All Forum Posts by: Sarah Kensinger

Tampa is one area, and you should connect with @Andrew Steffens who operates there. Destin to 30A is pretty good as well, specifically Miramar Beach. I also have a realtor there I can connect you with!

@Jeff Chisum Is another lender that can help you with a vacation home loan. It will be hard to find a condo that is warrantable but there may be a couple still in the PCB area. Depending on the returns you're looking for in a STR, Destin may be a better area for you. PCB is great, but the returns are higher further west on the coast. If you decide to look around the Destin area, I have a wonderful realtor I can connect you with!

All depends on your goals and if self-management is for you. Some people find they just don't like hosting a STR, or it takes far more time than what they have. Definitely don't go with Evolve or Vacasa! If you need a PM company you want one that is local...like @Andrew Steffens

Quote from @Jeff Ebert:

Quote from @Sarah Kensinger:

I would love to hear what you're doing? Sounds interesting! 

So far I’ve just been updating the aesthetics-modernizing so I can charge accordingly once March hits…trying not to discount too much in this low season cause I don’t want the wrong guests (partiers).I’m interested in hearing from ya’ll too though!

You definitely don't want to lower prices too much! It can actually work against you because people wonder why the property is so cheap and won't book. We would entertain turning the property into a MTR in the off-season, market to previous guests with a lower price than the high season, add off-season amenities according to where the property is located, and other similar ideas. I love your attitude that you're going to change the off-season expectations for your STR! Keep up that attitude and you'll see changes happen!

No saturation at all because Arkon is not a huge STR market. Depending on the neighborhood and how you design and market your property, will depend on the STR revenue. For your location, I would highly highly recommend you do MTR in the property, and establish a relationship with the hospital so they know you have lodging for traveling medical professionals. I do wonder at your monthly PITI and I'm suspicious the home is not in the best of neighborhoods.

Akron is working on setting up a permitting process for STR, but it has taken longer than what was expected. If you call the city and ask about STR permit they can give you an update on what is happening so you can plan ahead for that.

I know the Akron STR market, so if you have any more questions feel free to reach out!

I wonder if you could raise you monthly rate to cover higher utilities bills, then like others have mentioned it would all average out. I would definitely install a smart thermostat asap!

We haven't done this yet, but I've heard several people say to hire professionals to install a playground. Then if an accident happens it wasn't a DIY project by the homeowner. Plus, if you have the correct asset protection and Proper Insurance coverage, you should be fine if something happens.

Quote from @Richard Elvin:

As @Sarah Kensinger said, "Yep, BP is beyond back and further on this topic and unfortunately a lot if it is wildly inaccurate!". This is true about almost any strategy on BP. lol

Since there is a lot of back and forth advice, I pay close attention to whom is posting what and look for trends, ie, where in their real estate journey is the person who's sharing their opinion? Is their journey the strategy I am wanting to implement?
Those two questions help me filter through the random, and sometimes contradictory, opinions here, and elsewhere for that matter.

What I have found, as a general rule, is the people that are in the planning stages, ie, they don't actually own anything, are the one's pushing LLCs and "asset protection plans" that border on the insane. (Analysis Paralysis maybe?) Their understanding of real estate is typically limited to what some youtube influencer has said on the subject. 

Most of the posts in this thread are by people that own a substantial amount of property and are successful at what they do, probably not as flashy (I don't know any of them IRL) as YT influencers, but they are where I want to get to. Personally I would (and have for a couple of them) ask for their opinion and would take that to the bank. 

It goes back to the idea to “Never take advice from someone you wouldn’t trade places with.” -Darren Hardy (per Google). 

The best advice on being a YT influencer would be from a YT influencer. The best advice on real estate strategies, is from people that are already where I want to get to. Not to say I don't consider all advice, everyone had to start somewhere, but the advice from someone that is " where I want to get to" is the advice I'll lean on heavily. Also not to say every YT'er is only an influencer, but it can be hard sometimes to tell if they are legit or just really good marketers.

@Amit Shukla I realize you already summarized this, but hope this is helpful to anyone reading through this thread. 

That's what I love about Anderson Business Advisors....major real estate investors that are attorneys, helping start-up or well-established real estate investors. They have been a huge benefit to us and a great asset to have on hand!

Quote from @Jonathan Foux:

@Lauren Perry thanks so much. I will connect. It is much appreciated. 

@Sarah Kensinger you really are fantastic. Thanks for the recommendation. 

Sure, anytime!

Yep, BP is beyond back and further on this topic and unfortunately a lot if it is wildly inaccurate! I would suggest taking a bit of time and go through some educational videos on Anderson Business Advisors YouTube channel, as well as Clint Coons channel. I don't even have my personal home out in the wide open for everyone to know what I own! If you're dealing with people, it's best to be simplified but smart. I could answer all your questions but just check out the YouTube channels, it's all on there as well. One day you may thank yourself for taking the time to learn from an attorney!