All Forum Posts by: Cole Schlack

I have watched the Kissimee area for 10 years, I dont recommend it. There was a small window to buy cheap( I wish I would have then) right now its too high. Problem that has always been in too much supply and you have massive international buyers that own 5-15 homes that dont seem to care what they rent them for per night. When you can get a 4 bedroom for $100 per night its not a great choice when you are paying $500k for it.

I dont know the other Florida areas to be helpful, I do recommend you look at Hawaii, $500k will get you a condo. Night rates are not where they should be yet but supply is limited and demand is increasing as people get back to normal travel.

1 Vote

Toronto, Ontario

Good points

Its also important to ask if they invest in real estate, I was an investor 1st and became an agent as I love the deals but cant buy them all. Why take advise from someone that does not believe in it enough to buy it themselves.

0 Votes

Omaha, Nebraska

Quote from @Nathan Gesner:

My 19,000th post and this is all I got. ;)

https://time.com/6223185/airbn...

A lot of people cashed out their equity (gained through pure luck) to purchase a short-term rental in unfamiliar markets that were over-priced and with occupancy rates well above historical averages. Occupancy rates are dropping. Sales prices are dropping. Interest rates are climbing.

What happens when these new short-term rentals fail to perform and the first-time investor can't get back what they put into it?

Wow 19,000 posts Im not sure if we celebrate or wonder if its just there is not enough to do in Cody, WY. I think we will see a crash in some markets, I have owned vacation rentals for 15 years and sold many of them during covid. They just dont cash flow that well in real life, Covid created a bubble that made them look very profitable in areas that never were prior. Key to success is vacancy rate and I have found if you not in a market with 2 high seasons you are going to lose money. I moved my investments to Hawaii ,as peoples travel habits return to normal, rates in traditional destinations will continue to increase.

2 Votes

Quote from @Nicole Masters:

Hi Friends!

My husband and I are partnering with another couple on a large 4,300+ sq ft A-Frame cabin in a verrrry remote area in the woods, near Oakhurst CA. We have ordered the following inspections:

- Whole house

- Pest

- Septic

- Well

- Defensible Space (Cal Fire)

Is there anything else we should be keeping an eye out for a property like this? We're on 8.5 acres and in the middle of nowhere. Thanks in advance!

Did you verify with the County that you can do STVR in that zone? Also get an insurance quote its going to be expensive I would guess.

0 Votes

Sacramento, California

Quote from @Katelyn Atcavage Robideaux:

Hey BP fam. We are looking into beachfront (with beach access) condos for our next investment move.... ideally one that needs some love and is a value add. I've heard such mixed reviews from clients and fellow investors on their success with renting out condos. I found a few areas that allow weekly rentals, so, my plan would be to set it up as that and go from there.

1. Do you rent out condos/ have you in the past and how did it go? Successful? Best/Worst of it?

2. How did you know which HOA communities were open to helping with management of the rental? Simply calling? I know they do not put this on blast so my assumption is that is the only way. I have heard that they do help though and take part a %.

3. Any other insight on condo investments is welcome.

Katelyn
I personally have grown to love condos for Vacation rentals but its in a very narrow context. I cant speak for Florida but In Hawaii we have condo developments in the resorts and they are setup from the beginning as Short term rentals so the HOA actually help make things better in general not work to outlaw them. We see what some would call high HOA fees of $1,000-$1,500 per month being average but I dont think people with Single Family homes realize that is covering Building repair, Landscaping, Pool,Building Insurance Gates and management of the complex. In a Single Family home in Hawaii you are easily going to spend $12000 a year on basic Maintenance and Landscaping and if you add a pool atleast $5k more. In Hawaii a $1m condo rents for more than a $1m SF Home as people want to be walking distance to the beach and you cant get a home that close. Final plus from my 20 years in owning STVRs, condos are nicer because when you visit them you have no outside projects to work on you can just relax and enjoy .

2 Votes

Saint Petersburg, Florida

Appreciation is the bi-product and can be so random, I look for fair weather with limited development land.

San Diego and Hawaii are my Favorites

1 Vote

Quote from @Omar Ababneh:

I sold a property on September 30th using the 1031 Exchange d my deadline is November 14th to identify 3 properties that I need to purchase but I’m not finding good deals in Saint Louis MO market. What you guys did in a similar situation and is the 45 days deadline a must or is there anyway to extend it ?

Thanks for everyone’s input

Im just not a fan of these DST or these REIT options, problem I see if you dont have a clear understand of what they are buying with your money and if they are actually get a good deal. Ive done a dozen 1031's and it can be a pain when you dont find something but it better to pay taxes then to make a bad buy. I invest in 7-8 states I know a few things I would suggest looking at depending on how much you have to invest.

1 Vote

Quote from @Chris Jeub:

My gig is glamping. I love it, and I'm currently acquiring more properties. USDA or SBA is the route you want to go to acquire the initial property, then get development financing. I'd discourage thinking this as a long-distance investment. The numbers will likely work out (glamping has incredible returns), but you gotta love outdoor hospitality.

Chris I have an opportunity for one in Hawaii(Big Island) Looking for a partner as I dont have the time to go it alone but have the Land. 500 Acres ocean view property with Waterfall.

1 Vote

Quote from @Michael Haas:

@Cole Schlack which Island are you on?

The Big Island is Home but work on Maui, Kauai and Molokai as well

0 Votes

HI Nick, I find you just have to connect with people, BP is a good place. Im in Waimea lets connect

1 Vote

All Forum Posts by: Cole Schlack

Cole Schlack has started 11 posts and replied 133 times.

Post: Florida Suggestions STR

Post: Does your Realtor provide you with the expertise you deserve?

Post: Occupancy rates down in 30 of the 50 top markets. Where are you?

Post: Rural Property - What to look out for?

Post: talk to me about vacation rentals - condo style

Post: Is seeking a "high appreciation" market a good strategy?

Post: Sold a property using 1031 Exchange

Post: Looking for insight into purchasing and operating a campground!

Post: Is anyone still buying STVR's

Post: How to go about finding a business partner?

Cole Schlack has started 11 posts and replied 133 times.

Biggerpockets Logo Post: Florida Suggestions STR

Biggerpockets Logo Post: Does your Realtor provide you with the expertise you deserve?

Biggerpockets Logo Post: Occupancy rates down in 30 of the 50 top markets. Where are you?

Biggerpockets Logo Post: Rural Property - What to look out for?

Biggerpockets Logo Post: talk to me about vacation rentals - condo style

Biggerpockets Logo Post: Is seeking a "high appreciation" market a good strategy?

Biggerpockets Logo Post: Sold a property using 1031 Exchange

Biggerpockets Logo Post: Looking for insight into purchasing and operating a campground!

Biggerpockets Logo Post: Is anyone still buying STVR's

Biggerpockets Logo Post: How to go about finding a business partner?

Post: Florida Suggestions STR

Post: Does your Realtor provide you with the expertise you deserve?

Post: Occupancy rates down in 30 of the 50 top markets. Where are you?

Post: Rural Property - What to look out for?

Post: talk to me about vacation rentals - condo style

Post: Is seeking a "high appreciation" market a good strategy?

Post: Sold a property using 1031 Exchange

Post: Looking for insight into purchasing and operating a campground!

Post: Is anyone still buying STVR's

Post: How to go about finding a business partner?