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SVTPerformance's Chain of Restaurants
Road Side Pub
Vacation home rental?
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<blockquote data-quote="MG0h3" data-source="post: 16874611" data-attributes="member: 164690"><p>So property management on short term is typically 30%. Sometimes you see 25%. They will take all of your profit unless it’s just a stupid rental rate and cheap mortgage which is very unlikely. But this is a good way to start until you’re comfortable. </p><p></p><p>I kept the company that was managing mine prior to purchase. </p><p></p><p>Couple months in I created my own AirBNB and VRBO and listed it. I stole the pics from Zillow when it was listed for sale. </p><p></p><p>Nearly all of the prop managers reservations came through Airbnb and VRBO so a couple times I had people asking why there were two listings. </p><p></p><p>I overtook the prop management company in reservations after about 9 months. My reviews were better so my ad populated earlier in the search. </p><p></p><p>I kinda felt bad that I was blocking off the prop managers calendar as personal use nonstop so that they couldn’t rent it in order to rent it myself. I called the manager and told him what I was doing and that we should part ways because I was kinda screwing them. They don’t get paid at all when I’m renting it and I was still using their housekeeping service on the discounted “owner stay” rate. For whatever reason, he didn’t care and said they still wanted my account. </p><p></p><p>The pricing matrix on Airbnb and VRBO both suck. I used a 3rd party pricing service that overwrote AirBNB and VRBO. It would flex pricing daily based on availability and pricing in the region. </p><p></p><p>I elected to approve all requests manually. You can make it instant booking but no way. I’d read their reviews, check aged, etc. Only had a few bad tenants. Kids on spring break was an error even though I spoke with them and they promised they would keep it cool. Tagged them with $800 in repairs. Side note, AirBNB and VRBO don’t just jump on your side for damage claims. Then they basically depreciate whatever item was broken. </p><p></p><p>I’ll do it again in a heartbeat and sometimes regret selling my place but again, HOA was a disaster and I foresaw some hefty bills coming for pool repair, grounds upkeep, etc. Plus I figured the price jump would come back down to earth. Clipped 160k on 2yrs of ownership and just couldn’t pass after what happened in 08’. </p><p></p><p>I’d still recommend holding on a purchase to see what happens or at least be cautious and look for a deal. At least you have time to search. I’d go stay at the unit or complex that you’re considering buying in or nearby if it’s a standalone home. </p><p></p><p></p><p>Sent from my iPhone using svtperformance.com</p></blockquote><p></p>
[QUOTE="MG0h3, post: 16874611, member: 164690"] So property management on short term is typically 30%. Sometimes you see 25%. They will take all of your profit unless it’s just a stupid rental rate and cheap mortgage which is very unlikely. But this is a good way to start until you’re comfortable. I kept the company that was managing mine prior to purchase. Couple months in I created my own AirBNB and VRBO and listed it. I stole the pics from Zillow when it was listed for sale. Nearly all of the prop managers reservations came through Airbnb and VRBO so a couple times I had people asking why there were two listings. I overtook the prop management company in reservations after about 9 months. My reviews were better so my ad populated earlier in the search. I kinda felt bad that I was blocking off the prop managers calendar as personal use nonstop so that they couldn’t rent it in order to rent it myself. I called the manager and told him what I was doing and that we should part ways because I was kinda screwing them. They don’t get paid at all when I’m renting it and I was still using their housekeeping service on the discounted “owner stay” rate. For whatever reason, he didn’t care and said they still wanted my account. The pricing matrix on Airbnb and VRBO both suck. I used a 3rd party pricing service that overwrote AirBNB and VRBO. It would flex pricing daily based on availability and pricing in the region. I elected to approve all requests manually. You can make it instant booking but no way. I’d read their reviews, check aged, etc. Only had a few bad tenants. Kids on spring break was an error even though I spoke with them and they promised they would keep it cool. Tagged them with $800 in repairs. Side note, AirBNB and VRBO don’t just jump on your side for damage claims. Then they basically depreciate whatever item was broken. I’ll do it again in a heartbeat and sometimes regret selling my place but again, HOA was a disaster and I foresaw some hefty bills coming for pool repair, grounds upkeep, etc. Plus I figured the price jump would come back down to earth. Clipped 160k on 2yrs of ownership and just couldn’t pass after what happened in 08’. I’d still recommend holding on a purchase to see what happens or at least be cautious and look for a deal. At least you have time to search. I’d go stay at the unit or complex that you’re considering buying in or nearby if it’s a standalone home. Sent from my iPhone using svtperformance.com [/QUOTE]
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