Short Term Rental Investor / Creator
@StrMason
STR creator seeking others who do same. Gulf Shores, AL, now, but looking toward Moab UT and Florida Keys opps.
Was dir gefallen könnte
About ~5 months ago I started cold calling self-storage owners in search of my first deal and today I put my first deal under contract (off-market from a cold call)! It's a small deal in just outside of a top 10 MSA. Will share more upon closing, but here are the highlights:
I bought 5 cash flowing businesses in less than 4 years I spent less than $50K of my own money to make it happen Not a single bank loan Here’s How 🧵:
To survive the tumultuous world of real estate, we need to operate from first principles Here’s a few of our core beliefs:
Real estate is one of the most tax advantaged investment strategies out there. Real estate pros buy property using leverage and bonus depreciate to perpetually defer taxes. This strategy is typically available for pros and not ordinary LPs. Short Term Rentals fix this: 🧵👇🏼
We inspect every single unit we manage (all 615 of them) quarterly. ➞Change HVAC filter ➞Check/service all detectors (smoke & CO) ➞Quick inspection for unapproved pets, occupants, tenant damage ➞Quick inspection for req'd maintenance You'd be AMAZED the stuff we find.
What’s wrong with this picture?
Undoubtedly the highest ROI I've ever had on any investment is on my battery tester.
We don’t negotiate with sellers anymore. Our first offer is our final offer. Why? The more you try to be nice and give the more they want to take.
Probably the most important lesson I’ve learned from ReTwit: The highest ROI deals are ones where you can drive NOI growth with operational / pricing improvements, rather than with CapEx. H/t to @sweatystartup, @fortworthchris, @realEstateTrent and others
STR on the Gulf Coast needs a new roof. Metal roof costs more than twice as much but saves on electric every summer. Those savings won't pay off the roof for 12-16 years. I'm buy and hold. Torn on this one.
One of my goals for 2022 is to acquire some land and start on my first ground up build this year. #retwit do you have any recommended reading for someone who has never done a ground up build before?
Personally, I feel having a "Vacasa" or other PM sign in front of the house cheapens it. The unique property should be the unique brand.
The cost of hurricane shutters is 18K on a 705K house. But we're paying 7K annually for insurance. Part of me thinks: let it blow down then rebuild. Time to rebuild is key, tho, in lost STR income. #coastalalabama
I can't stress it enough. Spend money upfront updating your furniture/decor/amenities in your STR prior to listing. One poperty we took over was doing $224 ADR w/ previous owner. We updated all furniture, put in new decor, and updates old amenities. We now command $351 ADR! 💰
People ask me "You live in Orlando, why don't you buy STRs by Disney?" Too much institutional capital! I'd rather compete with John Doe who took blurry listing photos with his iPhone 6 camera. I like my chances here better👇👇👇
◾️STR Tip Of The Day 📝 When gauging your pricing, see how your occupancy looks compared to your market comps. If you are way ahead in bookings, your prices are too low. If you are less occupied, your prices are too high. We adjust our prices 2-3x a week based on supply/demand!
Orphan Nights Avoiding Orphan nights can add thousands of dollars in revenue to your listing. When someone books, go to the following day on the calendar and set the minimum to 99 nights. This will help you avoid Orphan nights and increase occupancy 11/
Just read the used car market is finally cooling. STRs are next.
If you really want to know what's going on in a house & how it's been maintained, knock on the doors of neighbors. Say you're buying the place next door. Smile & listen. Bonus: if you're really lucky, you'll uncover new deals. Just happened to me.
My property manager predicted income on a property well above what models suggest. I said: Let's add to the contract a $2K bonus if hit that number, and add 2% to your fee for all $ in excess of that number.
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