All Forum Posts by: David VanWert

Good news, keeps it more streamlined between the two! Thanks for the heads up, haven't received that email yet. 

@Account Closedit's great and was kind of a "dream come true" for me as my parents owned a condo up there when I was a kid as well. We explored buying a second place up there but pricing is currently crazy up there right now prices are quite a bit higher than they were even just a year ago and places are flying off the shelves with multiple offers, going over asking etc... Doing the math I haven't found a place that would work and still cash flow the way we want it to with the current market conditions and very light inventory. 

@Account Closed yes we self manage, we have three STR's across the country and once you get your teams in place it's not terribly difficult. Regarding HOAs yes, they are pretty pricey (ours is roughly 600 a month) but they tend to cover virtually everything (trash, snow removal, upkeeep, sometime cable/internet etc...)

In terms of regulation, Mammoth is a town that lives on STRs, I believe somewhere around 70% of their income comes from the TOT tax that is collected. I have been going their since the 80’s and staying in condos well before Airbnb was a thing I don’t foresee it going anywhere. 

@Account Closed It wasn't terribly difficult, we interviewed 3-4 cleaners when we first closed and found one that worked well with our process and was in-line with pricing. Overall they have been a good team and communication had been solid which is one of the most important things in my book. I would ask your agent they likely have numerous resources for cleaners. 

Hey Scott,

We are just coming up on our first year at the end of this month in Mammoth, we are actually right down the street from where your talking, within walking distance to the Village. We purchased a 3B + Loft that sleeps 10. Based on what we've seen you can expect roughly 25K per bedroom for an upgraded unit (loft would count as a bedroom, assuming it can sleep people).Even with COVID and losing out for 3 months we are on track for those figures. CoC is obviously going to depend on how much you get the place for and your down payment but from what I've seen your not going to find much I the way of deals out there as things are flying off the shelf and inventory is crazy low is my understanding. Happy to chat more or answer any questions.

@Jason Wray Agreed on all points, thats basically the goals you noted above. Looking for lender(s) able to do HELOC and refi on the investment property we inherited and the others are just a nice cherry on top if they can be one and make sense with any fees/points.

Looking at potentially refinancing 1-3 various properties and looking for resources to see if it's feasible. Looking at a HELOC for one property, spoke with PenFed whom I have another HELOC with on our primary residence and they noted they couldn't do it.

Any resources and tips would be greatly appreciated. 

Property 1: Recently inherited via a family trust. Large amount of equity and low balance on the property. Would like to refi into a lower rate (currently at 5.75%) once it's in our name next week. Would also like to get a HELOC on this property that will be converting to a STR in the coming months.

Property 2: Investment property and current STR with rate at 5.75% for investment loan

Property 3: Primary residence at 3.875% 

Property 1 is the main goal but if possible to drop the rate on the others would love to do that as well. If anyone has resources for HELOC on investment/second home properties would love insight! Thanks!

Coming into a piece of property in Friday Harbor Wa that we are going to convert to a STR. The property has a significant amount of equity with debt of around 150K and value of about 700K.

Question is, would like to expand that into additional properties by leveraging this property and what the best strategy might be? Here are some of the options that I have been thinking about and would love input and feedback. Thanks!

Option a. 75-80% LTV HELOC will give us around 400K to invest, do we use that to buy 3-4 additional STR's in various areas and use the net profits to pay down the loan fairly quickly, rinse, repeat

Option b. Cash out refi to take advantage of the lower fixed rate and buy multiple properties.

Option c. Buy one or two properties out right and have those cash flow very well and have the ability to leverage those

Option d. Something I'm not considering? 

Currently our strategy is STR's in year round vacation areas, one in Mammoth Lakes Ca and a new property in Pigeon Forge TN. I think we would keep with this strategy of areas that rent well year round and have a long history of STR's. But... open to investing options not being considered.

Technology Engineer here! My company designs luxury private cinemas and home automations systems for residential new construction. 

@Shelby Pracht oh no! I hadn't heard that yet, that's not positive news. Very curious to see what this does to investors and second homeowners in the area. Going to be interesting to see what this does to the local market in the area, already starting to see a pretty big uptick on places hitting the market. Wonder how many distressed owners are going to start selling if this continues much longer.