All Forum Posts by: Trent Reeve
Trent Reeve has started 26 posts and replied 579 times.
Post: First Summer at VRBO Host-all good til the terrible guest leaves a mess for Maid
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @Mary Kaye pepperman:
How do you handle a guest who leaves the house a mess, smokes in the house and leaves the evidence when we have a clear rule of no smoking and enters a locked owners closet and takes items. We need one more 5 star review to get to premier host and based on the text message they thought house was lovely and had a great time? Do we wait for a review? Does insurance cover the extra cleaning costs or is this just part of it? How can I see the guests ranking in VRBO? Thanks from a Newbie!
Post: Distant STR ownership
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @John Underwood:
The only thing I could add to comments would be to look into a 10% down 2nd home loan. You would just need to use your 2nd home at least 14 days per year and can rent out the other days.
some lenders also require not turning over to a management company. you have to self manage
Post: Starting an adventure in Short Term Rentals
- Rental Property Investor
- Atlanta
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- Votes 523
speaking of furniture, it will get a lot of use so make sure it is solid and well made. even superglue some screws so they dont come out.
Post: Short term rental evaluation
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @Kevin Reinhardt:
@Trent Reeve
@January Johnson
Thanks for hijacking the post with your back and forth banter.
Post: Finding buyers for STR
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @John Underwood:
Zillow is free and how I sell my flips.
Projected sales are not as good as proven. Also a house is only worth what the comps say it is worth.
You might be able to get more than it is worth if you find a cash buyer willing to pay a premium.
this is my thinking. where does the projection come from? if it is offmarket and furnished, was it already being used as a STR and if so, was the previous history inline with the projections?
Post: Short term rental evaluation
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
When using Luke's Enemy Method, be sure and pay attention to which types of properties he recommends as "comps". Look for those with >100 reviews, not the newbies - just wanted to underscore that part. Good luck!
I would say though to also look at the newbies. You arent going to hit the ground running with zero reviews and zero repeat customers and be able to do as well as an established property with 100 reviews. Dont set yourself up for disappointment the first year if you cant hit what the 100 review property does.
That's not the point of the Enemy Method. Your "enemies" are the ones doing it right - the ones with great reviews and an experienced ADR. The newbies have no track record. Don't follow them.
Skate to where the puck is GOING, not where it's BEEN. ; )
i understand that. but no one can realistically expect to generate the same revenue as a property with 100+ reviews their 1st year. so should not rely on that estimate to start.
Do you also tell your kids not to aim high because they can't realistically ever do that well?
The Enemy Method is designed to give you something to aim at, not to dumb it down for newbies. Please investigate what we are advocating before you contradict it. You are still missing the entire point.
But pessimists are never disappointed....unless it turns out NOT to be as bad as they thought... ; )
sorry for helping someone new set realistic expectations. You can aim high, while having a realistic estimate that you can rely on. I understand the Enemy Method, ive mentioned it many time for people to use when they ask about how to estimate the value and numbers of a property. But as a new investor/host, they also need to make sure not to rely on the numbers of a property that is established, with many reviews and likely many repeat customers. They will have to build to it. I invested this year and while the numbers showed that if i knocked it out of the park, i could see $80-90k in rental a year. If i relied on those numbers right out of the gate and used those estimates in running my numbers, i might have gotten in way over my head. But it sounds like you are telling people, see what the property near you with 100+ reviews is doing and expect to see that in your first year.
sorry this triggered a nerve for you, but for many people risking their life savings into this type of investment, you can aim high with a goal, but also set realistic expectations to start with so you dont get into trouble and lose it all. forum boards like this are usually so that you can hear different opinions, research some and decide on what works for you. I'll know in the future to avoid quoting you.
That's not what I said at all. Sounds like you misinterpreted a lot, but your profile DOES say "new to real estate", so I'll let your mansplaining slide. ; )
maybe next time attack the post and not the poster
Post: Short term rental evaluation
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
When using Luke's Enemy Method, be sure and pay attention to which types of properties he recommends as "comps". Look for those with >100 reviews, not the newbies - just wanted to underscore that part. Good luck!
I would say though to also look at the newbies. You arent going to hit the ground running with zero reviews and zero repeat customers and be able to do as well as an established property with 100 reviews. Dont set yourself up for disappointment the first year if you cant hit what the 100 review property does.
That's not the point of the Enemy Method. Your "enemies" are the ones doing it right - the ones with great reviews and an experienced ADR. The newbies have no track record. Don't follow them.
Skate to where the puck is GOING, not where it's BEEN. ; )
i understand that. but no one can realistically expect to generate the same revenue as a property with 100+ reviews their 1st year. so should not rely on that estimate to start.
Do you also tell your kids not to aim high because they can't realistically ever do that well?
The Enemy Method is designed to give you something to aim at, not to dumb it down for newbies. Please investigate what we are advocating before you contradict it. You are still missing the entire point.
But pessimists are never disappointed....unless it turns out NOT to be as bad as they thought... ; )
sorry for helping someone new set realistic expectations. You can aim high, while having a realistic estimate that you can rely on. I understand the Enemy Method, ive mentioned it many time for people to use when they ask about how to estimate the value and numbers of a property. But as a new investor/host, they also need to make sure not to rely on the numbers of a property that is established, with many reviews and likely many repeat customers. They will have to build to it. I invested this year and while the numbers showed that if i knocked it out of the park, i could see $80-90k in rental a year. If i relied on those numbers right out of the gate and used those estimates in running my numbers, i might have gotten in way over my head. But it sounds like you are telling people, see what the property near you with 100+ reviews is doing and expect to see that in your first year.
sorry this triggered a nerve for you, but for many people risking their life savings into this type of investment, you can aim high with a goal, but also set realistic expectations to start with so you dont get into trouble and lose it all. forum boards like this are usually so that you can hear different opinions, research some and decide on what works for you. I'll know in the future to avoid quoting you.
Post: Short term rental evaluation
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @January Johnson:
Quote from @Trent Reeve:
Quote from @January Johnson:
When using Luke's Enemy Method, be sure and pay attention to which types of properties he recommends as "comps". Look for those with >100 reviews, not the newbies - just wanted to underscore that part. Good luck!
I would say though to also look at the newbies. You arent going to hit the ground running with zero reviews and zero repeat customers and be able to do as well as an established property with 100 reviews. Dont set yourself up for disappointment the first year if you cant hit what the 100 review property does.
That's not the point of the Enemy Method. Your "enemies" are the ones doing it right - the ones with great reviews and an experienced ADR. The newbies have no track record. Don't follow them.
Skate to where the puck is GOING, not where it's BEEN. ; )
i understand that. but no one can realistically expect to generate the same revenue as a property with 100+ reviews their 1st year. so should not rely on that estimate to start.
Post: Short term rental evaluation
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
Quote from @January Johnson:
When using Luke's Enemy Method, be sure and pay attention to which types of properties he recommends as "comps". Look for those with >100 reviews, not the newbies - just wanted to underscore that part. Good luck!
I would say though to also look at the newbies. You arent going to hit the ground running with zero reviews and zero repeat customers and be able to do as well as an established property with 100 reviews. Dont set yourself up for disappointment the first year if you cant hit what the 100 review property does.
Post: Book / Course recommendations to get a foundation for STR
- Rental Property Investor
- Atlanta
- Posts 588
- Votes 523
there are a bunch of good podcasts too. Short term rental shop, real estate rookies, bigger pockets, etc