All Forum Posts by: Sarah Kensinger

Quote from @Austin Soldano:

Quote from @Sarah Kensinger:

Sorry, there weren't more suggestions for you! Here are a few things we do....

~Build relationships with realtors in the areas we're focusing on. We underwrite STR for their clients, so they have hard numbers to give and doing so we'll trade clients.

~Social media, Biggerpockets, etc

~Real Estate meetups

~Talk with people, spread the word about what you're doing!

~Go to conferences and network

You can definitely go outside your local area! Decide what your circle of reach well be and start making and building connections.

 Thanks a ton Sarah! Which states do you lend in? Could be a great connection for clients if I have some wanting to do Airbnb.

We tend to hit the areas in our name. :) We're located in Ohio, so there's certain places here we do if the numbers make sense. But we are getting into some vacation markets out west and later we want to get in FL., particularly the panhandle.

Quote from @Andrew Steffens:

Quote from @Sarah Kensinger:

I start with looking up the property's potential revenue. I would put the address through Aridna's rentalizer (which is free) and Rabbu (which is also free). If you really want to dial in your possible revenue and see your competitors, you could purchase the data of the zip code you're looking to buy in. 

As for the monthly bills I would start making some phone calls to the area utility companies or talking to a knowledgeable realtor. Zillow listings usually have the previous year's tax info and I believe most homes would have 3% of the monthly revenue allotted to maintenance. But of course, if things are kept up with there shouldn't be too much maintenance. Depending on the size of the property supplies would be $100-200 a month, and you would need to decide a PM or if you would self-manage. 

We use an analyzer to underwrite properties, but I know a lot of people do it on paper or through a spread sheet. If there's anything I can help you with feel free to reach out!

 I commented this on your other post but will repost here to make sure you saw it, and maybe help someone searching in the future:

Sure, I use AirDNA as a starting point. They have a tool called Rentalizer. It is free, however the free version will simply spit out a number which some sort of algorithmic average of the closest comps. It can at be times be very accurate, or very inaccurate. I have a the paid version which actually shows me the comps so I can more accurately look at them and take in the ones that are closest to the subject property and throw out the others. From there, typically I have real world numbers from similar homes we manage as we have many all over the Tampa area so I sort of take all that data in and assign a range.

Yes, I highly recommend purchasing the data for the area people are interested in.

Sorry, there weren't more suggestions for you! Here are a few things we do....

~Build relationships with realtors in the areas we're focusing on. We underwrite STR for their clients, so they have hard numbers to give and doing so we'll trade clients.

~Social media, Biggerpockets, etc

~Real Estate meetups

~Talk with people, spread the word about what you're doing!

~Go to conferences and network

You can definitely go outside your local area! Decide what your circle of reach well be and start making and building connections.

It affects them pretty good, because people go off reviews and reviews affect where your listing falls within the OTA. As someone who has stayed at 35 STR in the last 6 years, I appreciate and want honest reviews of a property before I book the place. Be nice and respectful, but please share an honest review of the property! Maybe they'll clean it up if enough people leave "bad" reviews.

We almost purchased a 2/2 condo in Sandestin earlier this year. Our realtor wouldn't even let us look at studios and was very hesitant over 1-bedroom condos. Most people looking to travel to the area want 2+ bedrooms or at least a bedroom and bunks. When I did the "enemy method" I noticed on the OTA that studios always had nearly wide-open calendars and selling them is near impossible! Maybe things have changed in 6+ months, but we found the numbers on studios were pretty tight. Once you started adding bedrooms, the cash flow started flowing in the right direction.

You have been given some great ideas, but I want to throw out one more. :) 

If you have lots of "wow look at all these amenities" the dated kitchen gets overlooked. That is a STR interior design trick when an owner doesn't want to spend $----- on a kitchen or whatever it may be.

Also, you said your avatar is generational family reunions. That answers your question between option 2 or 3. What do you think children and even adults of all ages would enjoy the most!

@Lauren Kormylo gave all the suggestions I would have, but I'll also add that VRBO pushes listings that have 30+ photos closer to the top of the list.

I'm pretty sure Ft. Lauderdale has some hard STR regulations. You have a good idea, but I do wonder if it would be easier for you to rent a place on Furnish Finder during the time you're in the area.

The easiest way to decide where to have a STR, is asking yourself where you enjoy traveling too.

As for the percentage of what a PM would take....the best is 20-25% without any other added fees unless they want you to help pay for software etc. For the most part companies that charge 10-15%, usually aren't doing what they should be.

I start with looking up the property's potential revenue. I would put the address through Aridna's rentalizer (which is free) and Rabbu (which is also free). If you really want to dial in your possible revenue and see your competitors, you could purchase the data of the zip code you're looking to buy in. 

As for the monthly bills I would start making some phone calls to the area utility companies or talking to a knowledgeable realtor. Zillow listings usually have the previous year's tax info and I believe most homes would have 3% of the monthly revenue allotted to maintenance. But of course, if things are kept up with there shouldn't be too much maintenance. Depending on the size of the property supplies would be $100-200 a month, and you would need to decide a PM or if you would self-manage. 

We use an analyzer to underwrite properties, but I know a lot of people do it on paper or through a spread sheet. If there's anything I can help you with feel free to reach out!