All Forum Posts by: Mike S.

@Bill Buzzell This is wonderful. Thank you so much for the excellent insights and the generosity with which you've shared them. Where I'm hoping to buy a rental home soon has a wealth of beautiful craftsman homes--for which I've always had a weakness. As I get closer to pulling the trigger, I'm hoping to beef up my education and better understand what's possible with some of the bungalows that need work (or that stand to benefit from having all of the "improvements" made through the years stripped away). I greatly appreciate the insights on the large fake crown moldings and the door and window casings--those simple details stand to have a great impact and, as you stated, are truly timeless. I look forward to checking out the video on the Loblolly House and learning more about the Greene brothers. 

Do you have a Craftsman-style home or rental properties? If so, any advice for someone who might be taking the plunge? Thanks again, Bill!

Thanks, @Mike Reynolds. Perhaps, more than anything, I'm looking for books and resources chronicling the history of Craftsman homes or showcasing modern restorations. As an example, if I were to replace a metal awning on a craftsman home with something more period accurate or add a covered porch to a bungalow, I'm hoping to find resources and sources of inspiration for doing this in a manner true to the home and its original design. And, on a similar note, I'm interested in just general resources on craftsman interiors (built-ins, fireplaces, hardware, fixtures, etc. from the era). Thanks again, Mike.

Mike, I'm sorry to hear about the recent issues you encountered with the asbestos inspector and your tenants. I'm neither a lawyer nor do I have a similar clause I can share with you. One thing that caught my attention, however, was the line:

RESIDENT may not change locks without providing a key to OWNER/Agent.

I wonder if this might invite a range of challenges and involve unnecessarily surrendering some crucial control of your property. Perhaps consider amending this language so that changing the locks also requires your prior written approval. Take this with a grain of salt, but given that many of the modifications you listed required your prior written approval, I'm surprised this specific action did not.

Greetings. Can anyone share some of their favorite books and resources (blogs, YouTube channels, etc.) on craftsman homes--be they guides with practical insights on renovations, historical resources, or mere sources of inspiration? I'd also be grateful for your insights on why you've found these specific resources particularly helpful. Thanks in advance.

FYI--The line "This becomes especially enticing in markets where the resort pays a substantial parking fee if you drive to the mountain and park at the base" should read "This becomes especially enticing in markets where the resort charges a substantial parking fee if you drive to the mountain and park at the base."

@Steve Fitzgerald, I think the answer lies in digging deeper into additional questions that can help you better understand this particular market. Here are a few thoughts and notes:

+What are you competing against and how does this shape the expectations of your potential guests? For example, during the winter are there a lot of lodging options, restaurants, and events either at the base of the resort or relatively close by? If this is the case, most skiers heading to the mountain in the winter for a getaway are likely going to seek out lodging options that keep them much closer to these amenities. If, however, these skiers are used to heading 40 minutes away for most lodging and dinner options, this cabin can be an enticing option.

+On a similar note—and as others have pointed out—does a quick search on Airbnb or VRBO provide a proof of concept? Do you see a range of options near this cabin or are most of the lodging options far closer to the resort? That’s not to say this cabin can’t be a compelling proposition if it’s an outlier, but this data is worth considering.

+Are there any public/private transportation options that inform the lodging choices of these skiers? Some resorts/counties/towns/hotels/condos have free or inexpensive shuttle services to the mountain. This becomes especially enticing in markets where the resort pays a substantial parking fee if you drive to the mountain and park at the base. If this is relevant, it’s worth carefully considering whether the cabin is near such transportation options. If your competition can tout this but you can’t, you are at a disadvantage.

+Lastly, consider talking to people on the ground and in the market. They’re likely far better equipped than we are to field this question. Consider calling local hotels, reaching out to the owners of other short-term rentals in the area, and contacting the chamber of commerce to see if it has/can share occupancy data from the hotels in the market. This can help you better understand whether the ski area (and other winter attractions in the area) positively impact winter occupancy.

+Consider calling the local ski and snowboard shops and asking them where most people stay during their vacations to the mountain. They should have a good grasp on this.

+Lastly, it might be worth drilling a little deeper into the skier demographics of the market. Are most of the skier visits in the form of day trippers from the nearby larger town? Or do many folks head to the area for long weekends and extended vacations?

Out of curiosity, is the cabin in the Boone area? Or is it outside of North Carolina?

Cutting that access hole--wow! The story gets better and better--that's some true grit. I'm glad that with some time and distance it no longer feels like an albatross. Thanks for sharing the story behind this house and what led you to pull the trigger on it.

Best of luck, Andrew, with your next investments and adventures. It's awesome to think where the journey will take you given your dedication--and the education gained from that house!

@Andrew Cornstubble Congrats on what was undoubtedly an incredible learning experience and the start of the journey to which you're now deeply committed. After reading this, it was great to read your bio and learn more about your backstory and investments. Given your vision and drive, I can't help but imagine the future looks especially bright.

Shawn, that's an intriguing idea. While I can't speak to the financial merits of the plan, it might be worth reaching out to owners of tiny homes who are renting them out on Airbnb to gain some strong and diverse perspectives. And for that matter, if your plans progress, it might be worth taking a bit of a road trip and specifically staying in some tiny home rentals to gain a better understanding of the visitor experience.

On a side note, I'm curious what type of insurance policy you'd need/be able to find for your intended use of the tiny home. Best of luck!

@Tony Wooldridge Thanks so much! Indeed, please keep me posted if you feel you've found parties especially worth recommending. I've only spoken with one realtor in the area, thus far, and it was more in the context of a specific property than establishing an ongoing relationship.

I appreciate your commitment to self-managing your properties and expanding your management knowledge in advance of handing things off to a PM. Through your comments and blogs, it sounds like you're a true scholar of your craft and creating systems--and a perspective--that will readily scale in accordance with your desires.

To answer your question, I'm currently based in western Wyoming. We have family in Washington. This has, in part, made Walla Walla even more appealing. 

I'll be sure to reach out to you the next time I'm in the area--I appreciate the offer. And as time permits, I hope you post some more photos and updates on your BRRRR property. Thanks again, Tony, for sharing your knowledge and insights so generously.