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All Forum Posts by: Patrick Osterling

Patrick Osterling has started 3 posts and replied 42 times.

Post: What happened with the AirDNA calculator?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Hey @Francesco Ponticelli - Did you ever get any clarity on this question? I'm wondering the same thing! Thanks!

Post: Airdna analyzing tool?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

@Jonathan St.Leger I was wondering that too. That free Rentalizer tool that came with the BP membership was super helpful. Let us know if you find out what happened to it or if it moved somewhere 

Post: Financing and Down Payments

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Hey Trey, I get where you're coming from, and I agree with some of the other comments here. Honestly, it really comes down to finding the right bank. Talking to just 3 banks might not be giving you the full picture. When I was looking for a HELOC on an investment property, I called 30 banks before I found one that would do it. I’m sure there’s a bank out there that’ll work with you... just keep at it!

Post: Should I pull some equity to purchase an STR?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Hey @Ben Cochran

Bill Faeth from Build Short Term Rental Wealth has discussed this concept, which he calls “Return on Equity.” He has some great YouTube videos that break down the equations, strategies and how to think about repositioning equity. This is especially important if you're on the younger side, as those returns can compound significantly over the next few decades.

I'm in a small real estate mastermind group, and we all did this exercise with our own portfolios and identified underperforming properties and equity to reposition, and presented it the group for feedback. This helped us strategically reposition and continue growing our portfolios.

Post: Cleaner + Handyman in Big Sky?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33
Quote from @Michael Baum:

I guess you could try Turno and see who bids.

I will tell you it won't be cheap. Most likely they will come from Bozeman which is about an hour away. Similar to what we deal with in North Idaho.

I have spent quite a bit of time in the area (more west really) and all over the Bitterroot. It is a cool area.


Thanks, Michael! We’re currently talking with a few cleaners on Turno, but wanted to reach out to the BP community for any personal recommendations.

Post: Cleaner + Handyman in Big Sky?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33
Quote from @Jeff Langley:

I’d think you line those up before getting clients but anywho, it’ll most likely be services out of Bozeman. Also, you’ll learn that nothing in those markets tend to get resolved quickly, unless you’re paying the cost. I’m a little way down the highway and it’s just part of life in the area. 

Hey Jeff, the cleaner we had lined up had an unexpected surgery and will be unavailable for a couple of months. We do have a handyman, but since the area is more remote and finding help can be tricky, I wanted to see if anyone local has good recommendations as we expand our team.

If you know of anyone, please let me know! Thanks!

Post: Cleaner + Handyman in Big Sky?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Hi all, 

We just picked up a new client in Big Sky, Montana and we’re looking for recommendations. Does anyone know a reliable cleaner or cleaning team in the area? Also, any suggestions for a handyman who’s good with general maintenance and repairs? Thanks! 

Post: Propstream worth it for client outreach?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33
Quote from @Andrew Steffens:

I have not used Propstream but have used BlueTent and Vintory etc and I did not yield good results - based on ROI - for anything. The best way IMO is organic, I average about 2-5 contacts per month. A lot of that is referral based or people find my site online, organically. Going to networking events to network with Realtors, Mortgage, Title etc all helps. It is a lot of work and I understand you want to "pour some gas on the fire" but likely you will just be setting cash on fire.


Hey Andrew, I just spoke with Vintory yesterday about a potential inventory growth program. You mentioned not having a good ROI with them? Could you share a little more around which solution you were using (email, direct mail, retargeting etc.?). Also, I agree with organic growth, we get some inbound leads and referrals and have a high conversation rate closing them, and they've been great clients so far. Thanks!

Post: Turning a Long-Term Rental into a $3,000/Month STR in Reno, NV

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $360,000
Cash invested: $96,000

Purchased my first investment property in summer 2017 while living in SF, a new construction home intended as a long-term buy-and-hold. Initially rented to long-term tenants, it generated modest cash flow of a few hundred dollars a month with a 4.25% rate. Refinanced in 2020 to 3%, boosting cash flow to $500/month. In 2021, after completing the BiggerPockets STR course and analyzing market data, we transitioned the property to a fully furnished premium short-term rental after the tenant moved out. It now cash flows ~$3,000/month with over 100 5-star reviews across Airbnb, VRBO, and Booking.com. Our guests have ranged from newly hired UNR football coaches relocating their families to individuals traveling for medical care, couples on ski leases for Mt. Rose, and beyond. Guests also include families visiting Reno, travelers relocating, weekend visitors, traveling workforces, and Tahoe adventurers. Reno's STR demand has been unexpectedly strong and rewarding.

Post: How to show the property, for OOS?

Patrick Osterling
Posted
  • California/Nevada
  • Posts 45
  • Votes 33

Patrick, not sure if you meant this or not, and don't mean to be redundant, but you could create a video tour and just sent the prospective tenant the link. And, to your point, often times the property is already rented so a showing wouldn't be feasible. I think I've only had 2 or 3 people ever ask to see the property in person. Photos, video and reviews should be sufficient.