All Forum Posts by: Andrew Perkins

Thanks for all the replies! After getting several estimates of gross revenue from resorts within our price range, it seems like after all expenses (hoa, mortgage, management, etc.), we would be close to breaking even on most deals. We are going to instead look for an STR in Kansas City with an exit strategy of turning into a LTR. We were really looking forward to owning a beach property, but it seemed like we would be trading our cash flowing investment for more of a luxury…

Hello,

I’m wondering if there’s anyone with some insight on condo hotel management?  I’ve found some that I’m interested in, but don’t want to pay for the 40% management fee.  I would rather be actively involved and make a higher income.  They do allow the option to self manage, but I’m wondering if it’s a turn off to potential guests to not be able to call for service or utilize the front desk?  Seems like it could be confusing for the guests?  Any information would be helpful!  

I know this post is pretty old, but I’m curious about the concept of self managing a condo-tel.  One that I am interested in does allow you to self manage, but does that present an issue with guests who try to call for service or use the front desk?   It seems like it might be confusing to some of the guests on who they can go to for questions and help?  

Thanks Dave!   I didn’t think about that.  Would you recommend using the 1031 exchange for 2 properties or using the full amount for one larger and nicer property?  

We considered something along those lines.  The 1031 exchange would require us to identify both properties within 45 days though, and we aren’t sure if we’re up for that… We could possibly use the full 60k, then cash out refi later?

Thanks Caleb!  We are estimating about $60,000 to be used in the 1031 exchange.

Hello!  

We are considering 1031 exchanging one of our long-term single-family rentals here in Kansas City for a short-term rental condo in Myrtle Beach.  I'm nervous though about getting rid of our cash flowing long term rental for something that we know so little about.  Our goal is to utilize the appreciation we've gained to re-invest in something more active and produce a higher income.  I'd love to get some thoughts on this!  Does anyone have any experiences they could share with doing something similar?

Thanks!

@Charissa Bruckman

Thank you! Their website even specifically mentions investment property helocs. I just reached out to them!

Hello,

Any tips on finding a lender that will do a HELOC on investment properties? I live in Kansas City and the couple places I've reached out to so far only offer them on primary residences.

Thanks!

@Cody Petersen

We could likely make any of those evenings work with enough notice! Just have to find a babysitter for the evening!