All Forum Posts by: Drake Schmid

Hi Megan, i am a licensed agent here at Lake of the Ozarks. If you want to share a little more information on the property with me and I can help you find the answer to the zoning concerning STR here at the lake. You also should be aware that many HOA and Condo associations are limiting or eliminating STR. There has also been a major increase in the number of rental properties here at the lake and that has and will affect the STR market. It is a short season and few places get rented throughout the year. the typical rental season is just 100 days. I personally know several investors that make all their revenue in that summer rental season and just eat the holding costs on the remaining 9 months. A good location will extend your rental season and increase peak season rates. In my opinion it is worth spending more upfront on a good location.

@Dan Froilan

The lake Ozark Realestate market is super hot right now, inventory is so low most properties are going for far above ask price with multiple offers and under contract in hours not days. That’s not to say there aren’t good opportunities here, if you are putting on appreciation this is a great time to buy. If you are looking for a long-term cash flowing rental the numbers are really tight. Jefferson City has a completely different demographic and there is plenty of properties to buy there. I would say your long-term goals will determine where are you should invest.

Hello Jordan, 

I am glad to see you’re interested in investing here at the lake. I live and invest here myself. The market has been extremely busy this summer. Properties in that price range sell very quickly. There is a large difference in value depending on where your location is on the Lake, street to street or lot to lot. The short term market is very strong during the summer months but historically has a long off-season. I personally feel the off-season will be shorter and shorter every year as more people discover this beautiful location. You have to be careful when investing in a market that has a long season 3-4 months with low to no income. I would love to talk with you more about all the ins and outs of this unique real estate market. You should give me a call sometime.

@Preston Doe

Hello Preston, I have lived down here at Lake of the Ozarks for the last three years. This is the busiest we have ever been without question. I have 100% occupancy in my eight Plex and get calls daily trying to fill it. We have turned from a buyers market into a sellers market since this whole situation began. This entire event has brought nothing but more publicity and recognition to an already great community. I do long-term rentals only. Short term rental market has also been extremely busy from what I know. The hardest thing with short term rentals is quality property management and cleaning services filling the units is the easy part. If you’re looking to buy down here be careful it is very different neighborhoods neighborhood even lot to lot location is important. Great opportunity for appreciation in my opinion this is a new hotspot!

Hey Frank, in principle you have a good idea. I do not know how familiar you are with the lake or the contractors down here at the lake. Due to the terrain, the infrastructure demands, and the lack of high-quality builders it tends to be expensive to build on lakefront property. I would also do your research on the legality of short term rentals in that area. How did you determine 4000 a month in revenue? Is that year-round revenue because this is quite a seasonal location. Also have you accounted for the times you will be using it (most likely during the high season, when you can get the highest rent)? Are you planning on turning the property over yourself between renters where are you going to pay the 35 to 50% management fees? I would think long and hard about this before you through your entire pension into a lake property. I will lake frontage will always be a value, typically $1000-$2000 per linear foot of Shoreline. If you want to chat more about the lake I live down here and I am a full-time agents and investment property specialist. You can call me with any questions or if you just want some clarification. You can get my contact information on my profile. I do think buying a lake property can be profitable you just have to be careful. Good luck 

@Ryan Proffit

Hey Ryan, I do not agree with the others. From my research it is possible to install a modular construction home on a foundation for as low as 70 cents on the dollar when compared to stick built homes in my area. Local construction costs and area building requirements may change the cost slightly for your area. I also have only researched single family modulars the multi unit models may be different. All said I was really impressed with the finished product of the modulars, overall value, and modern styling. I also like the fact it will be low to no repairs and maintenance with low capital expenditures for the next ten to twenty years. That is a huge plus for me as a long term buy and hold investor. I plan to get a lot and put up a modular for my parents this year. I will let you know how it goes!

Hey Nathan,

We have a casual meetup going on Wednesday February 26, stop in grab a beer and we can exchange ideas. There will be a brief 15 program on short term rentals here at the lake then round table discussion. Here is the link to the meetup.

https://www.biggerpockets.com/...

Hope you can make it and introduce yourself to the group. 

Lake of the Ozarks REI meet up is for any and all real estate investors in the area to get together exchange ideas and help one another make connections, deals, and most important more money in the beautiful Lake of the Ozarks Market. This REI meet up will be held on the last Wednesday of the month. Event is open to anyone, all levels of experience are welcome. Brief 15 min presentation on the areas Short Term Rental Market followed by member introductions and a round table discussion. 

@Michael B.

Both tenants should go immediately. Fix up the nicest one get a qualified tenant in there ASAP then work on your personal unit. Tenant Laws are very friendly to you if this is your primary residence. This is your home so I would suggest a much more stringent vetting of the tenant. The short term costs of replacing with a good tenant will be minor if you get the unit to market rates immediately.

Congratulations on the purchase!

@Brent Kiger

Hello Brent,

Just like any market there are good areas and bad. This is a huge lake and you need to stay close to Osage beach, Lake Ozark. The only exception is Porto Cima, which is the luxury golf course lake community that you are allowed nightly rentals. Don’t even look at second tier property as a rental unless long term. Which there is a definite shortage of quality rentals. Condos can be bought cheap although have high dues if not run well. As a passive investment the lake short term model is also difficult due to a lack of qualified laborers. Cleaners and managers are sometimes flaky and the good ones are not cheap. I am a licensed realtor at the lake and live here full time. If you want any information about the area or market just ask. I am glad to help. If you are buying do it now or wait until fall the prices are seasonal on homes here to some degree. The spring and summer it is busy and competitive, come fall and winter you get the pick of the litter!