All Forum Posts by: Francisco Ruiz

We have two short term rentals, one in TN (rate at 3.25%) and one in VA (rate at 3.8%). Don't want to move from those rates to current rates, but would like to find a way to utilize or take advantage of the equity in both for other projects. Any creative financing options to consider or look into?

We are looking at Snowshoe, WV as a potential market.  We are looking at both a condo and also a home that are near the base.  Condo is in Soaring Eagles and is ski in/ski out.  The home is just a block away, in the Sanctuary, but not technically ski in/ski out.  Curious to know of any in the area how condos perform in the summer time?  I assume in the winter months they would perform well, but in the spring/summer/fall (non ski months) how do they perform?  I would assume stand alone homes might perform better during that time.  Any input would be appreciated.

We own/manage a couple STR's in VA, and are considering the Snowshoe, WV market next. I am searching through the forum to see prior posts. Would be great to connect and learn more about the market from those which have experience there. A few things that would be helpful:

- Airdna data shows ~$166k revenue potential at the 5br level, with about 59% occupancy.  For those with similar size places, is this realistic/conservative/aggressive?

- Any specific STR regulations to consider and watch out for?

- Any local lender and/or realtor recommendations

Yes, very doable. We own/self manage 3 (1 TN and 2 VA) and we live in TX. Key is to have a great team (cleaners/handyman) and have contractors info (electrician, plumber, appliance repair, etc..) handy for when the unexpected pops up. We both still work full time W2's. With wifi locks, wifi thermostat, wifi cameras and your team, you can easily do it.

Pros - as mentioned, you keep more profits for yourself, peace of mind that if/when a call comes through that your team will take care of it and you dont have to run out to your property

Cons - for sure being on site is much easier when you gotta pull in a contractor, but still manageable.  Have to pay for every litte minor repair vs being able to do a quick simple fix yoursef

Scalable - for sure, your team is doing the heavy lifting and day to day.  As you grow getting systems in place (property management software, dynamic pricing, digital guidebooks) and that frees up more of your time

I would say 15 years ago or so would have been more popular.  Also depends on the type of guests you are targeting, there will be folks/couples who would like that.  But I think nowadays folks are looking for clean, updated and slightly more modern style.

Thanks for posting this Derek, this is great information.  We have been looking into short term rentals and researching, getting close to pulling the trigger on one or two.  Just trying to do our homework and be ready.  We were looking in the Gatlinburg area.  Will definitely reach out to connect, as we want to focus on this area of the business.

Totally agree Brian, we are not considering the full service management firms which handle every aspect of the property.  We plan to manage the bookings ourselves, but definitely want some quality and dependable local resources.  That is what I was hoping the BiggerPockets community could help with either contacts or ideas.

Wanted to get input and recommendations for vacation rental property manager in or around the McGaheysville/Harrisonburg, VA area. We are considering purchasing a home near the Massanutten area to be for short term (Airbnb, VRBO) rental and would like a local manager for coordination of maintenance and cleaning and be a local contact. However not looking for a full service management firm which would charge 25%+. Have looked into Evolve as an option.

Considering investing in small multifamily properties in Hartford, CT.  Would be a new investor in the market so would like to get some general feedback on particular areas of Hartford that are more desirable vs others.  Am looking at a 6 unit, which is between the Barry Square and South End areas, any thoughts on that area?  Also, would be looking to connect with and talk to some local property management firms that serve the Hartford area.

Thanks!

We are looking in an area where there is a bit of new home development, there are some new duplex units there.  But have not found any other new duplexes for sale near there.  When looking at comps, how would you compare the price/sqft of a new single family home vs a duplex.  Can you compare based on sqft?  Or what other factors should we be taking into account when trying to determine a reasonable market value?