All Forum Posts by: John Wenhold

@Jaysen Medhurst

I was told they are not putting any restrictions on short term rental use.

How would I go about finding out what those other units sold for? I’m sure they will not just hand over that info if they sold for less than what they are asking for. When I spoke with them they told me they were in negotiations with a few more units, giving me a sense that they were will to negotiate on price. Also I saw one of the units pop up on Zillow for 10k less than what they have listed on their site

So I'm looking into purchasing a loft condo.  There are multiple units available, but I think if I do purchase I will be purchasing one that is approximately $300k.  My question is, what offer price should I give them?  I do not plan on just offering their full asking price.  

Here is the situation...

This is located in what I would say is an up and coming area.  Previously run down and now over the past 5-10 years has been getting built back up.  Has some good touristy stuff

There are approximately 50 loft condos available in this building.  The building was recently completely redone and they listed these condos for sale a few months ago.  They have currently sold around 10 of the units.  

Now as far as if their offering price is a good deal or not... My plan is to use it as an AirBnB rental and based on my research I will make a good profit as an AirBnB. That is why I am considering purchasing it.  But just with uncertainty of short term rental markets, I would want it to be a good deal no matter what type of strategy I employ (short term rental, long term rental).

How can I determine the correct value of the property?  I don't really see other loft condo's in the area that are available for sale.  Is there a way to access previously purchased property prices in the area?  There probably is not a whole lot to compare with.

Also, is selling 10 out of 50 in a few months put the owner's in sell sell sell mode, possibly making them take lower offers? Or is their current rate of sale pretty typical and they would likely hold at their current prices?

Thanks for the help.

 Cool.  Thanks for the info on TAKL.  

I would be required to have an address and phone number supplied to the businesses immediately surrounding the place as well as have the information displayed in the condo.

I guess I need to find a house keeper who is willing to respond to emergencies/have their information listed.  Seems like that would be my cheapest bet since if I paid them well, they might be willing to do it

I've identified a market 3 hours from where I live in which I am wanting to purchase a condo for short term rental.  I see everything being pretty automated (entry, cleaning, etc.) to where I wouldn't need to be at the property.  But of course someone needs to be close by for those once in a blue moon emergencies and the city actually requires you to be in the county when someone is staying at the rental.  

Are there any cheap options for this?

Do co hosts for air bob still exist?  

I don't foresee having to do a whole lots I would have a cleaning service and would make my way into town once a week or so.  Therefore I don't really want to have to give a property management company a big junk of the profits in order to make this happen.