All Forum Posts by: Julie Nealey

Reach out to @Jared Rine, he is excellent at finding HML. He is on this site.

Thank you so much. I may reach out to you. I am supposed to hop on a call with them. 

I NEED HELP! I have an interesting land offer for my 2.68acres undeveloped land. Land background: The land is zoned CB/Mixed Use 50/50+1sqft commercial. It rests at a very busy 5way intersection with good frontage. Land has a right in, right out ingress/egress onto a major state route, and an alternate entrance through an adjacent parking lot (Les Schwab) Also flanked by Lowe's. It is in a very affluent area. There is the lowest category of wetland designation on the site resulting from Wetlands Resources and Department of Ecology to assess that of the 2.68 acres, 2.17 is buildable, but we have to wait for the Army Corp of Engineers to make that determination "official" and that could take until the end of 2024 or early 2025. Otherwise, as it is 1.10acres is buildable now as the current determination from many many years ago.
I owe 875K at a 10.99% interest HML. My taxes are over 10K

THEIR OFFER: A very seasoned developer wants to put self storage on it. It is not zoned for self storage thus he has to apply for a zone change and the city states he missed the deadline and they will take zone change applications in late 2024/2025. We are currently in a PSA for 1.9million, close date of April 24 2024. Given this information on due diligence they are in anticipatory breech of the contract and sent this offer. 700K cash to be paid by the end of this month, with a guaranteed "kick out" payment of $600K if and when they get all determinations changed on or before April 24, 2026 (essentially I am guaranteed a payout if he develops self storage). 

What would you do? They would obviously own the land for 700K and could decide to not do self storage and that nullifies our guaranteed $600K and they could sell it for a profit. They will not accept any counter offers. I would be selling for less than I owe and still carry a mortgage without the asset. 

I live in Seattle area and bought my first STR in Phoenix. I self manage and have not had any trouble at all. I just have a great group of people that I work with. Great inventory and cleaning instructions and a plumber, HVAC and electrician that I can call at any time and get them to our place.

I am so sorry to hear that, that is a very big decrease. Have you contacted AirBnB support to see if they can let you know what may have changed? Do you have an attraction near you that you can somehow cross promote? I'm just trying to think outside of the box for you. 

I love managing my AirBnB myself and I am not local to my AirBnB. I have a wonderful handyperson that is local that I can rely on in emergencies. I have a landscaper, pool maintenance, pest control, phenomenal cleaners and back up cleaners etc. I also have an electrician and plumbing company that I use exclusively that if I call, they help me very quickly.  

I do not see the need to hire a property manager for my place and I like getting to know my guests as well, so all in all, I can't justify the cost. I completely understand that others may not feel the same as me. I think it all depends on your comfort level. 

I leave a bottle of Tost (non alcoholic wine) a package of Hayden's frosted animal cookies for the kiddos and 2 bars of Chuao Chocolates along with my Welcome Book. 

I have a built in water purifier and a Brita Water Filter, so I don't provide bottled water.

Go to your insights page, is there an increase in views? That let's you know that people have at least seen it and you are in searches. Where is your STR located? Mine is in AZ and this is our slow, hot season. I knew I would be subsidizing July and August, so the promos I am running have helped get a sprinkling of bookings for July & August, and are basically unexpected offsets to what I knew would be a rough two months. Have you lowered your base prices a little? I think if you do that, and it isn't too low, to avoid partiers and people that do not take care of your property, it helps too to get views.

If you re-list, I would think you would have to do the mandatory first 3 bookings at a 20% per AirBnB rules anyway, so might as well run your own promo and keep your star rating. Just my opinion as your rating is great and it sounds like people love your property. 

I also believe that people are being a little more conservative with the economy too. I am getting a few last minute bookings. Do you have anything in your decor that would help make your STR memorable to guests that would be searching or a local activity you could promote on a front listing photo/ad?

 Run a promo- it puts you on the top of the searches. 

My sale fell through 2weeks ago. Looking to sell land in very good location at the intersection of two State Routes. Fantastic demographics. Zoned Mixed Use/Community Business. A lot of due diligence is complete to speed the process up. Looking for cash or 3-6month fast close. Great deal. Contact me for information.