All Forum Posts by: Kim Gillihan

I dont know about the Lake Conroe area but besides the summer rents in Galveston a great revenue stream in the off season is the winter transplants (Snow Birds) from up north on a monthly basis. I would recommend you reach out to a rental property management company in both areas and have them give you an idea of revenue and days occupied for a comparable property. Good luck and happy investing!

I was wondering about snow birds! Are they more likely to rent a condo vs. a canal home? I will call a property management company and see what I can find out... thanks so much

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Originally posted by @Karl McGarvey:

@Kim Gillihan

Start with this... your end goal! State your end goal, whether it be cashflow, location for family vacations, or dream of owning a certain type of property. Once you identify the end goal you can work backwards to find the right place to help you achieve that goal by identifying certain markets or areas within markets that are a food fit for you. There are many vacation home owners that dont care about making money on a property and that changes the game significantly from those who are focused on running a business.

Great point... We mainly care that the property pays for itself. I think it just makes us feel better about doing it... but we do want to enjoy it as well. I can see though how you could do this strictly for cash flow and not care about using the place. Once I leave my day job.. I would be more interested in having several properties for more cash flow purposes. So I guess for now its something I have been wanting to do for a while... for fun, personal use and having it pay for itself is a way to make it happen.

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Originally posted by @Justin Anderson:

I'd look at insurance rates and regulatory challenges you may run into. Those are big impact items that people can often forget.

After that, I'd look at occupancy rates and how they'd differ between the two. Happy butts in beds is what gets you paid and if you're looking to cash flow, that's critical. Galveston will probably get you more per night for the same house, but I imagine most stays are weekend stays. The lake house may get more family vacations and mid-week stays. (Just guessing by how my family travels)

There are some Galveston folks on here that may chime in with actual hard info.

Thanks for responding... I looked at vrbo calendars for both and I need to make a spread sheet to be more accurate.. and I can only see july august and on... but it seems like coast rents better, more consistent.... the lake houses are also very expensive but I am sure insurance would be less. As far as weekend vs. week.. not sure I know people do both at the beach as well. So much to consider. I will keep researching.. thanks so much!

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I had tons of great advice last night with my first post.. newbie, thinking of getting into STR with our first vacation home purchase... husband likes lake idea better, I like both coastal and lake ... looking for opinions on best option. I do see lake homes and condos rent well.. down here around Houston we would be buying lake conroe area. Positives of lake, fresh water, no hurricanes! Love the beach and the coast in general though.. its a tough one. I feel like it would be easier to rent a nice canal home vs. lake condo or home... any advice appreciated. KIM

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Originally posted by @Christina Johnson:

I meant help not he. I’m hooked up to an IV at the hospital with a terrible cold so excuse my typo. Lots of people love fishing. I was asked for a canal home today and could not find one in my network. I help out a Long list of owners when someone contacts me for a rental if I don’t have what they are looking for.

We use to live on the canal when I had a contender. Part of the reason I lived on that canal is due to boat slip pricing.

The one thing you may want to keep in mind is that some canal homes may be located in a place where about with a T top could not get out to the Gulf or jetties. We have that problem in Bayou Vista all the time.

Tiki does not allow rentals no matter what someone tell you.

I think the West end might be a good fit for you.

I didn't really get the t top and not getting out to gulf.. can you explain little more? I am thinking its the shade covering on the boat? thanks again for your help! I love my idea I just wish it was cheaper!! If it will rent well, due to it being on the canal, having private pool, outdoor kitchen etc... lots outdoor space I think it may be worth it... one property to manage making good money... hopefully?? It is not a big home, but it does have 3 bed 2 bath. the outside is the selling point... but it is cute!

