All Forum Posts by: Jon Steffen

So it sounds like Colorado is tough to find ski STR opportunities given high cost of entry or STR restrictions.
I'll look into NV?

Are there other areas out west that are attractive Brad mentioned NV so I'll look into that but others (UT, MT, WY)?

I know there are resorts out east as well but my preference is out West because I prefer the skiing there. 

Good Day,

I've been looking into purchasing a ski house or condo that I would rent out for the popular seasons, in a popular ski area in Colorado (Avon, Aspen area, Breckenridge etc). I live abroad in Bermuda and I'm currently unable to buy property there due to restrictions and transaction taxes. Given that we like skiing as a family activity and wouldn't mind moving to Colorado at some point this seemed like a potential option.

Where I'm struggling on this is that it seems that the economics don't really make sense given property prices, mortgage rates, and occupancy. Cap rates seem pretty low relative to mortgage interest rates.

Has anyone seen this model work in this economic environment?

Thanks for your thoughts on this.

Jon

@Carson Kesner

I live part time in Bermuda and you can’t really own there. One time as a counter proposal to a rent increase I offered to pre pay the whole year’s rent. Not saying it’s the same situation but I could conceive of circumstances in which prepaying rent isn’t shady.

Thanks everyone for the responses.

Good Evening,

My friend and I are working to partner up on our first deal. Location wise, we are looking at the Northern and Northwestern Chicago suburbs. We are working through setting up an LLC. We're also each getting umbrella policies for protection. We've spoken with mortgage brokers and have heard that we need to have the mortgage and hence the property in our names.

We are comfortable with being personally liable for the mortgage itself but we are uncomfortable with the property being in our names and would rather have it in our LLC's name.  

Does anyone have suggestions on ways to make this work so that we personally guarantee the mortgage but have the LLC actually own the property? Are there preferred lenders that anyone can recommend?

Thanks in advance.