All Forum Posts by: Robert Finn

Driving for contractors method! When looking to add another crew in rotation, we tend to drive the neighborhoods we are looking to invest in and speaking to contractors on pending projects. Most likely they will be receptive to an introduction and you'll also get to see how the progress is going. Deep discounts on acquisitions should be the focus as pricing for good contractors will most likely be on the higher end. 

@Tara Stivers I’m also here in Orlando for the conference! Across my portfolio we are right around 73% in October. MTR does well here with savings on HOT tax, stay extensions, management fees,and turnover! 

In San Antonio TX, your STR permit is good for 3 years after its activated. Here we look for deals that check both the STR/MTR box and market accordingly. Desirable rental properties (pool, 4 bedrooms no HOA etc.), in demand driving areas (tourist attractions, universities, hospitals, military), with multiple investment strategies will keep you in the game!

Guest engagement will keep your STR's occupied more than your competition! Pre arrival, mid stay temp check, post stay follow up. Also, extending return stay "specials" to keep your repeat guests coming back and also telling their friends. The review and referral formula will separate you from the competition! BP is a great resource to help find the right market and analyze deals! Typically I try and network with other owner operators to go over best practices and keep you monthly overhead down. Best of luck!!

100% agree! Here in San Antonio we have over 7k active STR permits less than 2% have a pool. It may be more of an initial investment starting up, but you'll find the odds are in your favor to stay occupied!

Great strategy! Exactly how I started here in San Antonio and scaled. Most of these multifamily units in town are old and have opportunity to add value. There are also many 2 bed 1 bath single family homes here that you can also reconfigure the footprint (extra bed/bath, garage conversion, ADU) while living in the home. Check with your lender on what how much rental income they can use for qualifying income, keep your w2, rinse and repeat!

@Account Closed yes, PM fees are in the 25% range here in San Antonio for STRs. Self managing is a must for me. 

I'm looking at small multifamily that have had longer days on market with an opportunity to value add. If you can include good terms within the offer (quicker close, shorter inspection period, pay closing fees, etc.) you may be able to get the purchase price much lower depending on the seller situation. Also consider multiple strategies (short term, mid term) on one unit and LTR the other. I'm currently using that strategy and have been exceeding the 1% rule consistently. 

I have 3 here in San Antonio TX, and 2 properties have stayed around 70% during the winter months the third has been 100% booked due to mid term stays. It's a great strategy during off peak! Throw in complimentary bi weekly housekeeping! This has been one of the services I add to set my self apart, and also get eyes on the property. We also have many attractions (theme parks, riverwalk, zoo, etc) here in San Antonio, so I throw in a package booking to draw in more inquiries which has also been helpful. Self managing and creativity has kept me in the game this off season. 

@Joe S. yes sir! Most mid term travelers are looking for a fully furnished home that fits within their monthly stipend. I've seen monthly stipends range from 1500-2800, specifically looking near the military bases, medical center, and airport.