All Forum Posts by: Joe Prillaman

@Ken Boone, I agree and I think over time it will sort itself out. My market is seasonal and I’m curious to see if it will have an effect on the profitability of that unit vs the others during the winter months.

Being in the top 10% of your market are there any must have amenities that make or break short term properties in your specific area?

@John Underwood, Most of the reviews are positive even stating they plan on booking again in the future but they leave us 4 stars! The complaints if any are about the physical structure or the stairs (It's a bit of a weird layout). Any legitimate issues have been fixed or are fixed immediately. We use the same process for pricing all four units. I find it strange that all the random guests who won't leave a 5 star review somehow end up in this property haha.

I’m in a unique situation. My wife and I have been investing in short term rentals in Carolina Beach, NC since 2019. We have 10 listings here on the island and have built the systems to run a portfolio of this size at a very high level. We are in the top 10% of my market.

Here is the situation. We currently have 991 reviews on airbnb. Every property is managed and run with the exact same systems. One of my properties is a quadplex. Each of the four units are identical! Everything from the rehab, the staging, all the way to the owners closets are the exact same. Each unit has about 50 reviews from this last season. The first 3 units range between a 4.95-4.91 rating. The last unit is currently sitting at a 4.81 rating.  I can’t figure out why this specific unit is getting roasted on Airbnb so i'm turning to you all for wisdom! 

1. Ask me anything you want to know about short term rentals and how we run our 10 unit portfolio.

AND

2. Why do you think this one unit is getting roasted with 4 star reviews.

Our profile:

The struggling unit:

See you all at BPCON2021!

Join us on the first Tuesday of every month at Waterline Brewing Company at 7:00pm! This is an informal networking event, and our hope is provide an opportunity to connect with other investors in Wilmington, NC and surrounding areas. Whether you have tons of experience or no experience, all are welcome! Waterline is providing pizza for us!

I will be at the Bigger Pockets Conference BPCON2021 so I will not be able to attend. I will see you guys in November.

Is anyone doing direct mail here in Wilmington? I'm about to dip my toes into the machine! 

@Pearce Trenary, I don’t want to sound like a broken record but I would go with the market you are the most comfortable with and have the highest probability of success. All these returns look great to me so why wouldn’t you jump into the market you are most familiar with and try to buy 2-3 of them?

Side note don’t forget it’s been a while since the NC coast was crushed by a major hurricane. People tend to forget how bad the outer banks does in that situation.

Join us on the first Tuesday of every month at Waterline Brewing Company at 7:00pm! This is an informal networking event, and our hope is provide an opportunity to connect with other investors in Wilmington, NC and surrounding areas. Whether you have tons of experience or no experience, all are welcome! Waterline is providing pizza for us!

Just FYI someone hacked my Facebook account and deleted everything so please let the people in the FB group know. Unfortunately the group was deleted as well!

@Chanakya J.

My last 2 deals were owner financed. In both situations I didn’t have to convince the seller to owner finance they already knew they wanted to and had terms in mind. That being said the beautiful part about owner financing is building a situation that best serves both parties. I typically start with “would you be interested in taking payments” and let the owner talk. I buy for cashflow so I like negotiating the lowest payment possible. Purchase price and interest rate doesn’t matter if someone else is paying for it.

@Jason Coleman, 1st Tuesday of the month at Waterline Brewing Company! 7pm!

@Lee Boxer, yes it is!

Anyone coming out this week? I messed up the time on the event it starts at 7:00pm like normal just FYI.