All Forum Posts by: Benjamin Hanson

@Taj RichardsonThanks for all your detailed answers. You really know your market!

Thanks @Dado Vucak for spotting the closing costs. I hadn't thought about toiletries and linens as I thought they'd be included by management companies but you've given me more confidence to try and self-manage. I went with Oregon coast as I would like to end up in the PNW eventually and I really liked the area while visiting. Property taxes down here are quite high and hurricanes make insurance along our coast expensive.

@Alex S. I would use it for personal visits but more than likely it would end up available for 10.5-11 months out of the year. Thanks for the pointers and your closing cost numbers. I may need to re-evaluate.

@Michael Baum I'm looking down near Pacific City, I checked the flood maps and it shows the property isn't in a flood zone, my local insurance agent confirmed that, although they don't work with properties up there. The property is a couple blocks off the beach and up a bit.

Hi everyone, I've been browsing BP for several years now but never pulled the trigger. However, now I'm in the process of buying a property along the Oregon coast a couple blocks from a beach with the intention of making it a STR. It's an old 2/1, about 700 sqft that has not been a rental before. There's unfinished space that may allow for another bedroom but I haven't been able to get into the property yet. I used airdna to get some income estimates but the number they give seems unrealistic as it includes a lot of beach front/ocean view places.

I've reached out to some local realtors and management companies but would love to hear your advice. Specifically:

1) Are there are smaller management companies that I should look into? I won't be in the state so using a manager seems like the best option.

2) Who do you use/what should I expect for insurance and maintenance rates? It doesn't appear to be in a flood zone, but it's not far from one.

3) Is there a rough estimate of expenses that I should use to see if the deal makes sense? The larger management companies start at 25%, plus insurance, utilities, ...what else? I've tried to break it down below but some values are just guesses.

4) Are there local lendors? I've reached out to Visio and Conventus but am open to anyone that loans on STRs.

5) Are my numbers realistic? I've made quite a few assumptions and it shows a negative cash flow. But there are a lot of STR in the area so somehow others are making it work.

Thanks everyone for your comments, analysis, and connections!

Thanks everyone! It's good to finally get more active on here.

Hi everyone,

I've been listening to the podcasts for a while and occasionally lurking around the site, but have yet to introduce myself or get serious about investing until now.  I came to Houston about 10 years ago after being born, raised, and schooled in Iowa.  The oil and gas industry has kept me busy but my interest in real estate has been steadily growing. I currently work downtown and live in Montrose but decided against paying $400k for a house for myself so I keep renting to free up capital.

After looking at the different options, and the current market, I've decided to focus on owning and eventually renovating multiplexes and small apartment buildings.  I intend on self managing and continuing to work full time, so we'll see how that goes. I have actually found what appears to be a decent deal for an 8-plex near Polk and S. Wayside.  I'm running through the analysis now and I'll post more on that when I figure out where is more appropriate.

Great to meet you all,

Ben