All Forum Posts by: Account Closed

Is there an exemption process / grandfathered property list? That's how an area by me is. Way way easier to buy a place with an existing "license" (it transfers with the property). Down side is you're buying from someone who knows what it's worth and likely has it in top notch condition.

My wife loves Destin so I was doing the same thing there. In Destin, I found that it would be amazing, but the difference is between the condo fees, assessements, etc that can kill cash flow. It's a little different for me - ie something for the family that cash flows less could be forgiven - so that would be the variable I'd for sure dig into in your area and what exactly they cover as part of their fees (maintenance, internet, water, etc). As an agent I'm sure you've thought of that, but that was the bit that surprised me about condos as I dug in.

Agree with John and Lien. You've got what you need to do a BRRRR to Airbnb so you get your money back, or at least a good chunk of it. @Bobby Feinman does this, you should reach out to him.

You're correct with your Pros list. Spoke to @Bobby Feinman this week and he's got a 12 month I/O product for rehab-to-rent where they lump in the majority of the rehab costs, if I'm remembering right. I don't have my notes in front of me. Then you can refinance to a long term DSCR STR fixed rate loan based on previous performance or AirDNA. You might want to chat with him about it to confirm exact details.

I was talking to someone looking into this. He was thinking about adding a gps tracker onto it for safety. 

Interested in the responses from others here. I know lots of questions come up about offering a car as an option and generally most say that's not worth it. Better would be to create a partnership with a local company, like some kind of discount for referring every guest to them to use. That way it's them worrying about insurance etc. Do that for a while as a quick solution if you can while you explore the rest. 

I've looked into Destin quite a bit and from talking to people, plenty do this. If you're on AirDNA for your area, take a peek at the Active Listings chart under Occupancy.

This is the number of rentals that listed or booked for at least one night. Often in those places you can see it goes down.

Could be in part from owners snowbirding, but I'd bet some have seen the benefit to switching when low months are very low.

Call some local STR property managers and just ask 'em.

I feel like I could accidentally find a STR with over 2 DSCR these days. But if you're not concerned with cash flow, make sure you're happy with the profit from appreciation and mortgage paydown.

I think that's backwards though - with STR cash flow is king and appreciation is icing on the cake.

Not to mention those regulations.

We've got a student who just bought in Maui I think it was. 

Hawaii I'd put on par with Gatlinburg as far as a demand on it. So definitely run the numbers.

Assuming you have ran the numbers on the investment, interweaving the Airbnb property with the Airbnb Experiences side of things would be very cool. 

Open to DMs if you need help with the numbers.

In the same way more "units" in a triplex or quad helps with economies of scale, the same thing - kinda - happens with more bedrooms in STR.

Do the math on the income of both. Usually the cost of a 2 vs 4 br doesn't double (price, maintenance, etc), but the income you can make does. This is true especially if there's high demand but low supply of those larger homes in those areas.

Edit: that being said I agree with Bruce. If you can get what I said with what he said, you're better off.

Quote from @Scott E.:

Nothing wrong with taking a course or paying for 1:1 coaching, but you should first at least establish a good foundation of your business plan, goals, your market, etc.

Plenty of free info here on the forums and plenty of short term rental guests on the podcasts.

Could you share more about your background, your experience, and exactly what you're looking to accomplish?

100% agree with Scott here. If you have the time to sift through places like Bigger Pockets and YouTube videos, it's all out there. To loosely paraphrase Daniel Pink, these days expertise is more about being able to filter alllllllll that information down into a clear way that benefits your personal situation. There are very few magic bullets behind locked doors, in anything you do. If you dig long enough, across all channels, you can find what you're looking for. The alternative, what people like the OP seem to be after, is having someone who has laid out that clear, straight-line path A to Z you can follow with all the mistakes of that path taken care of, and a network of people on the exact same path.