Official Rental Property Thread

[CBalla]

Anyone on here own rental property?

Figured thecoli could use this thread, we already have a coli investing discord where we can discuss this topic in real time (hmu if interested)

Drop some gems if you have any.


My first gem is that I am about to use onenote + property management company to run the rental property business from my iphone.

I have access to every bit of info in my Onenote that I need: past businesses records, financial projections, contacts, goals, you name it I got it.

 

[OfTheCross]

I live in mine so my life isn't complicated. Neither tenant is in town very often, 1 is travel nursing and the other is driving trucks. If there's anything I'd recommend is get you some tenants like that. They cost nothing and pay on time.

 

[CBalla]

I live in mine so my life isn't complicated. Neither tenant is in town very often, 1 is travel nursing and the other is driving trucks. If there's anything I'd recommend is get you some tenants like that. They cost nothing and pay on time.

are you interested in expanding your operation one day?

 

[OfTheCross]

are you interested in expanding your operation one day?

Definitely. In the next 24 months realistically. At that point my sister and I should be free to invest. I honestly just wanted 1 more property, but if my siblings all agree we can do many more.

 

[CBalla]

Definitely. In the next 24 months realistically. At that point my sister and I should be free to invest. I honestly just wanted 1 more property, but if my siblings all agree we can do many more.

Do you use any helpful software?

How do you handle paying the irs?

 

[jaydolf spitler]

I have a beach condo I have been renting out since last August. List it on airbnb, vrbo, houfy, and set up a direct booking website. Has been a nice investment journey so far. Just dealing with these hurricanes lately

 

[CBalla]

I have a beach condo I have been renting out since last August. List it on airbnb, vrbo, houfy, and set up a direct booking website. Has been a nice investment journey so far. Just dealing with these hurricanes lately

Whats the monthly revenue on that thing look like?

Anything interesting you learned since starting the airbnb journey that most people dont know?

 

[jaydolf spitler]

Whats the monthly revenue on that thing look like?

Anything interesting you learned since starting the airbnb journey that most people dont know?

Bought and started renting it out in August of 2021.

Overall if you divide our revenue over amount of months in business it breaks down to like $3k averaged monthly but it is seasonal so when it's busy we make like $5k-$7k

It's seasonal with our bookings dropping off a bit in the winter.

When it's busy it can be like $5k to $7k a month and get great reviews.

We hit a lull recently with Hurrican ian and Nicole so we blocked off our calendar to do some maintenance but we have since opened it up again.

I work in advertising tho so I broke down our target demographics and wrote tailored ads to each one recently using a lot of the stuff people were saying in our reviews).

Ran them for like one week and got 2 more bookings pretty quick. I think they have been performing well.

The condo pays for itself and gives us a great vacation home to escape to whenever we want

 

[-DMP-]

I have a single family home I rent out. I have a property manger so I’m hands off and just collect my pay out every month.

I want a multi family property in the next couple of years.

 

[Disclosure]

the problem with landlordism is eventually you run out of other people's money

 

[CBalla]

Bought and started renting it out in August of 2021.

Overall if you divide our revenue over amount of months in business it breaks down to like $3k averaged monthly but it is seasonal so when it's busy we make like $5k-$7k

It's seasonal with our bookings dropping off a bit in the winter.

When it's busy it can be like $5k to $7k a month and get great reviews.

We hit a lull recently with Hurrican ian and Nicole so we blocked off our calendar to do some maintenance but we have since opened it up again.

I work in advertising tho so I broke down our target demographics and wrote tailored ads to each one recently using a lot of the stuff people were saying in our reviews).

Ran them for like one week and got 2 more bookings pretty quick. I think they have been performing well.

The condo pays for itself and gives us a great vacation home to escape to whenever we want

what were the target demographics?

 

[jaydolf spitler]

what were the target demographics?

Young families
Snowbirds
Surfing enthusiasts
Nature lovers

 

[CBalla]

Young families
Snowbirds
Surfing enthusiasts
Nature lovers

How were you able to figure out those were your target demos?

 

[jaydolf spitler]

How were you able to figure out those were your target demos?

Young families mainly because we have kids of our own so we already had baby stuff like pack n plays there and kids toys. Also this demographic is most likely not going to include people wanting to throw ragers that could damage the house. We also have hosted several who had great things to say about how well stocked we are for traveling parents with young kids

Surfers and Fishing enthusiasts cuz we are beachfront and also have river access just across the street so it makes sense to market to people looking to do these things. Doing it to build data on the performance and figure out if this is a lucrative segment. Our condo is near one of the top surfing areas (Ponce Inlet, FL)

Snowbirds because we have hosted several so far and they all love the spot to come to when it gets too cold in NY.

Nature enthusiasts since we have beaches with abundant wildlife, rivers, canaveral national seashore and more so want to see how those perform to see if it's another viable guest type

 

[CBalla]

Just got a rough quote of 10-12k to do vinyl siding on a small house