All Forum Posts by: Eli Kantor

Hey Joe,

Thanks for sharing your journey! It’s inspiring to hear how creative finance has changed the way you approach deals. I’m curious, though—have you run into issues with the due-on-sale clause in Subject-To deals? That's what has always concerned me with getting a property subject-to. Have you ever encountered that issue?

You're absolutely right—rising material and labor costs have made it much harder to accurately project future reserve needs for condominiums. The recalibration of reserve studies to account for these increases is inevitable, and unfortunately, this will likely lead to higher dues or special assessments, which can hit both residents on fixed incomes and investors hard. It's a tough situation for all parties involved.

Hey Ricky! I would recommend driving for dollars and implementing methods of strategic cold outreach. Crafting the right pitch and doing something unique that all the other wholesalers/agents aren't doing. Think outside the box!

Hey Tami, welcome to BiggerPockets! It sounds like you’ve got a solid agent on your hands, and it’s awesome that you trust him. If you’re comfortable with the dual agency situation, just make sure everything is clear upfront. Have a candid conversation about how he plans to handle representing both sides and ensure you’re protected with things like a solid inspection period and contingencies. If you’re still unsure about dual agency, you could consider bringing in another agent to represent you, but if you trust this guy and the numbers work, it could still be a good move. Just make sure to do your due diligence, get second opinions on the rehab work, and double-check the financials to ensure it makes sense. Good luck with your offer—I hope it all works out!

Hey Garrett! I have experience with STRs in a college town. The issue with this kind of market is that it is very seasonal. With that in mind, a sports-centered college town potentially presents a good opportunity as the school will often have visitors attending games who need places to stay. However, when picking a market it is important to choose one that isn't totally dead in the slow months. I think the idea of an STR/MTR hybrid is great!

Of course! Happy to help.

Pocket listings are basically off-market deals - Properties that are available for sale but are not listed on the MLS. They're often marketed privately to clients/investors through agents' networks. To find pocket listings, I would recommend that you build relationships with agents who specialize in the area you're interested in. In an ideal situation, this kind of deal can benefit all the parties involved, especially if it's a highly desirable property; The seller gets some privacy, the agent makes a few calls, and the buyer has less competition. However, deals like this are a little difficult to come across. Regardless, best of luck!

First off, congratulations! As has been mentioned, great photos and amenities are incredibly important. Additionally, take advantage of every opportunity on Airbnb to add more details about the property. Guests value rentals that are easy to navigate, especially because shorter stays require more urgency than LTRs. Provide thorough details on what amenities you offer and how to use them, check-in/check-out instructions, etc. 

Hey Scott! This reminded me of a Wall Street Journal article that came out about a month ago. I highly recommend you check it out - Downtown Offices Are Toxic. Suburban Ones Are Surviving

To summarize the article, throughout this entire CRE 'Doom Loop,' suburban office properties have consistently outperformed urban/downtown buildings. This has included less defaults, drops in valuations that aren't as steep, etc.

I 100% agree that the potential for these suburban office buildings is there, and that further growth and steadily increasing demand is highly probable!

Hello Lisa!

After scouring the City of Pismo Beach's painfully vague website, I've noted a few pieces of information which you may find to be helpful. Firstly, it's important to point out that Pismo Beach, like many other California towns, has imposed stricter regulations on STRs in recent times.

The city has drawn a distinction between three types of authorized 'Less Than 30-Day Rentals,' specifically a "Short Term Rental," a "Vacation Rental," and a "Homestay Rental."

Short Term Rental - This is the permit you would apply for when pursuing a non-owner-occupied STR in the R-1, R-2, R-3, RSL, RSM, PR, OS-1 and OS zones. Unfortunately, the city is currently not accepting any new 'Short Term Rental' permits, but they are accepting renewals for existing permits. That means that if you find a property that already has the proper permit, it could continue to be operated legally, if the permit is renewed. However, if the property does not already have the permit, you will not be able to apply for a new one at the moment. Here's a map showing where 'Short Term Rentals' are allowed: Short Term Rentals Allowed Map

Vacation Rental - This is the necessary permit for non-owner-occupied STRs in the C-1, RR, R-4, CD, CD-C, CD-M, and CD-V zones. Luckily for you, the city is currently accepting Vacation Rental Permit Requests. However, given that the permit is only applicable for the above zones, which basically only cover multifamily/commercial properties, it limits your options substantially. Here's a map showing where these rentals are allowed: Vacation Rentals Allowed Map

Homestay Rental - Lastly, there is the option of a "Homestay Rental," but these are unrealistic for most investors. The homestay is an owner-occupied STR in which you basically rent out a part of your home while you live in it. Although the city's website doesn't explicitly address it, I am pretty sure that this permit is the one that is most likely to be approved out of the three, and offers the most lenience in terms of zoning regulations.

Here's a helpful link with additional information: Pismo Beach STRs

I operate out of the Central Coast, so if you have any questions please don't hesitate to reach out!