All Forum Posts by: Matt Morgan

Need somebody to clean a single family home in Oceanside that's being set up as a short term rental. Definite bonus if they're already working as STR turnover cleaners and have availability to do this in the future.

North County, San Diego, Carlsbad etc. 

Hey guys, I'm looking to purchase a second home / AirBnb in the North County area of San Diego, more than likely in Carlsbad.

I'm looking for an agent that has experience with short term rentals in that area and can help educate me on numbers to expect with a short term rental and also represent me on the purchase. 

Thanks in advance. 

The strength of the market is being disproportionately driven by lack of supply vs. excess demand. 

As per your second question, I'll quote some information from the Cromford Report:

"Using the Intended Use (IU11) chart from Cromford® Public we can see that there was a dramatic change in the mix of transactions during the second quarter of 2020, compared with any previous quarter.

Comparing specifically with the second quarter of 2019:

• Purchases for owner-occupied primary residences increased from 74.6% to 82.7% of all sales across Maricopa and Pinal County
• Purchases of second homes decreased from 10.1% to 8.3% of all sales
• Purchases by investors dropped from 10.7% to 8.1% of all sales
• Purchases by iBuyers fell from 3.7% to 0.7% of all sales

The dramatic collapse of iBuyer purchases means they are starting the third quarter of 2020 with much lower inventories than they started the second quarter..

Investors were less active during the second quarter of 2020 and cash purchases were lower than normal too - they fell from 21% to 15% of all sales between Q2 2019 and Q2 2020."

I think you're looking for something that doesn't exist. Most HML are for a year or less and aren't intended to act as long term financing.

There may be a loan product out there that would better suit your needs if you can explain a little bit about your situation and what you're trying to do.

I don't know if fire sale is right terminology, but prices are definitely declining (albeit a small decrease) for condos in certain communities in the Old Town Scottsdale area.

There are well over 30 active listings in AirBnb approved communities around Old Town Scottsdale where as there might have been 3 or 4 at any given time prior to coronavirus.

T

This changes very little as the list of essential services in Arizona is much, much broader than many other states with stay at home orders. Real estate IS on the essential services list, so business can continue like normal.

I would echo what the previous two agents have said. 

Fix and flips are one thing, but I don't think it's worth losing several thousand dollars on a property who's numbers still look largely the same now as they did a month ago. I don't see your monthly income being affected much if at all.

If you're going to copy and paste something from another site, you should probably cite a source.

I'll shoot ya a PM.

I have owned multiple rentals out of state and bought several without ever seeing them in person. Owning a home that you can’t tangibly visit nor keep an eye on the day to day happenings adds a whole other dynamic to the investment.

I think the biggest key to making long distance investments a success is having a rockstar property manager that cares about the property as if it was their own and holds a standard at or above what you as the owner would.

This is even more crucial in the short term rental space as income and performance can vary wildly between property managers.

Bottom line, wherever you invest, make sure you have a PM who is going to take care of your home. Ya