STR in Snowshoe Mountain WV

Short-Term & Vacation Rental Discussions
7yFollow

STR in Snowshoe Mountain WV

EZ Hassan
Member since 2018 · 12 posts · 0 votes

I am new here and looking to start becoming a real estate investor. I started at looking condos in Snowshoe, WV and was wondering if anyone would share their experience. There are few options many of them very cheap ( 20K-50K) for a studio or one bedroom. I went and saw a few also looked at some "cash flow" sheets from the realtor most of them are about breaking even with the snowshoe rental program. Other who are doing VRBO or other private management company seem to be brining modest cash flow ( about $5000 on a 50K condo, or so after taxes/condo fees/utilities ..no repairs)...I was thinking of buying a cheap one (20K-40K) cash anyway since looking at zillow it looks like they are at the bottom price they have ever been and worest case scenario I break even and hopefully not lose much equity...what do you think?

0Reply
231 views

Most Popular Reply

James Fisher
Investor · Morgantown, WV · Member since 2016 · 43 posts · 17 votes
7y

The Aspen group recently purchased Snowshoe and are making some great improvements.  

HOWEVER - there is a reason the condos are priced so low.  Many owners that bought property there as an investment are willing to take a large loss just to get out from underneath it.  

HOAs fees are out of this world.  Special assessments almost a yearly thing and are usually several thousand dollars at a minimum.  Outside of the Snowshoe rental program - good luck finding anyone to do maintenance or clean after guests leave.  If you utilize the Snowshoe rental program you have no ability to screen guests - I've had owners tell me that they've had to replace every stick of furniture in their property after a poorly screened group destroyed everything.  Also, there are some weird cancellation/rescheduling rules with the Snowshoe program.

Personally, I think the only way that Snowshoe works as a rental is if you are an owner that plans on using the property all ski season except big holidays (Christmas, NYE, MLK, and President's Day).  Rent the property out yourself on the big holidays (not using the Snowshoe rental program) and make sure you visit the property enough to catch any needed maintenance.

2Reply
See this reply in the discussion

49 Replies

Jump to latestLatest
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    The mountain was closed for a while and maybe its a mixture of new bookings and a surge from people who would have been there before. 

    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    @Alex Forest it seems like no matter what, the owner would have to be involved to make it work. I'm just getting into it but I know if I just leave it up to a property manager that will not cut it at all. The average person would be underwater. Creative marketing, provide a great experience and keep them coming back. I think  you have to build up to getting good profit.

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Alex Forest 24k special assessment per unit? Did you mean 2.4k?

    1Reply
  • Alex Forest
    Rental Property Investor · Henrico, VA · Member since 2019 · 265 posts · 155 votes
    5y

    @Mark Cruse No, the realtor said $24k. It was for a full siding and windows replacement project that was not covered by HOA fees. He also said there shouldn't be another for 10 or 15 years as the roof, etc had been done so no others should be anticipated in near term. Other places may handle this different and include these costs in their HOA fee. For instance, if I recall, Mountain Lodge siding work was included already so no special assessment anticipated.

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Alex Forest I will check with the guy I acquired it from. I doubt if he would sell it to me for 85k if he just paid a 24k assessment. He has over 20 units and never would have had the ability to do that. I will let you know what he says. 

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    Seems like a 24k assessment would generate a mass foreclosure rate for the majority of the building. 

    1Reply
  • Alex Forest
    Rental Property Investor · Henrico, VA · Member since 2019 · 265 posts · 155 votes
    5y

    @Mark Cruse you are over in mountain lodge, right? Like I said, I'm not aware of any special assessment with that building. Its building and HOA specific. The one I mentioned was for powder ridge.

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    Oh ok, my bad. I thought you meant ML because we got that new siding and some windows. 

    0Reply
  • Alex Forest
    Rental Property Investor · Henrico, VA · Member since 2019 · 265 posts · 155 votes
    5y
    Originally posted by @Mark Cruse:

    Oh ok, my bad. I thought you meant ML because we got that new siding and some windows. 

     I can tell you've purchased a unit there.  Very focused on it and concerned about any potential surprises as a new owner, lol. :)  Im looking forward to seeing ML with all those improvements done. Should be a real nice place. I'm gettin antsy, want to go back to visit snowshoe again soon.

    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    Thanks. I will be back in Feb. I roll through a few times a year. If you come to ML I recommend unit 329, lol.

    1Reply
  • Brice Naylor
    Loveland, OH · Member since 2017 · 21 posts · 4 votes
    5y

    @Mark Cruse i’ve been thinking about getting a condo in snowshoe, as well. The guy that you said has 20 units, does he owner the units, or is he a manager? Would he work with other new owners?

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Brice Naylor yes, he would take on other clients. Yes, he owns and manages. Even through COVID my unit is moving very well. Most likely before February I will have enough revenue to float me the entire year! 