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Originally posted by @Karl McGarvey:

@Kim Gillihan we bought on the beach, into a smaller condo with MUCH less stuff for renters to break, while also allowing us to get time right on the beach with resort style amenities. What I have found from all of the str groups I am in, is that the more room/toys your rental has, the more damage renters will do. So we spent less to try to decrease that risk. At your current price point you could have 4 small units all cash flowing for you with a beach view. Granted no dock or big deck, but for us it was about cashflow and risk.

Great point! I was actually looking at condos at first. less money, more amenities.. just like you said. But, they are not cheap.. mait fees etc. Would you mind message me where you bought? We have a boat so that is another reason for my wanting a canal home.. but I am with ya on the less money, less risk, more amenities. My next question would be what rents better, house or condo? I guess it depends. Great points.. are you managing yourself? You are pretty close in League city... at least for checking in on things etc. thanks so much

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Originally posted by @Christina Johnson:

I would be happy to he Kim. I manage STR and have sold on the island for 15 years. It depends on the location to be honest.

Christina, thank you. sounds like you and many others here have so much awesome experience! I know you are right .. location location.. which is why I am leaning toward a canal property... plus I have a boat! I may reach out to you... thanks again very much.

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Originally posted by @Timothy Church:

Good evening!

STRs down here can be a blast when they are done right. I personally have a handful and manage 13 for other investors.

Judging by the way you described the property it will be investment with some personal use. This honestly is the best fit for a property like this. At that price point, it wouldnt be the best return on your money but if it is above break even and you get to use it whenever then it is perfect!

If you'd like to double check performance numbers, I can send you over an Airdna report on it. Just to give you some more informed numbers.

Hope you invest down here! Always good to get on island time. Let me know if you have any specific questions.

thank you very much, I may take you up on that.. I guess I am still early in my search. thanks again for responding! I know there is a wealth of knowledge here.

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Originally posted by @Karl McGarvey:

@Kim Gillihan hello! I recently purchased in Galveston for the same purpose. We used @Holly Kaufman to represent us and she is a pro! Honestly could not ask for a better agent. Look her up on here and shoot her a message, she is a wealth of knowledge. If you have any questions about STR in Galveston I am also happy to help.

Karl

Karl,

Thanks so much for responding.. I am still working on talking my husband into this grand idea! That is always how it works... but I think its a potentially great idea. Fear of the unknown is biggest issue. And I didn't originally want to spend that much, but unless I am willing to buy something old and small I am going to have to spend more... I am wanting to get something we will REALLY enjoy and that will rent well. How did you decide what to buy? Beach, dry land, canal?

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I have been considering this for a long time. Buying a vacation property for us to enjoy and renting to help it pay for itself. I was just looking ( big mistake) and found one I love.. checks all boxes and then some. Its on a canal.. has 3 bed 2 bath, boat lift, nice deck up top, huge outdoor living, outdoor kitchen etc. I spoke to a realtor/property management company and the opinion is the house will be more desireable with all it has to offer thus making renting easier etc. Its more than I started out wanting to spend, but I am willing if it will rent as well as I am thinking it will. Very nicely decorated, new paint, windows..

We are 1.5 hours from Galveston. Its listed for around 500k. Realtor I spoke to thought I can get 50-60 k per year renting...

I am looking for general advice on renting STR property... great idea, horrible idea.. so exciting and scary at the same time.

thanks so much! KIM

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All Forum Posts by: Kim Gillihan

Kim Gillihan has started 2 posts and replied 10 times.

Post: Lake home or condo vs. coastal / canal in Galveston

Post: Lake home or condo vs. coastal / canal in Galveston

Post: Lake home or condo vs. coastal / canal in Galveston

Post: Lake home or condo vs. coastal / canal in Galveston

Post: Thinking of buying canal home in Galveston texas for STR

Post: Thinking of buying canal home in Galveston texas for STR

Post: Thinking of buying canal home in Galveston texas for STR

Post: Thinking of buying canal home in Galveston texas for STR

Post: Thinking of buying canal home in Galveston texas for STR

Post: Thinking of buying canal home in Galveston texas for STR