All Forum Posts by: John Kromm

Hey Steve, 

I am a local real estate agent and a multiple STR owner operator. There's big changes that have just been implemented in the City of Bend. They just approved changing the 250ft separation rule to 500ft. This will make buying currently legal STRs very difficult because you will have to get them re-qualified. It also makes finding a currently unlicensed properties very difficult to get licensed. It's a hot mess honestly.

In regards to Sunriver... in almost decade of doing this I've not seen many Sunriver STRs do very well. They are great to offset the expense of having a second house but don't do the numbers that are commonly associated with a highly producing STR. That area is just so oversaturated that nightly rates are cheap. And it's very seasonal.

Not trying to poo poo your idea. Obviously I'd love to represent you in a purchase but I just wanted you to know that literally as of two weeks ago... things are different here in Bend. 

feel free to reach out to me privately. I've worked with lots of STR investors here in Central OR and would love to share my knowledge

Cheers

Very cool idea.  I've got a few STRs in Bend and will definitely be following. 

Whoa, yeah comps are going to be really hard there.  If I were you I'd talk to an agent in Madras and see what they know.  I'd recommend finding one that is actively representing builders in Madras so they could potentially put you together with them. 

Hey Alan, is it in the city limits (and which city?) and zoned for residential? 

WOW! That sounds like an incredible opportunity. I'm sure the city IS excited for you produce more dwellings as it is crunch time here in Central Oregon for housing.  I'm asking some of my friends for great multiplex builders in the area and will message you when I have some names for you. 

Financing could go a few different ways but I would lead off with First Interstate Bank and see what they say. 

Investment Info:

Single-family residence buy & hold investment in Bend.

Coming from an agent this is not in my best interest but.. If you can help it... don't ever sell real estate. Simply leverage it to get what you want.
Our first home is now an Short Term Rental that produces incredible income. We did a cash-out refi to have enough down payment for our next primary purchase and then made it a STR.

What made you interested in investing in this type of deal?

Wasn't planning on it but the opportunity was there for the taking and there was little keeping us from doing it. We had heard about how lucrative STRs could be from a fellow agent who had one up the street.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

You really need a great agent AND lender to help you understand what the actual possibilities are. Some folks will only do what you tell them to, but great agents will help you by giving you more options than you even knew were possible.