All Forum Posts by: Dado Vucak

@Collin H. Was this a property you own or just manage?

Insurance can cover the medical bills and repairs but what if they file a lawsuit? If it’s a property you own, I’m curious what you have in place for your asset protection.

Do you have the property in a LLC? Trust owning the LLC?

Good luck with everything and hopefully the individual that had the accident is doing okay.

Dado

Have you looked into co-hosting at all? It might be a good option if you can find a good reliable cleaner. You can expect to pay around 10-20% of the monthly revenue but relative to what most STR PMs charge, it's not a bad option, especially if you're looking for something more passive.

@Van Quoc Sure - why not?

There are a large number of users on platforms like Airbnb looking for unique stays. There’s folks out there listing RVs, tents, and even earth homes.

My advice is to zig when others are zagging. Do something different. Don’t try to hide the fact that it’s a mobile home, embrace it.

However, as others have mentioned, location is critical, as is style and decor. People aren’t going to want to rent your 1970s mobile home in a mobile park.

Put it in a location that attracts a large number of tourists and renovate the inside (either modern or revamped 1970s) and I bet it does just fine.

I’ve stayed in a couple manufactured homes on the beach that were absolutely killing it as STRs - and I’d do it again in a heartbeat.

Good luck.

Dado

Hey @Lindsey Kramer I’m not sure what you’re looking to get out of your realtor but if you need some boots on the ground with solid local market knowledge, I’m happy to share my realtor’s contact info.

He doesn’t own any STRs, nor is he much of an investor himself, however, I personally wasn’t looking for that. I’m out of state and needed someone who knew the area that I could trust. I handle all the deal analysis and leave the negotiations and property tours to him. It’s worked well for us but again, we’re all different. 

Feel free to DM me if you’re interested. 

@Jay Hinrichs I can connect to the public sewer line and I believe it will run about 12-15k from what I remember. 

Wow... you lucked out there. Good for you! Sounds like it will all work out nicely in the end. 

@Jay Hinrichs Thank you! 

Well I know at the very least I can do the lot spilt and build a new SFR or townhouse on that new lot.

I'm hoping to get some input on that from others that have done something similar to see how I would run my numbers on such a scenario to determine if it even makes sense from an investment perspective. 

I know nowadays you have to get creative and "make the deal" happen. That being said, I don't want to write anything off until I've at least run some numbers and looked through the possible scenarios. 

Hi all - 

I'm looking for some advice in terms of what do with my current primary residence.

It's an old 1900s farmhouse (on septic) that has been remodeled and sits on a flat half acre lot with a 600 square foot detached shop. 

My plan was to do a lot split (short plat as we call it here) and build a duplex on the new lot but after discussing with the city, I can't do that as duplexes are prohibited under the current zoning regulations. I've included a screenshot below for reference in terms of what is/is not permitted. I also asked about potentially re-zoning to which they mentioned the application fee is $7500 and it's a 50/50 shot to actually get it re-zoned. 

It's also worth noting that the property does have an easement that allows the local power company access to the tower that you see in the photo below. 

I've run numbers on hundreds of rental properties at this point but this is entirely new territory to me so I'm not quite sure how to analyze the different options or where to even begin.

For what it's worth, according to Rentometer, the median rent for a 3/2 SFR is $2100 and a 3/2 duplex would be around $1800.

Zoning:

X = Prohibited 

P = Permitted

R/A = Permitted upon reviewed plans

You should connect with @Michael Haas from Compass Realty. He knows his stuff and has several STRs of his own. @Scott Szymanski

As Russell mentioned, offer 10k, 20k, 30k, even 50k over asking and I bet you’ll start beating out those cash offers. 

If I was selling my house and someone offered me $500k cash, 10 day close, no contingencies and another individual offered me $550k, 45 day close with a 7 day inspection period, I wouldn’t even think twice about it. I’d take the $550k offer. 

Cash offers are great for motivated sellers. They need that money right now! The $550k offer can fall through and I would have to relist and wait for another offer to come through.

However, if you’re not in a position where you need the money immediately, the $50k over asking offer is more attractive, at least in my opinion. I have to wait a little longer and have to risk the deal falling through but I walk away with more money at the end. 

Given that your buying an STR, I would be willing to bet most of the sellers are not motivated sellers.

That being said, offer more and I’m sure you’ll start beating out those offers. 

Good luck! 

@Chris K. check out Seth’s blog/website at RETipster.com. He has a ton of super helpful information geared towards starting a land buying business. You don’t have to start a land buying business but you can take a lot of that information to buy land as an individual/investor. 

I’m an active land investor myself and I know there are a ton of other land investors buying/selling in Florida. It’s definitely one of the “hotter” markets. I don’t buy in Florida myself, however, you might be able to get in touch with the RETipster community to snag a wholesale or off-market deal from an active investor. 

Good luck!