All Forum Posts by: Kevin Escobar

My condo has been an amazing investment. Value has doubled and high returns but it's a very small association. 3 retail ground level units and 3 residences above it. All of which are used as STR's so it made sense. I also became the HOA President to help make sure it stays that way lol. Make sure you read the HOA docs and what it states about rentals. Bigger associations obviously might be more difficult to deal with/navigate.

We visited Bellingham last year, loved it! 

I visit the ADKs every December up near Lake Placid. I can't believe you picked that up for $389K - that's insane lol. 

That's awesome. I own in NY as well. Did you find your motel on the MLS?

I own in Crystal River. My grandparents have snow birded to the area for the last 33 years. I grew up visiting the area and have seen all the change that has happened. Tourism has definitely increased due to exposure from outlets like Nat Geo because of the manatees. My aunt and I own on the same block and my grandparents are around the corner. My other aunt is also a realtor in the area so I could put you in contact with her. To answer your question - within the city limits STR's are not permitted, outside the limits there is no regulation. Be sure to do your due diligence when looking to make a purchase. Keep in mind there is a seasonality factor to this market. Ever since that AirDNA article there has been a ton of new listings and investors in the area making it much more competitive. I do agree with Andrew on the labor pool as well. If you do purchase and need help with management let me know! I will add that out of my STR's, this is the worst performing so if you can't stomach slow months this may not be the market for you.

I have to agree with what everyone above mentioned! Google the city name followed by STR/Airbnb laws/permits/regulations etc. Then verify by calling the town up.

Just type into google the city/township/county the homes are in followed by short term rental laws, airbnb laws, str permits etc and see what results come up from those municipalities websites. To take it further just call their building departments and ask to verify any questions. Also keep in mind, if there are no regulations currently on the books - that can change at any time. 

Thanks for all the great replies! Any recommendations on banks for a HELOC or is best bet to go with a local credit union?

Hey Everyone. My wife and I currently have over $700k in equity across our 5 properties. We were able to fund the down payments for these properties all through our personal incomes. Our goal is to continue to expand our portfolio. We just went under contract on another unit yesterday which got me thinking about all of this. It is going to require a full renovation. The plan is to do a BRRRSTR on it. We have friends/family who are ready to invest money with us, which was my original plan to continue to grow. But with all this equity I'm wondering if I should continue to expand without bringing other people in yet? Below are a few numbers. I appreciate any input!

Property 1 - 3.375% rate. Balance $275k - Value easily over 600 but let's say 550 to be conservative so 275k in equity. This was our first primary we bought 6 years ago which we made into a house hack although we didn't know that's what we were doing at the time lol.

Property 2 - 3% rate - Balance also about $275k with a very conservative value of 500k. This has been a cash cow for us besides the appreciation gain. We have about a 50% CoC return here.

We have another $200k+ equity across 3 other properties but these all have been purchased in the last 14 months. 2 of them have rates below 4%. The other is in the 5's. But I don't think these would be the ones to pull money from yet. I should also say we like to keep reserves on hand to cover the mortgage on all these properties for 6 months minimum. 

Looking forward to hearing what everyone thinks! Thank you!

Look up heat tape. Helps a lot if you can access pipes in a basement or crawlspace. That and leaving faucets dripping will work