All Forum Posts by: Ryan Moyer

Well done!

Are you able to manage these remotely like STRs or does it require more onsite attention to operate?

 If you use Excel how do you attach the actual receipts to each expense, in the case that your audited?

Covers the mortgage/expenses or cash flows well over it? Running an STR is a lot of work and a lot of money out of pocket to just break even.

If that market is just breaking even then maybe that's why.  Seems there are still buyers in markets that are still producing nice cash flow.

Purely anecdotal, as I haven't actually researched the market, but feels like in my FB groups this one was hot during covid and now people are panicking as supply has gone way up there and demand returning back to normal.

 It may go up to those numbers, but it won't necessarily, right?  I don't exactly know how all these things work, but haven't fixed rate lenders essentially already priced those future rate increases into their current rates?

My adjustable HELOC rate, which is based on prime, is still 2 points lower than fixed mortgage rates. Fixed rates are well above prime already. I would assume a big part of that is because they know the fed has said they'll raise more, so they're getting out ahead of it and pricing those into their fixed rates already.

I could be totally wrong on that, but that's mostly how it worked earlier this year.  The Fed raised 1.5pts and fixed rates shot up from 3% to 6% (more than 1.5pts) because the fed said they'd raise more.  Then the fed raised a couple more times and the rates stayed pretty steady around 6% (those raises were already priced in).  It wasn't until the fed said they weren't done and that they were going to raise at least 3-4 more times that rates shot up again.  

 I'm thinking February 30th seems more likely.

Can your realtor filter things out for you based on the HOA costs and hidden fees?

Otherwise I'm not sure there's much to do other than put your head down and keep at it.  For most of us every deal we've bought required plenty of tedious work at the computer and had plenty of deals that we thought looked great only to find there was something hidden underneath upon further inspection.

I wouldn't worry too much about always avoiding HOA. That works for some people but there are plenty of people around here doing well with STRs in an HOA, especially HOA's designed specifically to embrace and support STR like many beach condos.

As far as things to look out for, the other big one is assessments, as well as potential financing roadblocks with warrantable/non-warrantable condos.  Avery Carl (active on this forum) has a podcast episode on her show (The Short Term Show) with an episode specifically about condos in Myrtle Beach that touches on a lot of these things specifically.  I would think it's a must listen as part of your search.

 Ft Lauderdale is awesome but prices have gotten so out of control there I can't imagine it makes much sense for people looking to jump in now.  It's twice as expensive as Destin (probably more, actually) which is already not a cheap market.  Was just dabbling in the area yesterday and there are 4-5 BR pool homes there a few blocks from the beach for $4M+.  

 Where in Southern Utah are you?

I've got a place in Kanab and we finally saw seasonality return this year.  July-Sept were a little slow when it was 100+ degrees out.  More of a normal year compared to last year where people still booked like crazy and at high rates even in the 100+ degree heat.

October has been good, as it's pretty much the high season here.  High occupancy but rates a bit lower than last year's outlier.  I'm expecting the winter to be slow this year which is more typical. 

 Shooting you a PM.