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All Forum Posts by: Mike Dawson

Mike Dawson has started 6 posts and replied 20 times.

Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:
Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:

Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?

Hey Mike!

So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago. The city of Ithaca was more hesitant, though it looks certain they’ll restrict them now (or may have already?). If it has a mailing address of Ithaca, skip it, or make a call to confirm which town the property is actually in. For example, some Ithaca mailing addresses are actually under the jurisdiction of Newfield or Dryden. 

My clients are having more luck in surrounding municipalities. My two favorites are Trumansburg and Lansing. Don’t skip places like Ovid, Moravia, or other towns between the lakes! Properties close to the wineries and within ten minutes of Ithaca have phenomenal numbers. 
Thank you for the info, but the place is already owned by a family member.  They actually bought it because they enjoy Robert Truman so much they wanted to buy a place close to there. It is right outside of the park so it’s decently far from the city, but I believe it is till in the county limits. So the restriction only allows it to be rented out for half the year correct?  That is better than nothing…

 If you’re comfortable, feel free to DM me the address and I can look it up for you!

Hey!  Sent you a DM. Were you able to look it up?
Quote from @Stephanie Jacobson:
Quote from @Mike Dawson:

Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?

Hey Mike!

So, the town of Ithaca (which is a sort of donut surrounding downtown) passed restrictions on STRs a few years ago. The city of Ithaca was more hesitant, though it looks certain they’ll restrict them now (or may have already?). If it has a mailing address of Ithaca, skip it, or make a call to confirm which town the property is actually in. For example, some Ithaca mailing addresses are actually under the jurisdiction of Newfield or Dryden. 

My clients are having more luck in surrounding municipalities. My two favorites are Trumansburg and Lansing. Don’t skip places like Ovid, Moravia, or other towns between the lakes! Properties close to the wineries and within ten minutes of Ithaca have phenomenal numbers. 
Thank you for the info, but the place is already owned by a family member.  They actually bought it because they enjoy Robert Truman so much they wanted to buy a place close to there. It is right outside of the park so it’s decently far from the city, but I believe it is till in the county limits. So the restriction only allows it to be rented out for half the year correct?  That is better than nothing…
Quote from @Michael Baum:

Hey @Mike Dawson, just call the county for zoning. They will know where the demarcation is for county vs city regs and zoning.

The city of Ithaca seems to be considering regs - https://www.cityofithaca.org/770/Short-Term-Rental-Resources

Plus it seems that it was passed in April - https://ithacavoice.org/2024/04/city-of-ithaca-short-term-re...

Ok. I’ll do that. This place is far out of city limits but is within the county. 
Quote from @Mike Grudzien:

Have you gone to the state, county and/or city websites to search for any STR rules or regulations?
What about speaking to a local, investor-focus, experienced real estate agent?
Have you searched on Airbnb or VRBO for properties in the area? Nearby?
My 2 cents,
Mike


 Yes. Thank you. I have done my due diligence, but it’s confusing differentiating between city and town. 

Hey everyone. I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR. I am having issues identifying if there are any restrictions. It is outside the city limits. Anyone have any insight on this?

Post: Getting My Foot in the Door

Mike DawsonPosted
  • Posts 20
  • Votes 2
Quote from @Hamp Lee III:

Have you checked the SkillBridge website for potential opportunities? This might help with contacting companies and learning more about what they do and how you might be a great fit for their organization.

You can also locate a company you like and ask if they are interested in registering for SkillBridge to bring you on.

I’m not much further behind you. I have less than 17 months left on active duty.

I wish you all the best.


Yea, I have looked on the SkillBridge website and they are all Real Estate companies looking for agents or Project Management for IT or Construction, not Project Management in Real Estate, which is what I want to do.  Could be commercial or residential.  I have applied at about 15 companies so far and no responses yet.

Post: Getting My Foot in the Door

Mike DawsonPosted
  • Posts 20
  • Votes 2
Quote from @Ke Nan Wang:

Hi Mike,

Thank you for your service. About 1/3 of my life was a submarine officer in the navy so I have a good feel for both sides of the world. 

The best thing you could have from the military, from the business aspect, is your network. Hope you have had made a good impression to your surroundings and people would trust you to do business with you later down the road. If not, not end of the world, just mean you have to build new network. If you left a wrong impression to the persons you've worked with in the military, or even a mediocre one, it would be hard to change that impression. Then just forget it. If you've built a great reputation, then it's definitely in your favor to capitalize that. That's your pool of warm leads for whatever business you do in the future. 

The leadership skills we developed in the military is very different than the one that would worked well in the civilian world. In the military, we are putting in a position where our rank/title matters, and we can be an iron clad and order following machine and that's a favorable trait, both to your boss and your subordinate. That's a great trait for being an employee, but not a good trait to be an entrepreneur. In the business world, title doesn't mean a thing. You would see many people print the title CEO of XXX on their business card. At the end of the day, what matter is, did we have a win-win when we did the deal. Did I make money and did I enjoy working/collaborating with you. 

I do say in general, on average, the mentality of a personnel who work in the military is very different than the entrepreneur spirit required to be a successful business man in the civilian world. The keyword is on average. If you are a go-getter, hard charger, humble and eager to learn, coachable military member with leadership experience, then you could be a successful business person as well. 

As far as building a real estate portfolio to retire comfortably, that's really easy to do. You shouldn't have any problem achieving that part. For most people, the question is how far do I want to go. 

Hope that helps a little. Happy to chat more if you'd like. 
 


 Thank you.  I appreciate your advice.  I see a benefit to utilizing Project Management skills in real estate development, but it is difficult when I have little to no construction process experience.  

Post: Getting My Foot in the Door

Mike DawsonPosted
  • Posts 20
  • Votes 2

Hi everyone.  I am a crossroads in my life.  I am retiring from the Air Force in 10 months.  I am able to intern somewhere for up to the last 6 months of my contract at no additional cost to the firm.  I have my Masters degree in Project Management and my retirement plan is to have enough rental properties to supplement my W-2.  Is there a way to utilize my military skills and degree to contribute to the real estate journey and reach my goal?  Does anyone know if there is opportunities to intern as a Project Manager in a real estate capacity?  Thank you all!

Quote from @Michael Weigum:

What building are you in? Some of the buildings here don't have very good internet and need a booster. I can do some investigating for you if need be.

Thanks. I ended up figuring it out. I bought one and went to hook it up and it didn’t work because the connection had to be WPA2 encrypted. The provided network is wide open so it would even show it under the available networks. 
Quote from @Trent Reeve:

Kwikset Halo works too


Yea. I’m going to pick up a Schlage Encode this weekend. Don’t need a hub for that one if I’m right.