All Forum Posts by: Collin Hart

I did STR in a duplex starting back in 2017 and managed for others in North Conway, Ive since converted to all long term tenants and happy i did so... unless your property has something unique or a "rare" amenity.... like, sleeps 30, I honestly would not waste any energy on it in the north Conway area. so saturated, and so much big money being invested in the hotels, its tough to match amenities vs cost, and I see travelers trending back towards the hotel style accommodations. granted, for the right price, I'd buy anything and figure out what the best use for it is.

use airdna.co for decent data on # of Short term rentals in any particular market. can also identify opportunities. 

the point of my response.... be careful in STR in any area and always have a plan B. you can change a lot of things about a property, but your cant change your basis! buy low, no exceptions.

@Sean Delisle , we like to keep the option…options are good, helps with town support and bank lenders will like some year round stability. We’ve actually found some great long term renters that pay a pretty penny for the right place.

Recently purchased an old but functional duplex which we will rent to some long term tenants. It has 18 Acres of residential / commercially zoned land, about 1/4 mile from lake winnipesaukee, in New Hampshire. Our plan is to build detached apartments/ condos. (Single family structures) . 2 different styles, an 800 sq ft and a 1300 sq ft model. We can build about 30 of them, limited by usable land for septic. Additionally a barn/ amenity building for common use of guests and/or rent for events. The split between short term and long term occupants of the cottages is still TBD. First time with ground up development, but well versed in all facets of construction and management. Looking for stories from experience, or interested contractors, partners, designers, engineers in the lakes region of NH.

@Greg Thomson yes. North East investor, but we’ve had our eye on gatlinburg for a few years.... wish I had done something there earlier. Lots of companies have moved people from NY and BOS to Nashville... I see gatlinburg attracting some weekend visitors just like North Conway, or other 4 season vacation towns. We’re on the hunt for a new project. Same targets

I own and manage property in North Conway. Can’t beat the year round activity as it relates to short term rental demand. That being said, Market is super saturated and the town planning board is pulling their hair out trying to regulate it... depending on your budget, there are a few niche areas to consider that are less competitive. I’m working on a project of my own, applicable to which ever town is most receptive. I’ll be posting about it once it gets traction. 

agree with Christian, recently switched one of my units to Long term in North Conway. had a great pool of people to pick from, 3 different business owners... equal cashflow, less work!

Hello to both of you.. Newer to BP, but not new to North Conway properties.. I own and manage my own vacation properties in town. Actively looking for new opportunities, including motel rehab. recently Vail Resorts acquired Peak, (attitash, and wildcat) something to keep an eye on over the next decade as they tend to inject capital into their communities. at this point, its no secret that North Conway Vacation rental market is pretty good. but its become very saturated. over 700 active listings.... turns out, its run the long term rental market dry, driving up prices and availability of good tenants. just converted a Vaca unit to long term unit, after operating expenses its about the same cash flow, but less work.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in North Conway.

Purchase price: $109,000
Cash invested: $40,000

BRRRR ; uninhabitable property when purchased. Immediately addressed structural issues and renovated upper unit to get cash flowing via Airbnb. Build lower unit out of pocket over a 1 year period and filled with a full time renter.

What made you interested in investing in this type of deal?

year round vacation destination. low cost to enter market, great cashflow after renovation

How did you find this deal and how did you negotiate it?

MLS listed property, poorly described and marketed. Appeared to be a very scary, undesirable property from the online listing.... which it was. I Saw the opportunity, went to see it in person, made a 10% lower offer with a letter to the owner about myself and my intentions with the property.

How did you finance this deal?

Local bank 15 year mortgage, which was our only option at the time. 20% down out of pocket. rehabbed out of pocket.

How did you add value to the deal?

only half of the sq ft. was usable at time of purchase. Fixed structure and renovated to make 2nd unit habitable.

What was the outcome?

a legal 2 family vacation destination that prints money.

Lessons learned? Challenges?

Time is money. Cant do everything myself. expand my network of resources.