All Forum Posts by: Sarah Kensinger

Quote from @Bruce Woodruff:

Quote from @Paul Meyer:

@Bruce Woodruff No one under 30? You must have a really hot property! lol. I think 25 is old. I think of people joining the military at 18. Mine's the basic 25 which I think if you can put down a deposit and 2 nights for like $2k you are probably responsible enough for the weekend. 

I would do 35 if I could. Too many potential issues with the younger crowd. I know....I'm generalizing, but.....

Yeah, like really?? Thank goodness hardly anyone does that because it would have knocked us out of the STR industry completely! We have 36 STR stays under our belts and in some cases left the properties in better shape than we found them since I'm a clean nut. And we still have several years to hit your age that you would like to have as the limit.

Quote from @Paul Meyer:

Well a presenter in VB said 2 night minimum. I use to get 1 nights a lot for two people home but I haven't gotten any and it's 400/night but I probably should keep it to 2. I just want to keep it booked.

I think I tried Proper and they wouldn't insure. My mobile home is built better than my parents stick built home. I just don't get it.  Ill look into those other services.

i guess I'm cancelling this 2 night booking. Sad I need the money it was a $160k Reno.

There's also Foremost, Erie, and Steadily, although you'll need to read the fine print of Steadily policies. Many STR hosts have found in the fine print their property was not covered at all because it was a STR.

Proper Insurance is the best out there for STR and covering party damages, but I'm not sure what they would think of a mobile home. It could be worth checking in to and then you'll have some peace of mind that any and all damages would be covered.

Another option is Waivo or Safely for guests' damage protection, and Safely does guest screening for you. You can add the per booking charge as a resort fee to each booking, then the guest is paying for the coverage not you.

Here are some people that would be great to tap into and learn all you can....

Thanks for Visiting with Annette and Sarah

Michael Sjogren

Bill Faeth

Natalie Palmer

Each of these people have great social media sites, YouTube channels, and podcasts. You can literally learn almost everything you need to know with all the value they put out!

Here are a few resources you can check out...

Michael and Elizabeth Chang in many ways are the leaders of STR arbitrage. They have some resources online and if your serious about creating a business model, their course may be a good option for you to go through.

Rob Abasolo, Biggerpockets own Robuilt, does some rental arbitrage. He doesn't talk about it extensively, but you'll probably find some info on his story through his YouTube channel. Lately, he's been saying it's a great way to start right now, due to interest rate and how much cash you need for a decent STR property.

Jake Mercer has been a frequent poster on this forum lately. Over the last several years he has built a successful STR arbitrage business and would a good contact to reach out to.

I can't tell you how many people do arbitrage and done well at it! In our STR mastermind there's a large percentage that do arbitrage on 1 or more units. Our group doesn't focus on that strategy, but it's great to hear of people that used it as a launch point to get started! Hope that helps!

Quote from @Tim J.:

I think this fad is mostly passe at this point.  

No, it's still full-fledged off this forum.

I'm wondering if you posted this in the wrong form.....

Also, you can find vacation markets that cash-flow, but you have to look for the golden nuggets in places that everyone else passes over.

Quote from @Jesse Poll:

It is extremely difficult to get a property to cashflow in Southern Utah if you are getting a loan. Many of the the STR's that are currently on the market are because they aren't cashflowing to pay the current mortgages.

I'm not saying that there aren't any that are cashflowing but many are not. 

@Sarah Kensinger I would love to chat with you about your company. 

Sure.....I DM you.

Quote from @Jason Reeder:

@Sarah Kensinger The 30% is due to the property being deemed a Condotel, where it operates similar to a hotel with full service, including changing out the soaps. There are AirBNBs all over the area. The Property is on a golf course and has a community pool. I'll DM you address. I'd love to see another perspective/analysis. Thanks for your time.

Sure, I can do that for you! I had wondered if it was a condotel/resort type place, so that would make sense. But 30% is still so high! We are a boutique style STR company, and we don't charge that much.

Reach out to some of the coaches in the STR Secrets Mastermind. They have been using it for years alongside their properties. I know there's some lenders on here that use Airdna for DSCR loans, so maybe they can give you a peace of mind with their long track record.

For some pointers....

--Airdna is proven to be the most accurate real time data software and the algorithm is constantly refining and making sure they pull the right data. If you want the most accurate numbers, do your research on a late Tuesday or Wednesday since data is updated every Tuesday.

--The following comps would not be the best to use...those with no reviews, brand-new listings, a listing that has two comps (you can thank the hosts that won't use a PMS for that :)), and listings with Airbnb are the most accurate since Airdna can pull data off them much easier then VRBO. I usually avoid the comps that only have a VRBO listing.

--Depending on the location, seasonality of the area, and amount of STR listings for that specific zip code, it can skew the numbers a bit. For example, people get confused in highly regulated areas saying the numbers are just so good. Yes, they usually are, but it's because there's a demand for STR but the supply has been capped due to regulations or an outright ban. Seasonality can really mess things up, because most people shut down in the off-season. So naturally that would make the projected numbers to high. Also, if there's is a limited number of STR in a popular tourist area, they get booked no matter how bad the listing looks! I love traveling all over the west, but the hosts out there are very guilty of this and since it's a limited supply it doesn't matter, they make plenty during the summer vacation months.

--There can be pockets of REALLY good areas in a large metro area or even near national parks. Sometimes all it takes is crossing a major 4 lane road or moving a couple miles in a different direction. Proximity is huge right now for guests and the numbers are proving that.

--Cleaning fees are included in the projected numbers of a property. The OTA drop all the money into one bank account, then the host disperses it out to cleaners, etc. So, when Airdna is pulling those numbers, they can't separate the cleaning fee from the income.

That's about all I can think of right now, hopefully that helps. If you want to learn more about the innerworkings of Airdna here is their Youtube Channel. I have sat through many live webinars, some have even been with a founder, were they explained how they get the numbers they do and we were able to ask questions. Unfortunately, I can't share the replays of those, but this not a fly by night software that is pulling numbers out of thin air. If you learn how to use Airdna, just like any other software it can be a great asset.