Investor · Latonia, KY · Member since 2012 · 107 posts · 50 votes
So we're getting geared up to move our real estate investing to STRs in the GB/PF area. We've visited this area for over 30 years so I'm pretty familiar with the lay of the land. I did have a few questions about some of the details.
I've heard that some HOAs or developments only allow you to rent through their own management company. Is there a list or something so I can eliminate those?
The prices of the area have gone straight up in the last two years. Is there still plenty of money to be made STRing a 650K 3bedroom premium cabin (log cabin build, wood everywhere/minimal sheetrock, hot tub, very nice)? I've read the forums and talked with some people who have cabins there but it seems like they were all there before the spike in prices.
I feel like I've read everything I can, watched all of the Short Term Shop videos, and am ready to pull the trigger but just want to make sure.
Welcome to the area. I think you’ve done all the research and found the right realtor who will know if the community requires their management company to manage. But you always want to trust, then validate, no matter what the question is. Google the community, look up their website, call them and ask. Expect to do legwork and you’ll be ready.
Welcome to the area. I think you’ve done all the research and found the right realtor who will know if the community requires their management company to manage. But you always want to trust, then validate, no matter what the question is. Google the community, look up their website, call them and ask. Expect to do legwork and you’ll be ready.
There are very few areas you can’t self manage. So few you really don’t need to know about them as they won’t come up. I’ve been buying here since ‘15 and the only one I remember is hidden mountain east. Ask tour agent to be sure.
As far as prices -this is a long conversation that is open to interpretation. Purchase prices are going up daily but so are nightly rates. I’m getting on a Tuesday in March what I used to get at Christmas. I don’t have a crystal ball but I think they’re going to keep going up.
The hard part seems to be finding them. Although I have not bought in 4 months and I’m not on the sales side I’d things. I really had no problem finding a winner last time I was looking but I also got really lucky! @Julie McCoy is the expert there but she is extremely busy. I threw up the bat symbol let’s see if she bites.
Thanks for the quick reply! That's good to know about management. We're in Northern Ky so we wanted to ID properties as best as possible online and then make the 4.5 hour drive to try and make a deal while staying on the company's dime!
I've looked at the rates and the math checks out and I guess the runup in prices is inline with the 3x or so that we've seen here. As soon as our apartment building sale closes, we'll be in touch!
@Mike S FYI.. Be prepared to trust your realtor and do a deal site unseen or high odds you will lose it if you have to wait and visit before you do a deal. I have a friend who tried for 2 years and finally gave up, but he can't do that and he lost a lot of opportunities. The way things have been the past two years, good properties will have offers and go pending contract within 48 hours if not less. Good properties will also have multiple offers and quite frequently go to a highest bidder scenario.
@Mike S FYI.. Be prepared to trust your realtor and do a deal site unseen or high odds you will lose it if you have to wait and visit before you do a deal. I have a friend who tried for 2 years and finally gave up, but he can't do that and he lost a lot of opportunities. The way things have been the past two years, good properties will have offers and go pending contract within 48 hours if not less. Good properties will also have multiple offers and quite frequently go to a highest bidder scenario.
I'm fully prepared to do sight unseen offers but I'm in a unique position where I can pick up at almost any time and be there within 4 or 5 hours. I've been watching the market on realtor.com and things are staying active for a couple of weeks before going pending so I'm cautiously optimistic that I can get something.
There are very few areas you can’t self manage. So few you really don’t need to know about them as they won’t come up. I’ve been buying here since ‘15 and the only one I remember is hidden mountain east. Ask tour agent to be sure.
As far as prices -this is a long conversation that is open to interpretation. Purchase prices are going up daily but so are nightly rates. I’m getting on a Tuesday in March what I used to get at Christmas. I don’t have a crystal ball but I think they’re going to keep going up.
The hard part seems to be finding them. Although I have not bought in 4 months and I’m not on the sales side I’d things. I really had no problem finding a winner last time I was looking but I also got really lucky! @Julie McCoy is the expert there but she is extremely busy. I threw up the bat symbol let’s see if she bites.
Using your enemy method, are there certain date ranges to look at to get the best overall view of pricing?
There are very few areas you can’t self manage. So few you really don’t need to know about them as they won’t come up. I’ve been buying here since ‘15 and the only one I remember is hidden mountain east. Ask tour agent to be sure.
As far as prices -this is a long conversation that is open to interpretation. Purchase prices are going up daily but so are nightly rates. I’m getting on a Tuesday in March what I used to get at Christmas. I don’t have a crystal ball but I think they’re going to keep going up.
The hard part seems to be finding them. Although I have not bought in 4 months and I’m not on the sales side I’d things. I really had no problem finding a winner last time I was looking but I also got really lucky! @Julie McCoy is the expert there but she is extremely busy. I threw up the bat symbol let’s see if she bites.
Using your enemy method, are there certain date ranges to look at to get the best overall view of pricing?
I've got a long video on this on youtube just search for "the enemy method" :)