All Forum Posts by: Greg Eftax

This was very helpful! If I may, can I ask a clarifying question as my wife and I spend our summers in SLT and want to buy a STR to rent when we're not there.

So if a house falls outside the city limits in Meyers (outside tourist zone and residential based on GIS measure T map) but still in el dorado county, I wouldn’t automatically be able to vacation rental it? I’d have to be put in the wait list? Same scenario for something on the NV side in Stateline like a condo in Douglas county? 

Couple reasons:

1) Being an A class rental, I feel that it won't need as much attention from me

2) I have only heard horror stories about PM's and who will care about your property more, the owner or a PM?

3) I plan to be back in the area multiple times per year to see family, wife's job is HQ'd here and she will be back a few times per year, and I plan to be up many times to sped time at our cabin and will stop by to check on things. 

4) and maybe the biggest reason is I am a control freak at somethings and prefer to be more hands on than passive

might not be the best reasonings but thats what comes to mind

Hey BP, would love your advice!

My wife and I along with our 19mo old are looking to move. We currently live in Waunakee (right outside Madison, WI) and looking to move to Venice, FL to be close to retired grandparents. 

I am a Realtor so this will play into the figures below. 

We currently live in a very sought after town with top 5 school district in the entire state and live in an extremely sought after neighborhood. I only mention this to lay the groundwork for our decision. 

Bought 3 years ago for $340,000, put 10% down, owe $291,000 and house valued at $415,000 right now if we sold (did many updates, though still needs more)

If we sell now, obviously we would save about $12,000 in listing fees because of my Realtor job. 

If we rent it out, there are about 3 rentals in our neighborhood and all rent for avg of $2850. We have a CEO of a company wanting to rent our place to get his children into our school district and wants our neighborhood as his daughters already have friends here. Possibility he would buy it but 80/20 he rents. 

Our mortgage, insurance, taxes comes to $2,050 a month. 

Obviously we have lots of equity in the place and if we rent we'd be cash flowing pretty nicely. Never been a landlord yet, and then to do so long distance would be a new challenge, and one I would be ok taking on. We have a cabin up north of here so I would be coming up here frequently from FL to go there and would do updates, and check on the place when needed. 

Any opinions from people here. I value everyone's thoughts, hence why I posted figures for a more precise answer. 

Im caught up on listing now and saving $12,000 in fee's and taking the money and running. Versus renting it and maybe selling it in a few years and paying more in fees as I would not be a local Realtor anymore. I did NOT account for appreciation as that would just be a cherry on top. 

thank you all!

You have some great advice here and was going to recommend the same areas already mentioned. I work with quite a few investors and the areas such as Belleville, Verona, Lodi, Poynette and Janesville all have some deals. The other one not mentioned is Dodgeville. Lands End is there which would draw in some employees to possibly rent. 

All cash with few or no contingencies right now is the best way to secure a home once you found one. 

Great information and very encouraging! I have read a number of those books and can't say enough good things about them. 

I too am in the process, granted the beginning stages of leaving my W2 job, to pursue real estate and just got licensed this year. 

keep up the great work!

Hi @Cory Asrilant

https://www.biggerpockets.com/forums/311/topics/44...

This thread might shed some light on this for you as @Dustin Allen mentioned about 100 days a year and possibly up to 200 if self-managed after a few years. 

I am still actively looking to buy a VHR but near Stateline in NV and also curious for updated figures and will be watching for any other responses to your question. 

Late to the party but looks like you are still in Tahoe. Best yet, it appears that you're getting some good snow right now too!

Tahoe is one of our favorite places and go a few times a year. 

Restaurants: 

1) Azul in Heavenly Village for some good tacos

2) Riva Grill, outstanding food and order a Wet Woody drink, their version of a Rum Runner and it's right on the lake with some incredible views

3) EdgeWood is incredible, they have two sides, the fancy side and the "normal" side. Been to both and both are unbelievable. 

4) Basecamp Pizza is always a solid chill thing to do too. 

Hopefully those help you out a little bit on your last few days!

Hello BP!! 

My name is Greg Eftax from Waunakee, WI, or better yet, Madison, WI. My wife and I have been in the area for about 5 years now and try to travel as much as possible, our favorite place to frequent is South Lake Tahoe and throw around the idea to purchase a place out there soon. BP has been a wealth of information and the podcasts are extremely motivational for us as we are looking to invest in LTR, buy and hold, to achieve our financial freedom ASAP. We have some ambitious goals to retire in 10 years or less, and being that I am almost 30, a retirement date when I am 40 is what we're aiming for. 

We both are in the corporate world, but I am in the process of becoming a Realtor (studying every night) and aim to pass the exam in January 2018 to better get my feet wet and immerse myself more in this realm of real estate. 

Really look forward to meeting everyone on this incredible forum and to continually learn. 

Our goal is to purchase our first investment property early 2018 and get the ball rolling to FI.

Really glad this topic came up as my wife and I are actively looking to purchase our first income property out in SLT. Love all the information that everyone has provided so far out here. 

With the new approval process that must take place, that adds a new spin to things, but is it also true that if you own a rental, either long term or short term, that you have to have your primary residence within a certain mile range, and if you don't, you have to get a PM?

We were thinking of doing more LTR to try and cater to the housing shortage that exists there. Met with some local establishment owners who are dying to get some housing for their employees and would partner with me to buy up some options. 

We'll be out there mid December to ski and check out some properties