All Forum Posts by: Ryan Moyer

If you want to do it above board you will find it very difficult.  

STRs are banned in Rockville.  

In Springdale you have to be zoned commercially rather than residential and there is currently no commercial land for sale (and on the rare occasion it pops up, it is very expensive).  

Hurricane has a waiting list for permits that they anticipate to take longer than a decade to get to the top of if you were to place your name on there today.

St George only allows nightly rentals in developments pre-approved for nightly rentals AND you are required to use whatever property manager is assigned to that development.  You cannot self manage or choose your own management company.  Given their monopoly on the development PM rates start at 30% and go up from there.

I haven't looked into Virgin so that may be doable but I'd imagine if they didn't have stipulations as difficult as the rest of these spots then there would be a lot more of them there.

In our extensive time in the area (we live just outside of SLC) it has been described to us as a great place to buy if you're looking for a vacation home to use yourself that you can supplement some of the costs in by renting out.  It's not really a place to look if you're looking for cash flow.  Possible I'm sure, but you're going to really have to knock it out of the park.

I believe it captures the data from VRBO indirectly.  As best I can tell they get their occupancy from days marked off on the AirBNB calendar.  So if someone has their listing on vrbo as well so long as they have the calendars sync'd it would pick up that vrbo booking since it would block the dates off of the person's AirBNB calendar.

I think the biggest problem is that they have no way of differentiating a booking vs. an owner stay.  So for instance if an owner decides to stay in the cabin all off-season and blocks off several months of usually vacant dates for it then that is going to massively inflate the revenue that AirDNA shows.

I am trying to search the forum for info about a city in one particular sub-forum (in this case the short term rentals forum).  Searching for the city in the forums brings up hundreds of posts, most of which are not relevant to short term rentals.  Is there a way for me to narrow my search to only that subforum?

The problem with Moab is they have like 5 hospital beds and a crapton of people were flocking to the area to "get away from it all".  The problem is that even though the town itself is located remotely, when it is compact and full of tourists it is very crowded.

I know it sucks for STR but I absolutely think they did the right thing there. Things could have gotten out of hand and overwhelmed there very quickly.

I doubt they are the only place in a similar scenario.

The comparisons to total flu deaths at the end of flu season against a virus that is just starting to spread are laughably silly, but outside of that this thing isn't the black plague.  It has a high death rate for something that spreads so easily, but not a super high death rate overall.

In a worse case scenario we're looking at about half the US infected and 2% of those dying which would be around 3.5 million deaths.  Again that's an absolute doomsday worst case scenario that is unlikely.  The reality if this thing does hit is that it will be really bad, but in the context of a 30 year real estate investment not a long term issue.  In 6 months it will likely be over either way and things will either still be normal or things will be starting to get back to normal.

This is fun timing as I was just talking with a friend who purchased one of these a few days ago.

The HOA fee on his is steep ($355/mo on a $129,000 condo is almost as much as the mortgage) but it does include all utilities and the resort has a nice pool, pickleball courts, and a high end spa. It does reasonably well for him.

I'm not sure if this is how they all work but the advantage seems to be (and I'm not sure if this only works if you use their preferred property manager) that the resort shows up on hotel aggregator sites like hotels.com, expedia, etc.  Not only is that more eyeballs on the units but it seems it can bring in much higher prices as a $129 1br condo on Airbnb is a lot less appealing relative to the competition (which has plenty of 1br options in that range and many even cheaper) than it is for a $129 1br suite with a kitchen on a hotel aggregator next to high end hotels that are smaller and not any nicer but run $400/nt and up (and probably double that for anyone that narrows their search down to hotel suites instead of single rooms).

In fact just for fun I looked on Airbnb at people self managing their units on airbnb and the nightly prices in the same resort were listed from $13 (!!) to $62 per night and the calendars looked about the same as the units that were listed as part of the "hotel" on expedia for $129/nt and up.

Seems like such a longshot in terms of him winning the presidency and then actually getting this stuff passed through congress and then it actually having any real effect on the housing market.  I can't imagine worrying too much and changing your strategy right now based on so many what ifs.

Just out of curiosity, what is the gross you are bringing in to generate that amount of profit?

 

Right, but then how do I make sure the house would go to my wife if something were to happen to me?  We have a trust set up in lieu of a will.  As I understand it for the trust we need to put the mortgage in the name of the trust (which includes both of us).  How do I put the mortgage in my name but assure that the house still goes through the proper channels if I were to die?

My wife and I are looking at our first investment property, a STR vacation home in east Tennessee.

I work and she stays home with the kids.  We both have excellent credit and no debt other than our primary mortgage, which has both our names on it.  Putting her on the mortgage loan would probably neither hurt nor help what we qualify for (which should be plenty either way).

We are going to use a vacation property loan on our upcoming purchase which allows us to put 10% down and get lower rates.  If we do this loan (and any subsequent loans) in just my name could we potentially qualify for another vacation property loan down the line in just her name if she is back to working when the kids are older?

If the answer is yes to that and it's better to just have my name on this loan, then I guess the next question is how do we make sure the house would go to her in case I were to die?  We currently have a trust set up, but as I understand it we have to have our properties deeded to the trust for that, which includes both of our names.  Could I do the loan under just my name and then move the property into the trust that includes both of us?