Mountain Vacation Rental Development

[Christian Pirotte]

I'm currently located in Tacoma, Wa, which happens to be one of the hottest markets in the country at the moment. Haven't had any luck finding a MF to house hack as I'm either out bid or the numbers just aren't meeting my goals due to the inflated market up here vs comparable rents. I think it is starting to make more sense to rent and purchase a second home locally so I can still take advantage of the residential rate, with the plan to STR the property after the seasoning period. Specifically, I've been looking at land in the local mountains to build a cabin on. I'm interested in any opinions, literature, or guidance on this course of action--particularly any pit falls. I have a lender and contractor lined up and have done an initial analysis and it looks great via comps, but this type of investment would be a first for me, so I'm doing my due diligence.