All Forum Posts by: Matt M.

How much are we talking? Is it worth the brain damage? If it's under $1000, I'd just give it back and be done with them. 

I had to double check your name because I have a client doing exactly what you plan to do. She bought a quad and a duplex last year and travels as a doc while sleeping in her camper van. 

Anyways price and ability to STR will determine where you land. The benefit of summit or WP is that it'll be easier for you to get there. Steamboat or Durango etc are further away unless you are OK with paying a bit more to fly into the smaller airports.

Zillow is a marketing company that sells leads to agents. It has NOTHING to do with your completed appraisal and should never be used to make investment decisions. 

As @Nick C. mentioned, their "zestimate" they relied on for the offers program made them lose millions and arguably threatened their entire business. They were saved by the market. 

My clients just used a company that furnished the entire place for their airbnb. It had everything down to the napkins, silverware, etc. Let me know if you'd like a contact. 

Have an agent pull historical data for you. 

Zillow is a lead generation company that sells leads to agents.

You will have a hard time competing in this market being FHA, small down payment with no ammo to go above ask, and your price point. It will be almost impossible in those areas. Why FHA? Can you do 5% down conventional? There is the funding fee and FHA appraisal that can cause issues.

Is your wife 100% on board with your plan? Sharing a house with someone while having kids can be a sensitive issue. 

Why not take down a townhome, live in it a year, move on and get another one?

I spoke to the City yesterday, and a guy confirmed about how STRs are technically illegal per your post. However he mentioned the city attorney has no appetite at this time to pursue anything because there are not rules in place. 

They got the go ahead from the meeting on Monday to start putting a plan together to address this issue. I asked to be put into one of their groups to assist in the process. The guy I talked to expects STR rules to be put in place late this year or early next year. He thought the possibility of a ban would be slim to none.

I just went through this with a property in the same neighborhood. I do flips, etc, and decided against the project(pop top). I had drawings and was almost ready to submit to the City. From what I was hearing from my network with construction costs, delays, dealing with the City, etc, I lost my appetite for such a project. Did I leave money on the table, sure, however I don't have to deal with the stress, management, cost increases, etc. I'm at the point to where I'm starting to value my sanity over chasing money. 

@James Carlson Did someone at the City specifically say they were illegal, or is that your interpretation? As we spoke before, I've been in contact with them about our issue and was told it was allowed. However, that was last year. Thanks for posting this as I didn't even know about it. The guy at the City said he'd keep me updated, but he obviously hasn't. 

edit - I saw that excerpt from your post. Can you post a link to where you saw it? NM, found it. Thanks!

I'll send you my guys info.