All Forum Posts by: Matt Turlip

Ko - you got it. The unique situation torpedo'd the last appraisal with the appraiser ending up using some very non comparable comps. Leading to use small triplex's with $1k monthly rents on a subject property with 3 years of $250K plus annual STR revenue. Or even similar houses of the same individual sizes renting for much higher on an annual basis than made the report. We're going to go for a rebuttal with some applicable market comps but that's always a challenge.

Hey BiggerPockets community! I'm under contract for a unique short-term rental property in Hunter, NY. It's three houses on a single parcel (7BR main house, 5BR lodge, and a 2BR cabin) generating over $250K in annual STR revenue (peaked at $350K). Purchase price is $1.365M.

Appraisers keep trying to force it into a standard DSCR "box," but with three separate dwellings and solid income, it really needs a commercial/cap-rate approach. I'm open to a private or bridge loan if needed, and I'm also exploring a commercial loan via local banks.

Has anyone here financed a similar project in the Catskills/Hunter region? Any lender recommendations or creative financing tips would be greatly appreciated! Feel free to DM me if you have referrals or want more info. Thanks!

@William Scott - Fellow Monmouth County investor here, I have a blend of short term and long term rentals in Asbury Park and Ocean Grove. Happy to connect. 

I currently have a large 1300 sq ft+ 1 / 1 condo that has a very high HOA in general but after analyzing the data it's also high for the building. There are approximately 80 units in the building, and I pulled my data (HOA and sq footage) from MLS listings in the past few years and the unit's ownership percentage of common expenses from the master deed. I was able to obtain data on 10 comparable units over 1000 sq ft.

My HOA fee: $979
My HOA fee per 1% of common expenses / ownership: $421.22
Average HOA per 1% common expenses / ownership: $344.02
Lowest HOA per 1% in sample: $216.83
2 out of the 9 other units were in line with my fees.

If my fee was based on the average of these units it would be $799, a significant monthly savings. Based on the 3 lowest units, it would be $504.

I'm currently trying to flip the property and people love everything about the unit other than the HOA fee. It's been prohibitive and I believe based on the there are legitimate grounds to appeal my fee. I was told by the property manager we can write a letter to the Association that will be given to counsel. How do you suggest I appeal the monthly HOA fee for my unit? Should my first approach be with a letter written by me or by a real estate attorney? Does anyone have advice or experience dealing with this issue?