All Forum Posts by: Galen Crofut

Thank you for your feedback on this deal. I'm glad there are so many people with local experience in OBX! I've been speaking to a lot of locals in different fields and they're echoing a lot of what was said here.

@Herman Hall I'm hoping that the new bridges finishing between now and 2020 will address most of the road closure problems. It's a bit speculative, but I think that will mitigate some of the logistical problems and increase traffic to the area. I PM'd you about getting in touch over the phone!

@Jason Hathcock Aren't occupancy taxes paid by the guest at the time of booking? I see those charges when I go to book on Airbnb's platform. Thanks for the advice on nailing down my figures.

@Daniel Kauffman You're right about the interior design estimate being low. Quotes from local interior designers came in at $10k-$18k per unit, which seems overboard to me for a modest nautical theme (pun intended). 

@Tyler Work Thank you for your insights. I do plan to manage indefinitely, automating most tasks and hiring a team to replace myself after scaling to multiple properties in the immediate area. I sent you a PM with another deal structure.

@Mike Shemp The property is in a pretty great spot. Less than five minutes walk from the beach, a fishing pier, sporting equipment rentals, a grocery store, and it's next door to a year-round diner. Other Airbnb listings in the area show 100% occupancy during peak season and 20% off-season, so offering the units as month-to-month rentals during the winter might turn out to be more profitable during that part of the year. What kind of rental do you have in Kitty Hawk?

@Daryl Bovill Thank you, I think that could work in the Outer Banks area since a lot of property owners are still using traditional vacation rental management companies with outdated practices (week-long reservations, Saturday to Saturday, etc.)

@Daryl Bovill Great question! I'm offering an equity split because I'm starting with little money and can't put 20% down payment. The plan is for my partnered investor to finance the deal through whatever means make sense for them (all cash, mortgage, etc.) and give me equity in the property in exchange for preparing the building for Airbnb and managing it. Revenue and expenses are shared based on equity split and distributed monthly, and you're free to sell your equity stake. Thank you for your feedback as I can now see that isn't clear in my presentation.

@Adam Schneider Thank you for the feedback, I will be living in a year-round leased apartment in Waves around 15 minutes from the triplex. I'll add an "about the management team" section and include that info.

Hello! I'm relocating to Outer Banks, North Carolina to take part in a super hot Airbnb market, and I'm looking for investors to fund my first deal there. I'm interested in an equity split in exchange for setting up and managing the listings.

I would greatly appreciate feedback on my analysis and presentation in this slide deck. Please let me know how I can improve it to make it more appealing to investors.

And of course, if you're interested in the deal and want to take part in this or future properties, let me know!

Thank you for your time,

Galen

Link to slide deck

In the south SF bay area (Santa Clara County) we have seen a lot of properties hit the market over the last two months, and the injection of inventory has raised the average DOM. But, since we've had incredibly low inventory recently, and the number of homes on the market now is still lower than it was in 2012-2014 in this same time frame, AND the fact that jobs are still being created here (Google and Apple building new campuses for example), I think a slow-down is still a ways off.

You could buy a very nice walk-in closet in the South SF Bay area for 200k!