All Forum Posts by: Account Closed

@Jerry W. I am not going to read your post because it is too long. I don’t like rambling. However, to answer your question, I made that clear in my first post in response to @Heather Frusco.

@Jeff Cagle If you’re paying more taxes than you are supposed to, then perhaps you should hire a CPA. If you want to dick measure about ‘burden’ connect with me for a private chat. Or, you can just google me.

@Jeff Cagle I am also glad you’re not a landlord. We really don’t need any more jerks in this business. I am so surprised and disappointed that this generation of investors has not the character nor the courage to endure this crisis with some dignity. There is nothing but a bunch of complaints about something that hasn’t even happened yet. If all you have is a hammer, all you see is nails. This is a problem sure, but it is also an opportunity to be something better than you were yesterday.

@Heather Frusco What you should do is imagine yourself as a person with good character and go back and rewrite this tutorial, because this is trash. If you lack the compassion or simply do not understand the gravity of the situation, then I suggest you get educated. EVERYONE is affected by this crisis and if you feel so compelled to write this diatribe patting yourself on your back about how ‘prepared’ you are, then clearly you were not prepared. This IS everyone’s burden. Instead of being reactionary, be proactive. Reach out to all your tenants and find out how they are affected. Let them know that you care (if that is possible for you) and that we are in this together. If they have lost a job or some significant income, reduce the rent to something manageable. It will be appreciated and won’t leave you with an empty mailbox and stack of unsatisfied eviction notices. I hope this helps.

@Leo Vodovozov First thing is to find out what zoning district the parcel is in. Then, read the zoning ordnance. This will give you information about what you can and can’t do with the parcel. Zoning codes use different nomenclature and descriptions everywhere, but they all say the same basic things. They tell you what the ‘primary use’ is, for example “Low Density Residential,” and they tell you what all of the acceptable secondary uses, “Medium Density Residential,” “Light Industrial,” and so on. Most importantly, it will tell you what the minimum lot size, usually by both width, and acreage; or if not by acreage, then by density, for example: 7 residences per acre. This will give you a good idea if you can subdivide.

Next, read the subdividing ordnance. It may be including with zoning ordnance, but I have found them separate. This will give you the process in how to subdivide, cost, and any additional requirements that must be met. Often times, there is an acreage premium to subdivide a property that would have otherwise met the zoning requirement for each parcel post subdivision. What I mean is that zoning may permit a 40’ wide lot and that might look great for a 95’ wide parcel. Then, the subdivision ordnance may require a minimum lot width of 50’. You want to know this before you buy.

Final tips: work with a realtor who has knowledge of subdivisions, and call the city planning commission to see if what you’re planning to do passes the smell test. Good luck.

@Rich McElaney Thanks to all those who have made input to this thread and to those owners who have been generous with their cancellation policies. It sounds like there is a great community of STR rental owners in the OB. I would, however, caution against optimism in the face of this crisis. The only thing that is going to stop this pandemic is a globally available vaccination. The smartest people in the world have been working on this for months and it will be solved. Don't expect that to happen this year. Be prepared ride this out with no bookings in 2020.

@Allan Smith I cancelled a contract literally two days ago.

@David Abbate This is unprecedented. It is not the same game where real estate trends move at a snail’s pace. We are on the verge of a nationwide quarantine which will halt all nonessential transportation. People aren’t going to be moving, and thus the market is going to change very fast. Resources like stocks have been severely depleted, hundreds of thousands of people have lost jobs and the government has put a halt on evictions and foreclosures. Landlords may not receive rent and have no recourse. This uncertainty is going to drive a buyers market for investment properties, second homes, anything that the owner does not have to live in. Buckle up.

@Nate Bell It’s not that difficult. Just talk to them. I’m sure a fair arrangement can be made, but legally-no you cannot just do that. Unless your lease specifically says otherwise, it is implied that the entirely of the parcel is leased along with the home.

@Clint Shelley Are you asking a question?