All Forum Posts by: Corey Meyer

@Greg Dickerson

Thanks Greg, I imagine having a trusted on the ground team that knows codes and laws for that country would be important. Maybe giving them an equity stake would entice them?

I could also buy a built property yes, I guess spelling out to the foreign real estate agent exactly what I am looking to do is step one.

I travel a lot. The last 3 months I have been abroad in New Zealand, Australia, Vietnam, and currently I’m in Thailand.

I operate/manage Airbnb’s as my primary occupation. I like that the Airbnb platform is transparent for the most part from country to country. With 5 years of Airbnb under my belt I would like to add a remote property outside of the US to my portfolio that I manage remotely.

I like that the American Dollar is so strong against foreign currencies. I fear that I won’t have the time to take multiple flights a year to check in on a development project far from home.

Any thoughts? Richard Branson bought Necar Island for like $160,000 in The Caribbean and now gets $40k a night to rent it out.

I live in Big Sky, Montana and I need an outsiders perspective on making the numbers work on buying real estate in my market. I know there is a way, there is always a way to make the numbers work. However, with the average SF home here priced at $1million what does one do? House-hacking doesn't cover the numbers, short-term might get close but it is pretty risky and seasonal here. There is not much for BRRRR opportunity as Big Sky wasn't even a place on the map before 1970. Literally there wasn't even a town here then.

Right now developers are blitzed, over 500 concrete trucks a day come into town and one of the private clubs here poured over 100 residential foundations last summer. In 2015 the town estimated Big Sky as a place was only about 40% built out and by 2025 it would be nearly 100% built on the tiny amount of developable land here in the shadow of Lone Peak and nestled amongst National Forests and Yellowstone National Park to the South.

Do I just buy a lot and sit on it? Do I build? I don’t have the income to not have a property cash flow within a few months of purchase...

Thoughts?

@Jesse Dean

Check out www.hostelworld.com and search some ski towns to put a seed in your brain on the possibilities out there.

I stayed at Chile-Kiwi in Pućon, Chile and it is one of the most amazing dorm style places I have ever seen.

The most similar thing to your idea is dreamcatcher hostel in Golden, BC Canada. Ski town! Look it up, pick the brain of the owner there. I stayed and it was simply amazing, great communal industrial kitchen, fireplace.

Cleaners live in house and get free rent for trade cleaning common areas and toilets. Also they utilize work-away (another resource online) where foreigners come and volunteer trade to stay in cool areas. Loveland, Colorado is a destination location and I’m certain foreigners would help operate your house hack for a place to stay.

Sometimes you can sneak past the hostel rule by labeling as a “bed and breakfast.”

I would think about doing a mix use, live in long term tenants as well as short term Airbnb bunks. Again lots of people traveling to ski in Colorado and not a lot of options for anything under $50/night.

@Jesse Dean

The biggest hurdle will be zoning allowance for this type of hack. There are a lot of States with laws barring anything that is hostel like. I live in Montana and my county has a law against dorm style rentals which goes under the “hostel” category.

Check what the property is zoned for, most residential neighborhoods aren’t going to allow you to run an operation like this, the grandma next door will make a call pretty quick once she sees all the cars out front and people packed in.

Maybe buy a place in the woods out of town with less covenants no Hoas or restrictions. However you will still have county laws and state laws to abide by. But there is a way!

Corey

I just read a WSJ post on Baby Boomers owning 21 million homes in America. As they get ready to sell over the next two decades is their a strategy I can begin to develop to capitalize on this generational turnover?

In the article it talks about many of these homes are not in desirable markets for younger people. As a millennial what do I do as Boomers begin to offload some of their real estate holdings in less desirable locations? Buy and hold? Invest in retirement homes and ignore their older properties?