All Forum Posts by: Doug Pintarch

Good Morning Larry!    Welcome to the forums from a fellow newb.     One Vacation Rental here, in DE.  I am from PA, your neighbor to the right.

:)

This.   And the comments by @Joe Splitrock.    

Humans,  man, they'll game the system.   

Our HOA in Delaware notified us a month in advance about their annual Fire & Sprinkler Inspection, all to happen on one day (86 unit complex), we were to notify any long-term tenants or vacation renters that it was happening and they could head out for the time frame or simply let the inspectors in. The are licensed and hired annually by the HOA and are bonded and insured and carry credentials with them. We luckily had no tenants that Monday to worry about, and the HOA just went along and let them in each empty unit with the key they have from us. They made sure all the sprinkler heads in the condo were exposed and pressurized, and that all the smoke detectors were hard-wired and had battery backups and were working, and that the alarm sensor was active. Our neighbour there old us it was a 20 - 30 minute event and no one really objects.

   Like I said, this is announced and scheduled a month out...not a surprise or "Hey, they'll be there tomorrow at 2pm" Inspection.   And life went on.

@Albert L.   Nice legwork for your example!      Please take this with a grain of salt from a newbie.

Here's what scares me in your summary:      

"Let's say..............we have it appraised for $875,000 which I think is somewhat reasonable with the upgrades and the appreciation that are is seeing."    

You're using that assumption to refi and pay back your HML. (I realize this is an example you put together). That is WAAAAY out of my comfort zone to continue analyzing on a deal like this example. We are buy-and-holders and aren't banking on any appraisal or appreciation to do anything, and will consider any higher appraisal at sale time in 10+ years to be gravy.

 Excellent!   Go get 'em!

 Good Morning!  Not meaning to hijack but no, Jaysen, we do not.  We have our first of hopefully several vacation rentals in Lewes/Rehoboth Beach DE, 3 hours from here and manage it ourselves.  Harrisburg is being renewed and gentrified at a good clip, and Carlisle is always promising with the Army War College and Dickinson right there in town!

@Tim Herman I literally don't think you can raise it too much to be ignored in Hummelstown, all because of the hospital and college.  The old Verdelli Farms vegetable factory that was in Hummelstown f o r e v e r was abandoned years ago and torn down.  They formed a development company "Verde Apartments" and put up 12 (maybe 14?)  unit buildings.  There are now 7 total and they are about out of space, the single bedroom units are about $1400/ month (sewer & trash incl) and they are full before they are finished.  Hershey Med students and families snap them up like funnel cakes at the fair.

I wish i had an SFR in town sometimes!

@Trisha Spear  You're on the right track and in the right place.  You're both hard workers and ready to keep working.  We were in the same boat in the middle of last year and after 6 months of research and learning we took the leap and bought vacation rental property #1.  And we keep learning as we go and it's more work (And fun) than we ever thought.

And @Jaysen Medhurst had stellar advice!  Get the first one or two done with your husbands 20 year career W-2 first!

Gotcha.  I thought, of course, you were renting local here to Med Center students.

 Sounds like a good, smooth system you have out there.

@Tim Herman welcome from a fellow newbie - I'm right down the street from you in Hummelstown.  You're obviously keeping Hershey Med students housed and happy!   Good call!