Tahoe and Reno. You might want to consider looking at Reno actually, which is a growing area, the prices are a lot more attractive, taxes are lower than CA, no fire insurance issues, and generally a solid under the radar market. You can still squeeze out a 15-20% cash on cash return with the right strategy. Happy to chat anytime.

I highly recommend using a duvet with an insert vs a comforter, it’s much more sanitary. Our cleaners put a freshly washed duvet cover on after every use. We provide extra duvet covers in the supply closet, and they don’t take long to wash. It’s the same process hotels use too. 

Hey Robert, the data shows remote work is here to stay. Before 2020, only about 8% of remote-capable employees worked exclusively from home. Recent figures show that 26% now work exclusively remotely, and 55% have adopted a hybrid model, combining remote and on-site work. Either way you slice it, people have way more flexibility. We even We always offer and highlight work desks/chairs, sometimes a monitor and fast internet. I think it's a staple for STR's. We just had someone check out an hour later at our lake house property because she had a work zoom meeting she needed to be on.

Hey @Michael Smythe, is there any way to get the water mark off the pictures? It might seem trivial, but marketing photos are really important and it gives off a strange vibe to have those water marks on every single photo. Just my 2 cents. 

@Bradley Buxton - My understanding is Measure T was supposed to help with affordable housing and cut down on neighborhood issues, but it doesn’t seem like it actually did much. Housing prices are higher than ever, and I haven’t seen any real proof that it created more long-term rentals. Most of those STRs just turned into second homes that sit empty most of the time or were converted into 30+ day rentals, which still doesn’t solve the housing issue. I’ve talked to several owners recently, and they either leave their place vacant or try to rent it out monthly, but it’s not exactly making housing more affordable for locals. If they push for a full ban, wouldn’t that hurt the local economy even more? South Lake Tahoe runs on tourism, there has to be a better way to find a balance.

 Thanks, Matt! Makes sense. I'll look out for local banks in my community and start some conversations.