All Forum Posts by: Trent Reeve

I am in the process of starting a short term rental consulting company offering the services of str marketing strategies, how to manage your own rental, how to find the right property management company, finding the right str home, knowledge in real estate (podcasts, books, videos, and surface level alternative forms of investing in real estates besides strs), and then a package of pretty much everything a-z from finding a home, to managing or finding a management company, marketing it, to software, tech, and security etc. I have a main goal of wanting to build connections as I am finishing up school so my strategy would be to partner with agents where they sent their investors to me to get them the property, I take my cut and provide any services they would like, and send them back to the agent to follow through with their deal. So both sides are benefiting I am getting a lead, the agent isn't dealing with finding a house and doing market research on strs, and the buyer is getting a property from someone educated in the industry. Do you guys think there is a need for this? I run into countless agents who just aren't as knowledgeable in the re investment market as many investors would like. Let me know thoughts. Thank you!

If it weren't new carpet, it would be an easier choice...but I'd say keep the carpet for a few years. It is ok to have in the bedrooms anyway, nice on the feet in the mornings. And you'll need all the profit you can get since you're starting out new.

Quote from @Kerry Baird:

I’m operating on the East coast of Florida, and am filling my calendar for the rest of the year. Quite a few folks who had booked on the SW coast are looking to book with us on the other side. This has been the quietest time of year for me (since 2019 when I started…not a lot of history, to speak of).

Hi Kerry, I'm new to STR (we are almost done building a beach home in Manzanita, OR) and your comment made me curious. Why are people changing from SW Florida coast to the eastern coast instead? I ask because I've had a huge desire to find a home in Destin. (I'm a southern California native who has been dying from all the rain here in Oregon, so I dream daily of any sunny coast.) However, I hear Destin may not be the ideal place for a STR??
Thank you for any input - I appreciate it!

Quote from @John Underwood:

Foremost had a better policy than Cbiz or Proper for me. They even cover my boat dock. 

Thanks I'm reaching out to them now for a quote. So far I'm seeking quotes from Proper, CBIZ, Foremost, and a couple local brokers. None of the national carriers (travelers, Alstate, American Modern, or Statefarm) insure STR or property in FL... very odd. Goes to show the industry is all about the insurance company and not the insured.

My assumption is the profit of ABNB justifies the premium. 

This property is in Largo, not beach front, roughly 5-7 miles from any coastline and no history of hurricane damage. Just a plane old SFH with a pool.

We are closing on a beach condo in Orange Beach AL on 11/15.  The previous owners have a snow bird booked from 12/20-3/10 which I understand we don’t have to honor. The rate is pretty good for a snow bird and considering keeping it. My concern is that I won’t have time to book many short term rentals until after the stay and how that might delay boosting rankings,etc on Airbnb/Vrbo. 

Thoughts/advice?

Quote from @Alexander Knowles:

Myrtle Beach! ..... 73 degrees year-round. 

Let's not oversell the place.  I live just south of MB in the offseason and had a pipe burst when the temps fell into the 20s last winter.  On the upside, there are plenty of people moving into the area.  The new take on an old joke is that there are so many people moving to Mrytle Beach that it's now the second biggest city in New Jersey.

Myrtle Beach! 20M visitors per year, very landlord friendly, zoned correctly in areas for STRs (likelihood of this changing is very low), 73 degrees year-round. Sticking points to consider: the higher property tax rate for being an investment property and insurance costs (wind, hail and flood) are the two most significant expenses we are seeing right now depending on if you go SFH or the condo route.

We are finishing up one of our infamous Jess and Jerryll flips, for a short term rental. $10K/month.

What people need to understand is that people pay for the experience, the priceless memories made. If you really want top dollar, it has a lot to do with the experience you can provide them. If you truly want them to experience something special, you need to offer at LEAST more what they would probably have in their own house.

Those smaller things like TV's make a big difference, even if no one watches TVs. If I walk into a hotel room, or AirBnB and I see a cheap TV, cheap finishes, it immediately ruins the experience for me. It doesn't matter if no one watches TV. If I pay that kind of money, I want to see it in the room even if I am not going to use it.

Stock the pantries with non-persihable items like coke cans, snacks etc. And they can take it and replace it when they leave, or they are charged for it.

We are considering telling tenants, EVERYTHING (within reason) is for sale.. and your card will automatically be charged (double) the price. So let them take the gadgets. We buy 2 more for every one they take.

Not sure how to incorporate this but it is something we are figuring out now.

But yes, go all out with not just the phisical experince of the place but also with service. We are even going that far by planting bue berry bushes, strawberries, so they can get fresh berries in the yard. We address every single detail. Reviews are BIG when it comes to keeping your rooms rented.

And yes we make everything smart! 

It gives an unparalleled WOW experience which makes people write lengthy reviews. Worth it!

I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.

I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.