All Forum Posts by: Bob Metry

Thanks for the replies! 
I would definitely prefer to find something with higher comps, but I've been running STR rental projections on properties all year, and never gotten higher than 10% CoC, so seems unlikely I'll find something else in the next few months with interest rates rising.

 Like i stated, those were last years numbers. Not current. We worked hard in revamping the properties and hiring new maintenance staff.  If this happened a year ago i would not even be questioning. But we have shown the great improvements and submitted everything for appeal showing all the updates and changes.  We had not had anything less than a 4 star review in months. All but a few were 5 stars and the ones that were 4 stars were mostly because we only offer a "starter pack" of supplies, not full boxes, etc. of things like trash bags, laundry pods, and toilet paper.  We do 1 spare bag per can, 2 pods, and 2 extra rolls per bathroom.  This is made clear and spelled out in our pre-check in emails, rental agreement, and welcome note. Another "bad" 4 star review was that there was too much traffic at the beach? I cannot control that. Another for the neighbors having a birthday party and taking up most of the street parking spots. Again, not something I can control, especially if they are not parking directly in front of our property. Every owner on this platform knows there are some people who will have issues like that you have no control over. These "negative" 4 star reviews should not have a bearing on kicking the whole property off the platform. 

But that is not even what my question was. I argued my case. They upheld. I am more so interested in who has been able to relist with no issues. 

We are considering the purchase of 13 cottages on a 3 acre lot in a primarily summer vacation mountain area..

Being somewhat new to this (STR investing), I'm looking for any and all help, advice. mentors or critiques..

1) Financing:  I seem to be hitting a wall with conventional lenders because of the uniqueness of the property and the fact that all the cottages need lots of work and haven't been rented in a couple years.

I'm about to sell a house which will net us about $300K  and I own a commercial property which I wasn't really ready to sell but might in order to purchase this unique property..

Asking price is $500K and renovations should run about $250K 

Any and all suggestions, help would be appreciated...