All Forum Posts by: Chase Hoover

Be sure to reciprocate responsiveness by being ready to make fast decisions and strong offers when your agent sends you opportunities that match what you're looking for. Agents in STR markets are swamped with inquiries from all over the country, mostly tire kickers and people looking for a magical deal. Of course, we're happy to help answer the question "where's the best area to buy?", but do a bit of research on your own prior to reaching out in order to have a truly effective conversation. Agent rant, sorry! Best of luck, we have a place in OBX and are looking at a few motels down there to buy as well.

I wouldn't involve myself in a project that could potentially put guests at risk.  It's important to have great insurance when doing things like this, and I can't imagine an insurance company would be thrilled with this sort of risk.  I'd have a converation with them first to make sure they'll actually insure you before looking much further into this.

 Option B 100%.  Wait until you're totally ready, then launch.  You'll get bookings, don't worry.

@Laleh Omaraie probably because they sell within a few days of hitting the market. I just hopped on Zillow and there are a few in those areas in that price range. It IS a reality - you just need to move quickly and make an aggressive offer. Our team would be happy to help if you'd like - we're STR specialists in the Shenandoah Valley.

You're not going to like this but I'll give you my honest take... 

Most jurisdictions will require a special use permit for this type of thing which can take several months.  You'll have to write a contract on a piece of land contingent on this approval.  The process invovles notifying neighbors who will be able to voice their opinions at your approval hearing.  More often than not, unless you're buying a large and private piece of land, residents of these areas are the private and quiet type who don't want a bunch of rental cabins next door.  Your best bet would be to find an existing campground that already has the approved zoning, but they're hard to come by.  

As is probably obvious by now, costs of supplies are through the roof, some are impossible to get, and contractor availablity/dependability is doo doo.  Most prefab companies I've spoken with are 10-12 months out for delivery at the earliest.  

Not to be a negative nancy, that's just the reality of these times.  My GC working on one of our projects is also working on a "glampground" like you described and has spent months battling the county for approval.  

Do you have the capital to carry a project 14-18 months before making a single dollar?  Or is it better to pivot and start growing your portfilo by buying one existing cabin at a time and enjoy the cash flow now?  I always try to steer my clients towards buying an existing structure instead of building.

I'd also recommend chatting with a CPA if you haven't already to discuss the benefits of owning real estate, and whether doing something like this would truly allow you to maximize on these benefits. 

Regardless, I wish you the best! We're very active in the Shenandoah Valley VA market and it's a fantastic place to invest. Keep your eyes open and make a move when one presents itself!

YES hire the pro.  You'll lose much more than $500 in bookings if you don't.  Your fiance can snap some artsy photos around the property that you can mix in.  But you need professional, well-lit photos from the right angles showing each room.  If you're photographing your property in its as-in, staged condition, there's no reason the photos shouldn't match the reality as long as you're keeping up with the housekeeping and maintenance. 

If it's mostly assembling boxed furniture, you could hire workers from TaskRabbit or a similar platform and have them stage per your instructions to the best of their ability.  Then, you come in afterwards for a couple of days and do the final staging.

Thanks @Brian Beck, feel free to swing by and say hi if you're ever in the area.  We have a few RE meetup groups in the Valley.

My kids' daycare facility is an old nursing home that was retrofitted.

Give the county/city zoning office a call to make sure STR is allowed with your zoning code and what permits, taxes, etc are required