All Forum Posts by: Bryan H.

I want to 1031 out of an underperforming condo in DC, into a new construction single family home. The 180 day construction limitation is too short for a complete build. The basic theoretical idea is to make a contract/deal with the builder so I would be buying the property from him upon completion. It would work something like this: I would delay sale of my condo until a couple months prior to timing of the new build completion date, so as to accommodate 1031 time requirements. Is this possible? 

Yes, cherry picking of course… but here’s one of mine that I built all-in - land, build, fully furnished at $236k.

It has done over $80k past 2 years, and I have 2 other 1br’s that did $65-75k each. 

Besides, where are you going to find a 7br house that meets your sub $500k requirement? 

$80k per year for 7br? Is that a typo? A good 1br STR can gross that much.

Hmmm, well I've arrived at this idea after much brainstorming, but interested to hear any thoughts you have about what you mean by other ways?  One of the main reasons is, I need diversification from my local market - not having all my eggs in one basket. So being in another market is pretty much the main parameter. Since my success so far has come from having unique properties that outshine the competition, that almost eliminates the idea of buying a house in your area. Maybe if I keep looking and get really lucky to find something to work with...but seems unlikely.  Definitely still open to that idea and if you find anything, please do send my way!  Years ago I was fixated on acquiring a small to medium sized multi-unit property - read all the books, did a lot of searching, but I never found one, and honestly these days that seems almost impossible with so many people and pros in the game. But maybe I just have tunnel vision, I don't know...I think you almost have to have tunnel vision to get anything like this done. 

@Mitch Davidson @Abigail Gibson @Josh Myrick @Christian Longacre

Thanks all for the very insightful and thorough responses to my question. Sorry for the delay in responding! All very encouraging and exactly in line with what I feel is a pretty narrowly targeted strategy. I'm super cautious by nature and do tons of research before I pull the trigger - to a fault really. Oh the deals I regret letting slip by! My current situation is good, yet I also feel like I can’t really afford to make a mistake. I currently have 3 super unique Airbnb's - two that I designed and built from scratch, and the other one is a super cool 1968 post-and-beam mid century style that I renovated. My goal is to always be in the top 5 Airbnb’s in my market. For me it’s as much about satisfying my creative drive as it is about increasing my income. Recently Condé Nast Traveler picked the “15 Best Airbnb’s in NC”(totally subjective of course) but super thrilled that two of them were mine! Mitch, the 1% improvement quote from Atomic Habits really resonates, and that’s exactly what I do. I’m always looking for ways to improve my Airbnbs compared to the competition, and I spend a lot of time looking at the competitions ideas and calendars and pricing etc… I see you’re a lender, and I’d definitely be interested to chat with you about optimal financing options for this project. Previously a career documentary filmmaker, these airbnb’s and a long term rental in DC (no mortgages) are now my only income.

So…I’ll be stepping out of my comfort zone on this one: a building project far away from home on mountain terrain, and then also managing from afar…

After building my last one, I decided that with all the effort and time that goes into a single unit, it would be just as easy and make more sense to build multiple units near or next to each other. I’ve been sporadically looking at land and houses on Zillow over the past year. I can see that there’s very few already-built houses that would be give me the competitive advantage that I’m looking for. Land-wise, northside outskirts of Swannanoa and Black Mountain seem ideal, but that’s just the only area I have a sense of (having visited), and I’m sure there are other areas I should consider. When I first started looking there were some parcels that may have been ideal, but I wasn’t quite ready. Now I’m not seeing anything! Typical right!

Josh, I don’t know if you’d be willing to share any insight or rough guidance into managing costs, cleaners, etc…on the outskirts of town? I need some kind of number to plug into my analysis spreadsheet, but my current location at the beach is not really comparable.

My best, and thanks again!

Hello,

I'm interested in "boots on the ground" sense of market conditions in AVL outskirts - Black Mountain, Swannanoa, Mars Hill, etc...for STR investment. From afar, I can seed there's been huge growth recently. Is it starting to feel oversaturated or soon to be oversaturated? It's a 9 hour drive for me, so hoping to hear some local insight prior to making the trip. Also would love to connect with local contractor as I generally like to build from scratch. Thank you in advance for any local insights on all of the above!

 Yes you can still find five acres of raw land for $15k, but you can also pay $250k or more. The difference? Location, location, location...

 But to be clear, AirDNA is not ONLY an algorithm. Airdna has true data sets of actual income produced over a certain period of time for properties listed in the search area. This can be extremely valuable. Whether or not the property is a true comparable is up for you to decide. 

The algorithms favor highest occupancy. The name of the game is being at the top of the scroll. 

This guy is killing it just outside of Waco. See his interview in this video where he shares all his development costs etc...