All Forum Posts by: Krista Goodrich

Thank you everyone! Great insight and @Amy Nakos I'd love to check out your site! @Michael Glunk...okay, you have my brain turning, this is an interesting way to approach. I can definitely see building a STR being more economical and I could make it the way I want which would be unique for higher returns...and the idea of building off site is also intriguing. I may reach out to you with some more questions on this.

Hey BP Community!

I have been investing in STR/Vacation Rentals on or near the beach but am interested in growing my portfolio to include other places I like to visit such as ski resorts, big cities, international spots. My issue is, we were in Park City, Utah last week and Breckinridge recently and no matter how I crunch the numbers, cash payment, leveraging, etc., I cannot seem to make the numbers work where there is a positive return. I don't mind breaking even if I have an investment being paid down by others and a place to visit (even if it's in the off season for example: Utah or Colorado in Summer), but I can't justify investing in a place just to say I have a ski condo...it has to make money.

Can anywhere share stories of good and bad fun-location investments they have made to shed light on how they are making money in some of these higher cost towns?  

Hi all! I just posted info on several STR properties so check out my latest post and if interested in any of them LMK. Also, we are having a Vacation Rental Zoom on 2/10 at 6pm Eastern time, message me if you want the link to join.

@Penny Pells DM your budget and such. 

@Kade Robertson I do but I spent 4 years putting it together and it's how I grow my business so will give info but I hold my maps dear, hope you understand.  

@Sean Smith-come join us on 2/10 6pm, it's at a beach house in Ormond but offering Zoom too (but locally will have wine and cheese lol).  DM if you want details.  

@Harshad Leland-let me know parameters of what you are looking for and how I can help.  

@Ron Baxter-join us locally 2/10 6pm Ormond Beach beachhouse (or Zoom in) so we call meet each other.  

@Mike Shulman-come out to the beach 2/10 or Zoom in and join our crew!

@Crystal Alleyne-love meeting other boss ladies!  Zoom or join us 2/10 6pm Ormond Beach.  

@Valentina Naumenko-come meet some other boss ladies and guys 2/10 6pm Ormond Beach or Zoom in!

Can't wait to meet you all and if you are investing or start investing let's all track how we do, numbers, etc to see where we start and where we go...it's super fun to watch your portfolio and wealth grow!

@Ryan Moyer, I will send you some examples of ones for sale later this week.  I went under contract on one last week for $239k so they are out there you just have to be ready the second they hit the market.  

Hi Ezra!  I will send you info!

Hi Ryan!  Okay, four examples from the past three months of homes/condos me or clients have purchased that are in zones where vacation rentals are legal:  Unit 1:  2 bed/1 bath purchased for $225k, currently finishing up construction to update and make it a 3/2 bath that will sleep 8-10 people.  Renovations approx $75k, will be installing a pool in September so all in about $360k.  Steps to ocean.  Unit 2:  4 Bed/3 bath pool home, purchase price $449k (with seller credit of $15k towards new roof). Purchased fully furnished and ready to rent.  Unit 3:  3 bed, 1.5 bath right near beach and restaurants, $3k reno (basically nothing) purchased fully furnished and ready to rent for $235k.  Unit 4: 2 bed/2 bath turnkey condo purchased for $270 currently renting for about $4k per month and booked completely until August.  

@Cindy Caldwell we have been killing it in Volusia county, if you head this way message me and I can help you navigate things here as it’s hard to know where vacation rentals are and are not allowed.

@Ryan Saulle reach out to me if you come to Daytona area! I have a list of every legal vacation rental and which are for sale, cash flow examples, etc.

For Short Term and Vacation Rental Management-A Salty Dog Property Management (formerly Connex Property Management).  

Four years ago me and some other vacation rental investors in Daytona Beach sued the city in an attempt to allow STR in all of Daytona Beach. We fought for this for several reasons: 1. tourism is our main economy 2. there are an incredible amount of dilapidated homes that could be renovated and made beautiful if the investment return justified it (which STR in a beach town could) and 3.this is a family-friendly, lower-cost and now COVID friendly way to travel.

Bottom line.  We lost.  And then we lost every appeal.  

I have many opinions on why we lost, band don't believe we should have and our points were solid...but that doesn't change that we lost. 

Fast forward to Nov. 2020-The City of Daytona started issuing fines up to $15k for even POSTING on any STR site, even if you never rent a single day. They recently fined one new investor $10k for posting on Airbnb and he had never even booked a reservation. To add insult to injury, he removed the listing the day code notified him of the issue (since it's very difficult to get information on where STR is and is not allowed in most cities) as he didn't even know he was violating anything. $10,000!!!! What?!? The city is aggressively going after every STR owner (my hearing is this Tuesday so I'm sure I will get whacked with a big fine) and adorable vacation homes are showing up for sale weekly.

So what's the good news? Four years ago we saw the writing on the wall on this so I started working with other cities in the area and compiling lists of where STR is legal (and there are plenty of spots to invest in Volusia county that should have great returns, you just have to know where). We are buying STR/Vacation Rental homes as fast as they come on the market and killing it on our returns. Additionally, there are pockets where long-term rental returns are also amazing and can cash flow great, you just need to know where to invest.

Florida has over 1000 people moving in a day, our supply is almost non-existent compared to the past and even condos are giving amazing returns (example: we have a new condo purchased at $270k bringing in $4k a month in short term rental income).  While the economy may dip in the future (and will at some point, when is the question), Volusia County is still poised for strong growth IMO.  Our low cost living, weather and current interest rates make for a very interesting investment in the area or in Florida in general.  Where else can you get a home with a pool a block from the beach under $500k?

We have two vacation rental investor groups starting up next month and meeting monthly. One is for women only (sorry guys, but I'm trying to help my girls invest and grow their wealth..it's my mission lol) and another that is open to anyone interested in learning about STR/Vacation Rental and LTR investing in the area. We talk about exactly how the numbers work and are looking to put together some deals for the group so that people that can't go "all-in" on a property can partner up with others with more experience and grow together. Message me if you would like to come to one of our meetings! It will be fun, we'll have drinks and meet at a local vacation rental-this is a great way to learn more if you are interested in this type of investment.