All Forum Posts by: Nicholas Knaebel

A friend of mine runs a STR management company in Travers City. That market is on FIRE right now!! They keep adding new units, and their houses are always full. I am sure they would be happy to help point you in the right direction. Let me know if you would like to connect.

Hi @Taylor King, STR's do excellent in the Traverse city area and surrounding areas. I have 3 downtown and the occupancy rate is good during the winter, and excellent in the summer. I also have several long term rentals in the Traverse City and surrounding areas. I have never done the BRRRR strategy with my long term rentals, I generally look for properties that may need some minor repair work, or very minimal updating, but are currently at below average rental rates. Tenant demand for long term rentals is extremely strong, there is a huge shortage of available rentals on the market.

I have been helping a few client find lakefront STR's. You need to pay very close attentional to township rules/ordinances. Right now lakefront is in extremely high demand. Multiple offer situations, well above asking price, and the majority are going for cash with a quick closing as soon as title work completes. So that market is very difficult to compete in, but i have written up creative offers for clients and won a few of the bidding wars on lakefront.

If you are looking for long term rentals in the Northwest Michigan and Traverse City surrounding areas, I know a few on the market that could be good opportunities. They are mainly 2-4 unit (small multi-family) properties. There is also a phase 2 of a new build condo in downtown traverse city zoned for STR's, so that could be an option as well if the numbers work out to your expectations. Let me know if there is anything I can help you out with.

 My husband and I have two properties that we used second home loans and in both cases my lender knows that we also rent out to help cover the costs. You just have to spend so many weeks there to be considered second home. In both cases, we only put 10 percent down. I'd be happy to share my lenders contact info with you. She works for Annie Mac and they're a national lender. Good luck!

Shannon,

I own 3 different STR's in 3 different communities of the Kissimmee/Championsgate/Davenport area. I personally avoid the Storey Lakes, Reunions, Windsors, and those other huge communities...The price-points are becoming too high there.

I invest in the surrounding communities with less amenities and lower HOA's. The return is much better in the surrounding communities, especially if you theme your home correctly....In essence, your home becomes the attraction rather than the community amenities. I have rehabbed all 3 of my homes in-house. If you'd like, I can share my listings and numbers with you so you can get an idea of how they perform :)

Happy Housing,

Matt

Dave -

I deal quite a bit in vacation homes - short term rentals in the Orlando area around Disney World.  I have pro forma statements that I can send to you revealing what you can expect for income and expenses for certain homes in certain vacation home communities.  Feel free to contact me if you would like to see any or speak with me.

Keith

I always have a HELOC for opportunities that pop up. We started that way decades ago. We scrimped and were always broke, LOL. I'd be working on houses and my husband at work (needed his w-2 for financing) people were shocked. he wasn't there helping me, I always said he has to work to pay for my hobby! Buying houses was an expensive hobby for years. That said Dan Fuller aoausa.com has a great talk on "grow rich slowly". They have an annual landlording seminar in LA CA. Works well for me I have a 4-plex there (ONLY because a daughter living in one unit) so it's a write off to visit my kid (one of em) That said I highly recommend real estate. My husband calls it my addiction. We are hands on, I trust no one (cept my husband) and am a control freak. I have tried management companies with poor results. I screen my own tenants and pretend I am a private investigator trying to find where they are lying to me. Paid screen co's call the numbers on the ap, sometimes the best friend as landlord. I catch that one often,