All Forum Posts by: Jeramey Rogers

Quote from @Jeramey Rogers:

Hi everyone - posting an update here for my fellow investors. Summer went extremely well. Had a 100% occupancy rate. Overall going to net somewhere between 80k - 85k through 12 months with an average occupancy btw 70 - 80%. While I am happy with this purchase overall, I am no longer focused on investing in ocean city due to transitioning away from condos. The construction from the assessment on the building I referenced in a previous post has been completed....... for only 75% of the building. The board is new voting on covering the additional 25% next year. This will cost me around 10k. While I have profited significantly more than expected this year, I purchased another property (SFH) in North Charleston where I am pacing to drive slightly more revenue and I have much more control of costs vs the condo. I would say this property served its purpose as a relatively easy to setup investment that helped me get experience in real estate investing.

thank you to everyone in the chat for your help here. 

Quick clarification here after reviewing my post. 80k is the gross revenue not net. Net is a little over 40k.

Quote from @Michael Baum:

Glad things went really well @Jeramey Rogers! Gratz!

Much appreciated. 

Quote from @Lauren Kormylo:

Great, I’m glad your year went so well! That’s a fantastic net. 
Hopefully when all that work is done on the building, you won’t have to worry about that for a long time. I was reading about the new law in effect in OC in October regarding condos and mandatory reserve studies and reserve funds. Has that affected your building?  I hear that law is causing a lot of pain for underfunded buildings. 

Thank you Lauren. Yes this law did impact my building in a couple of ways. 1. The assessment in general was a result of the law being passed which caused the building to get an audit (happened prior to my purchase) as I believe it passed a couple years back and the deadline was just this past October. 2. our extremely low condo fee is why we don't have enough reserves to make even a small dent in the renovation costs and have to significantly come out of pocket. 

I too hope that this is the last of the repairs for a while. I can't imagine anything else major as the entire building is being renovated with most major work already completed.

Hi everyone - posting an update here for my fellow investors. Summer went extremely well. Had a 100% occupancy rate. Overall going to net somewhere between 80k - 85k through 12 months with an average occupancy btw 70 - 80%. While I am happy with this purchase overall, I am no longer focused on investing in ocean city due to transitioning away from condos. The construction from the assessment on the building I referenced in a previous post has been completed....... for only 75% of the building. The board is new voting on covering the additional 25% next year. This will cost me around 10k. While I have profited significantly more than expected this year, I purchased another property (SFH) in North Charleston where I am pacing to drive slightly more revenue and I have much more control of costs vs the condo. I would say this property served its purpose as a relatively easy to setup investment that helped me get experience in real estate investing.

thank you to everyone in the chat for your help here. 

Thanks so much Troy. Will reach out this week. 

Hello - my company is Rogers Building Blocks LLC. We are a little over 1 yr in business and focus on STR property investment and management. We have 2 properties to date (Ocean City and North Charleston) and are in search of a CPA to be part of our team as we plan our strategy for the future.

Quote from @Zach Edelman:

Quote from @Jeramey Rogers:

Hey Everyone - Figured i would keep everyone in the loop here with updates. I ended up purchasing the condo and just finished renovating it over the last week. Working to get it up and running for the STR platforms now and goal is to have it operational by next week. Wish me luck and will keep the group updated on progress by mid summer.

Condo performance update as we head into summer?

 Happy to provide an update. Roughly 75% of my peak season is booked and I already exceeded my goal for the year in booking revenue (50k). Surprisingly, after starting in March (off season), I was still able to net a profit during this month without any prior reviews at the time. 

Through my cleaners, pms (Lodgify) and 3rd party apps (schalge home lock, ring doorbell, google home, turno, jervis), 95% of the property management is automated and i spend less than 1hr per week on property related tasks. 

All in all, very happy with the decision and appreciate all of the support/advice given in this chat.

Hello BP Family,

Reaching out as a relatively new investor with one successful long distance investment property up and running that I purchased earlier this year. I am quickly trying to scale to my second market and am zeroing in on the North Charleston, SC. I am looking to get in touch with a knowledgable agent that has experience working with STR investors and knows the ins and outs of the area. I am looking to visit the market in early May and make an offer for the right property relatively quickly to get up and running by the summer.

Looking for recommendations of agents that fit the mold and if you are an agent that fits this criteria, please feel free to DM me.

Thanks for your help in advanced,

- Jeramey

Quote from @Eric Greenberg:

Ocean City NJ, MD? Any details?

 2br / 2br condo in Midtown OC MD. Ocean block steps from the beach. Near hot spots. Listing is below and has been booking up quickly so far. 

https://abnb.me/7KWvB4H89xb

Quote from @Lauren Kormylo:

Looks nice!  I thought about one of those game tables, but don't have a good place for it. 

Not sure if you're aware that in OC, early June is "Senior Week" (mainly the first 2 weeks), where high school seniors and college groups try to book places to come and party.  Usually they want to stay more downtown, but since a lot of rentals don't allow them, they may book in your area.  You'll see other listings saying "no senior groups", so that's what that's about.  

 Thanks for the heads up. I have heard a few horror stories from several of the locals and it is on my watch out list. Will do my best to avoid this crowd.