    1Reply
  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    5y

    @Mark Cruse Hey Mark I'm actually heading to Snowshoe next week for a little time on the slopes. Is your unit available next Monday the 18th through Thursday the 21st or Friday the 22nd by any chance? 

    If not, what about any of your friends units? Would love to help someone on BP rather than book one elsewhere.

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @brian Garrett 

    Man, the bookings have been off the charts for the winter season. WV just doesnt care about COVID at all lol. None of January is open. I have some in Feb and March is wide open. If you dont want to chose another date shoot me an email and I will connect you with my partner. 

    0Reply
  • Sonam Gill
    Rental Property Investor · San Francisco, CA · Member since 2019 · 16 posts · 14 votes
    4y

    Super interesting hearing about everyone's experiences. I am primarily a long term rental investor from California, and wanted to pick up a few STRs this year, and was looking at large single family homes in Snowshoe. 

    From the looks of AirDNA there are not as many large single family homes available on VRBO/AirBNB. The properties I am most interested in do not have HOA dues or the mountain assessment. Does anyone have advice for pursuing a property of this size, and their experience self-managing in Snowshoe? Some of the larger properties I have come across have been sitting on the market for a while, and if any insights on why that is that would also be helpful!

    0Reply
  • Erick Pinzon
    Investor · Virginia Beach · Member since 2019 · 46 posts · 15 votes
    4y

    I hope some of you bought 2-3 years ago. Property values are through the roof there. It's been the best investment we have made compared to all of our RE in Hampton Roads area of VA. Our $145k condo will net ~$20k in the current calendar year. We should have five by Summer. :-)

    0Reply
  • Peter Milligan
    New to Real Estate · Member since 2022 · 2 posts · 0 votes
    3y

    Hello, hope it is ok that I am commenting on this thread. New to Bigger Pockets and trying to figure out how it all works. I am currently looking into purchasing a property (SFH) in Slatyfork WV (Snowshoe). The AirDna numbers show really well, but I am a little nervous as when I look at the calendars in listings on Airbnb it seems like very little is booked. Is this market slowing down, or is it just a seasonal thing?
    Thank you for any information or insight! 

    0Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    3y

    When you say Slatyfork are you referring to the base of the mountain? It's a good climb (~15 min) from Slatyfork to the public parking for skiing/snowboarding.

    If the SFH is in North or South Westridge, you will have no problems with vacancy during ski season. Mountain bike season will be good as well. You may have vacancy in between... not much to do on the mountain late spring and early fall other than take in the beautiful views. The Raven golf course is open mid-May to mid-September.

    Gimer Law516 Reviews
    WebsiteView Page
    0Reply
  • Peter Milligan
    New to Real Estate · Member since 2022 · 2 posts · 0 votes
    3y

    Hi Tom, Thank you for the reply! Yes, the base of mtn less than two miles from the inn (where they have the free shuttle up the mtn during winter months). 
    I see some other properties per AIRDNA that do pretty well down the mtn, but was just trying to get feelers on if it is over saturated. This is our first investment property and we are trying to find a good location/price that will do well. 

    0Reply
  • Edith Lagunas
    Investor · Centreville, VA · Member since 2022 · 6 posts · 2 votes
    3y

    Hi Mark,

    I am looking at purchasing a condo in ML, Snow Shoe. It is way higher than when you purchased your property.

    Do you still one your property at ML?

    If you still own it, Do you mind sharing the contact information of the person that manages your property? 

    Does your property rent and profit? 

    I will be visiting this Sunday and wanted to get some input prior to committing to purchase.

    v/r

    Edith 

    1Reply
  • Erick Pinzon
    Investor · Virginia Beach · Member since 2019 · 46 posts · 15 votes
    3y

    We own a few units in Summit. PM me if you need any contractors/referrals. We have only been there two years but we've been done a lot.

    0Reply
  • Corey Gilroy
    Real Estate Agent · Arlington, VA · Member since 2019 · 45 posts · 13 votes
    3y

    @Edith Lagunas same exact boat as you over here

    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    3y
    Quote from @Edith Lagunas:

    Hi Mark,

    I am looking at purchasing a condo in ML, Snow Shoe. It is way higher than when you purchased your property.

    Do you still one your property at ML?

    If you still own it, Do you mind sharing the contact information of the person that manages your property? 

    Does your property rent and profit? 

    I will be visiting this Sunday and wanted to get some input prior to committing to purchase.

    v/r

    Edith 

    Hey there, I now own 2. Did so well that I pulled the equity out of one and acquired another. 

    Did you ever purchase. There are several property managers in ML to choose from. 


    0Reply
  • Edith Lagunas
    Investor · Centreville, VA · Member since 2022 · 6 posts · 2 votes
    3y

    I am looking in West Virginia near the woods resort. I may be very close to a deal.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free