All Forum Posts by: Joseph E.

Thanks @Taj Richardson. I was also looking at North Bend Coos Bay area, especially because of it's proximity to Bandon Dunes and the golf scene there. Unfortunately, from what I understand, there is now a STR moratorium on new permits there that was recently voted on in August.

Of the markets you listed, which one tends to get the most traffic in your opinion? As you mentioned, I know Lincoln city is likely the top, but I wasn't consider it given the wait list.

@Luke Carl - LOL that's a funny point. Think I've received pretty sensible advice from all of you. I will likely work with a furniture store nearby my STR to hold my items until the move. I'm also wondering if some moving companies will offer temporary storage space as well until the date of the move.

Thank you all for the feedback. 

@John Underwood - From what I understand, late May-early October are strong months where you can see great occupancy (70%+) and ADRs for Oregon coast. Remaining months seem to be in the 40% range, with Dec-Feb really bottoming out where you operate closer to break-even or slightly below on cash flow. I am more excited about the opportunities in the Smokies, partly because of the seasonality issue you mentioned. Do you have a perspective on either of these markets?

@Brad Hammond - Yes, it's actually been a little difficult for me to get a very precise picture on the STR rules across different cities and counties. From the research I've done (and other posts I've read here), it sounds like securing permits in Seaside, Rockaway beach (Tillamook county), and Florence is not difficult. Sounds like you are close to the market - do you know if my assessment is accurate?

Hi Everyone - I'm planning on taking a trip out to both the Carolina side of the Smokies and the central/northern Oregon coast over the next month. These are the two markets I'm seriously considering for the my first STR investment (which I intend to manage remotely from CA). I've never been to either of these places, and am only familiar with these locations from the research I've done over the last few months. While there are a few specific properties that I will visit for each trip, this is more just to get an on the ground feel of the market before I pull the trigger on an investment.

I have a couple questions for the group:

1. Is visiting the market before buying actually that useful of an exercise? I've talked to people about this, and have received conflicting advice.

2. When you scout a prospective market for the first time, what some of the things you are looking for? 

A little detail on the approach I intend to take: Outside of a few specific properties that I'm interested in, my plan is to compile a short list of comparable Airbnb listings that appear to meet my criteria (size, price, ADR, occupancy) and drive by those listings to get a feel for what those locations and neighborhoods look like. Similarly, I intend to visit places that meet my price and size criteria, but seemingly don't perform as well on ADR and occupancy so I get a sense of the types of properties I will need to rule out. 

Thanks!

I've found the STR University youtube videos very helpful. Like nearly every other youtube expert, the guy has a paid course that he pitches in a lot of his vids, but overall the channel offers great advice on a wide breadth of topics.

Thanks everyone for the advice. Definitely plan on hiring an interior designer and a handy man / moving company to help with the setup. 

@Luke Carl - Your approach makes sense. Did you ever have any qualms or issues with furniture delivery, amazon, or other folks enter your home without anyone there to supervise?

I'm considering buying an out of state short term rental and self-manage remotely. I've been reading up on some of the operational hurdles that hosts typically face when doing this, but one topic I've been struggling to find great info on is around furnishing.

What are some tips and strategies folks have used to buy and furnish a rental that's not within driving distance? I've seen plenty of great posts on what to buy, but not how to actually go about setting it up. Do most of you just hire someone in market that will move furniture into the rental as it arrives (prior to actually setting it up)? Ideally, I would have most items ordered and delivered, and then I would fly out and make a big weekend of it to set everything up. Curious to know how people typically do this.

Thanks!

Thanks for the insight @Michael Baum - point definitely taken on flood insurance / risk. Surprised and disappointed with your guidance on halving the return. If that's the case, it sounds like even the top spots in the Oregon coast aren't great STR investments at current prices. Also wondering if I should discount some of the numbers on AirDNA going forward, since their data seemed to support something around my assumption.

Hi folks - first time newbie investor here. I'm interested in getting started in short term rentals, and have been researching the space over the last few months. Before I get into questions for the forum, just some context on what I have to invest and the ideal return profile I'm looking for:

• $120k in cash to spend, including closing costs and set up costs (furnishings, simple upgrades, etc.). Property I can afford is likely in the $450k range.
• Targeting NOI of at least $25k per year and 20% cash on cash return

I've narrowed my list down to a handful of markets around the US that I am investigating further. One in particular is the northern section of the Oregon coast, specifically Seaside, Rockaway Beach, and Florence / Heceta Beach. It seems like these markets have established STR friendly regulation and are stable vacation destinations that were getting an increasing number of visitors every year, even prior to COVID.

Couple questions for those that are familiar with these regions:

1. What are some pros and cons of STRs in these markets?

2. Are the returns I've laid  actually achievable here? (and not just this past year where domestic travel has gone through the roof)

3. I would be an out of state investor - how challenging is to to remotely manage a rental here? From browsing Airbnb and VRBO, it looks like a majority of properties are managed by either Vacasa or Evolve, but of course their fees are in excess of 20%

Any thoughts or comments would be appreciated. Would also love to connect with any investors or realtors that know this area well. Thanks!