All Forum Posts by: Jeff N.

I understand Condo Hotels in most cases are not looked at as an investment, but rather an income stream to offset your vacation pad expenses. But recently I have been presented the following:

Condo Hotel located in Myrtle Beach South Carolina.

Age: 2006
Type: Efficiency Unit with Ocean View

Asking: 55K

2009 Revenue pre split: 13K
2010 Revenue pre split: 14K

Split: 60/40
POA: $4,164 year
Content/Liability INS: $360 year
Taxes: $750 year

Assuming a sale price of $55K cash it leaves a $3,126 return based on 2009/10 numbers.

Thanks Mitch! That definitely helps. I understand that planes going down at altitude is pretty much never heard of, but after that Air France Airbus accident 2 years ago my fears of flying through turbulence have amplified. The strange thing is on small planes I don't mind it, its just the large cross country flights.

Thats funny you said your up front laughing. I was actually sitting in the first row on a smaller flight through a thunderstorm and each time the plane took a big jolt you could hear the guys up front laughing.

So if I'm understanding you correctly, what I constitute as sever turbulence is probably nothing to worry about. Do the pilots have to record the flight turbulence factor as a post flight record to determine what types of inspections are performed on the plane before it is used again?

This is off RE topic, but since we have a lot of professionals on here and I noticed a few pilots I'm hoping to get some insight on the gravity of my fears.

I travel a lot with my company, including flights cross-country and the dreaded Atlanta to Honolulu flight a few times a year. I thoroughly enjoy the destinations, especially when it is in an area that I can check on some potential RE investments. But I have an extreme fear of turbulence in the skies. At 36K feet bouncing around in a tube in sever turbulence makes for a gut wrenching few hours.

To those pilots on BiggerPockets, are these fears justified? Should I not worry until my drinks are hitting the ceiling? What are you guys doing in the cockpit when flying through severe turbulence?

When renting in a college town you see a lot more rentals with furniture. They typically rent for a slight premium ($50-$100/month) to empty rentals.

I have considered staging my rentals with basic furniture that are geared to students, but I also feel you may have a higher turnover rate. If a tenant has no major furniture interest in the property I feel it may be easier for them to walk away at lease expiration to another unit, rather than staying in place.

Any input on including amenities with your rentals?

Dave, city and state websites are typically very cumbersome to navigate, let alone make online payments.

I'm pretty sure they all use a programmer still stuck in the 90's.

Give them a call Monday.

Most banks I have worked with count 75% of rent as income.

Positive cashflow will always help as long as it is documented.

Forgot to mention that less than 2 years experience as a landlord may restrict you a little with banks.

I never had any problems through my credit union as long as they were all rented on 1 year leases, my reserves equaled at least six months mortgage payment on each property and had no more than four mortgages.

I would assume their risk assessment is based on a formula of income, cash flow, reserves and credit history, not how many mortgages you have.

Has anyone looked into condo hotels recently? The significant drop in value for these beach-front rooms is beginning to get my attention.

Any insight on ownership?

What areas were they predicting this decline?