All Forum Posts by: Richard Ibeh

@Matthew Vahabzadeh
1. PM me for Channel Manager names.

2. Dynamic tools are good but it will never trump your local knowledge. Also, those tools group all bedrooms the same meaning if I'm on the beach with a waterfront view and you are 5 blocks away facing the garbage it will tell me to lower my price to be competitive. They are also not in tune with local events specific to your area.

3. As you grow you can look into investing rental management software to manage all properties on one dashboard and automate some of the tedious task.

@Paige Feddersohn Few things to point out.

1. $700 HOA fee is way too high to be profitable as a short-term rental or long term regardless of the amenities at the building. If you factor in a Property Manager, Utilities, Worn/Tear and Mortgage you will more than likely be in the negative.

2. If still interested I would ask the realtor for the bylaws of the building. Condos typically require 30-night minimum or 2-6 rentals per year. It is usually the condo-hotels that allow daily rental and a few other buildings.

3. Personally, I would look at Fort Lauderdale or Hollywood beach and invest in a Single Family home. You get more bang for your buck because the purchase prices are lower and you can command the same rates as Miami. Both cities allow vacation rentals once you are registered. If SFH is too much work to manage you can look at some really nice townhomes as well.

Any other questions feel free to message me. I've dealt with every jurisdiction in South FL and was one of those who had fines up to 100k operating illegally so I've got alot of skin in the short term rental game lol.

@Peter Milic I always call a security company who come locked and loaded to remove guest. Always make sure you have an agreement with every guest which covers your terms of eviction: Drugs, parties, exceeding occupancy etc.

I personally don't like to call the police as I don't like attention drawn to any property I manage but will contact them if the security team is not within reach.

@Ryan Smith another option would be to hire a manager on a month to month contract until you get your team setup. Better to make some money than no money. Hiring a good housekeeper sounds easy in every post but it normally takes alot of firing/hiring to find the right person. Some cleaners only know cleaning and that's it so you'll definitely have to be hands-on in the beginning until you feel comfortable being hands off.

@Account Closed Personally no. My cleaners know the clean rate and receive their deposit two days after they confirm it's clean. I require timestamp photos of each area of the house. Only if I happen to forget which is rare they'll send an invoice for any payments missing.

@Nancy Bachety take look at https://www.orbirental.com/. They are on the rise and they cover all aspects needed to self-manage. Personally never signed up with them because I needed a built-in accounting feature to bill clients/handle taxes but the feedback/reviews have all been 5 stars so far.

@Kerry Mertz Hi Kerry, Evolve is not a full-service management which it seems you require. They handle reservations/marketing and contract out the "boots on the ground" if you can't find your own handymen etc. So even though it is 10% commission the inspectors/handymen will be costly when you add up all their service calls for guests issues/inspections etc.

Vacasa(largest VR company in the nation) may service your area as well as Turnkey Vacation Rentals(my previous company). They have the lowest commission fees due to their bulk of homes nationwide.  

Ultimately you will make more doing it by yourself but be prepared for a lifestyle change as you will be glued to your phone/computer everyday communicating with guests especially in season.

@Cosmo Iannopollo I guess i'll reinforce everyone's comments.

1. Verify rules/regulations - some areas do not allow rentals or have ridiculous requirements(only rent 6 times a year).

2. Research the rates in your area - click glimpse on VRBO/Airbnb and look at similar homes in your area and see what the average rates are. This will give you an idea of what people are paying as well as will these rates cover your monthly operating costs.

3. Self-Manage or Hire PM - If you're out of town a PM is the most convenient way but need to make sure their fees are not too high and you will actually benefit from using them. Some suggest hiring a cleaning lady to be a PM but you will have to go through quite a few to find one trustworthy enough to manage your entire asset.

4. Experience - what can you do to create an experience for guests other than just a clean home that will bring them back again and again?

5. Invest in good photography - that alone makes a big difference.

6. Age - (prefer 25 and older)

7. Locals - I restrict locals from renting due to party concerns.

Hope that helps.

@Syed Lateef Hi Syed. I should be available that week. Previously managed over 100+ rentals in South FL through very large management team but out of commission until I setup my own company. Happy to share any info you need.

@Dave Anderson chiming in here. I HIGHLY doubt they grossed 92k. Reason being is because they have so many rentals in that area that the competition has pushed rental rates significantly down. I would say around 60k which is still good.

If you are self-managing you will make good income but self-managing the fees will eat away your profit. I have a great realtor in that area if you need more advice. She has sold the majority of the units in Emerald Island/Windsor Hills. I know this because I was going to invest in a unit in Emerald Island but business shifted elsewhere.

And yes, the community promotes short-term rentals. They have zero restrictions on nightly stays.