All Forum Posts by: Erik Petrovich

@Amanda Ferguson I am not looking for a management company - I would self manage the first few I get until my bandwidth couldn't handle it any longer. I was just trying to figure out if the owners Revenue was after any HOA fee... In the example I gave, seems the owner is loosing money after paying the $800 HOA fee per month for a total of $9,600 for the year as well as the management fee of $6K and mortgage payment (if they had one). Anyhow the agent I have been working with said the resort the unit is in is middle of the road and the revenue was due to high vacancy. The search goes on.

Get my 1st 2 STR properties under contract and renting out. I am currently looking in a couple markets and still gathering data. Once I find the right property will pull the trigger.

@Kyle R.

thank you for that insight...I may start looking at some of those as well.

@Michael Karpie

Thank you

@Daniel Denning

You know, I was not looking at the reviews. Think I will go back and look at some and make that part of my due diligence. Thank you

@Alexander Knowles

Got it thanks

@Alexander Knowles & @Daniel Denning,

Makes sense to look in the north. I was looking at a few in the Sandcastle Resort and a couple others in the south and central. My agent is looking out for those capital improvements so I am prepared for that expense. He also said quite a few of the resorts have some major issues and are now starting to impose that cap ex on owners. What have either of you found is the best method of looking at comps to ball park what you should be earning? I have just been looking on AirBnB and VRBO at similar units in the resort to see what they are charging from Mar-Oct.

What type of property do you have? I am definitely looking to self manage. The samples I gave were the shotgun 1 bed condo. I think revenues should be more just by looking on Air BnB of what people are asking for from Mar - Oct. I calculated this type of condo in a nice resort should gross around $30K then subtract HOA fees of about $9K for $21 in revenue. Do condos stay pretty booked for the most part?

This resort seems to allow self managing...still waiting to hear back from the office on what I get for that 40%, what restrictions are there for self managing (amenity access), and if HOA fees are taken out prior to reporting revenue to owner.

Good Morning BP Community,

Last week I posted about possibly looking at Short Term rentals as an investment vehicle. I have narrowed my market to Myrtle Beach, SC and have reached out to an agent, who seems to know the ins and outs of STR in Myrtle Beach. I am analyzing a few units that are in resorts. The units I am looking at are managed by the resort but the revenue doesn't seem that good. Comp unit generated - 2018 - $16,277 / 2019 - $17,533. Once the resort takes their cut and subtracts their cleaning and maintenance fees for the unit, the owner is left with $6,300 and $8,000 for each year to pay mortgage and HOA fees. Seems undoable unless HOA fees have been taken out before revenue is reported to owner. Just wanted to see if anyone has experience doing STR in resorts and what your experience has been.