All Forum Posts by: Lance Turner

This is me on a beach vacation listening to today's Real Estate Rookie podcast.  Have I crossed over to an unhealthy obsession??? 

...(Yes, I did eventually get in the water)

 Great stuff!  I will dig into the zoning.  Thanks!

Quote from @Mike Fingleton:

Hey Lance, your property sounds like an incredible opportunity.. 20 acres with a lake and pool? That's a dream setup for creating a unique guest experience. I remeber when a close friend of mine took on a similar project outside of Phoenix. He transformed his land into a mix of STRs and even added some luxury yurt camping sites. It was a wild ride for him, especially in the first year, but seeing guests enjoy the space made it all worthwhile.

Given your engineering background and rehab experience, you're well-equipped to handle the complexities. My two cents would be to start with a solid business plan that accounts for phased development.

Also, even though you're outside city limits, keep an eye on county regulations. My friend ran into some unexpected zoning issues when he started adding RV spots, which set him back a few months.

Since this is your first STR venture, it might be helpful to connect with others who've walked this path. I've guided several investors through similar projects, and sometimes sharing stories over a cup of coffeeor virtual - can spark ideas you hadn't considered.

If you're up for it, this could really be one BIG idea that makes everything come true for you. Turning big dreams into reality is what makes this journey so exciting!

Jasper, the Pat Aboukhaled investor team,
Turning investment visions into reality in Phoenix, AZ - ranked #1 for residential real estate growth and opportunity by PwC.

 Thanks Pat.  That's great information. I will start looking for connections!

I recently found a house hacking opportunity that is a different approach than I'm used to. The property has a resort feel and would be a great STR. It's big enough that I could also add camping/RV/tiny home STR options in different areas (20+ acres with a lake and a pool). It's outside of the city limits and already zoned multi-use (previously used for a business and a home). The local area has a few attractions and similar STRs have done well based on what I see online)

The plan is simple. Offer the main house as a STR (we would stay in other parts of the property at times if needed). Over time I will build and rent improved camp sites. (I have a background in engineering and experience with rehabs.)

It's right at the top of what I can qualify for on a personal mortgage but when I add in other revenue generating opportunities things quickly change.

Before my wife and I jump into this I'd like to reach out to the experts. We love the property and are willing to make some near/mid term sacrifices to see it reach it's potential. I have been an LTR investor for several years. This would be our first STR. What warnings or encouragements would you offer us.

I found what seemed to be a great property with a house for an STR and other space that I could expand for camping/RV sites and a barn that could be converted into a venue for events. Unfortunately, I just learned it's in a flood plain.

I would never buy a home in a flood plain.  I'm hesitant to buy a rental in one.  I'm wondering if that might be less of an issue for something more rustic and temporarily occupied like camping/RV.

Any one have any thoughts, parallel experiences, or other basis for insight?  How would you manage risk?  Or is it just too much risk?

Comal County Texas is in the process transitioning to Income Value Tax Appraisal.  The municipality is requesting a by unit list of income and expenses. Tax will be based on profit.  Has anyone encountered this?  How did you respond?

 Thanks.  That's helpful.  What kind of market are you in?

 Good stuff.  Thanks!