All Forum Posts by: Sean Bramble

I’ve heard here and there that demand is down in blue ridge, but no firsthand knowledge

If you ask on here people will just tell you how their listings are performing. Usually a sample size of 1 or a small handful instead of a statistically significant read on the entire market which it seems is what you are interested in

I’d recommend paying for a Pricelabs market dashboard or Airdna for each of these markets to see yourself. You’ll be able to see market revenue trends this way. This is a great addition to looking ahead on calendars on Airbnb/Vrbo. Worth the small investment - pennies in the big scheme of things. You are driving blind without it. Good luck!

Thanks everyone - sounds like you all are in sync with this one. We're going to chat w/ the HOA president and neighbors this week, but unless I end up feeling much much better about the risk we will likely let this one go. Just doesn't seem worth the risk. Thanks for your input - this is exactly why I love the BP forums so much!

Must haves are:

1) Contractor connections

2) Regulatory knowledge, especially a pulse on what's coming in the future (at the county, town and HOA level)

Bonus points if you understand yield and how to underwrite deals. I expect to do this myself as the investor, but have yet to find an agent who can speak beyond gross revenue (most just reiterate Airdna figures). Still waiting for the day I find an agent who comes to me with deals and can speak to return metrics like COC return, etc

Hey BP! Have a feeling I know what you all will say about this but thought I'd ask anyway. I've got an STR property under contract in the Shenandoah National Park area. Pencils out well return-wise, but the catch is it's in a small HOA of about 10 or so homes. Home is not currently an STR, and there are no STRs currently operating within the HOA. Lot is semi-secluded/ wooded, but there are neighbors close enough to see their properties. The HOA does allow STRs as of now, but I recognize that can change overnight, which would not only suck, but likely affect my ability to re-sell the property at the prices homes are selling at currently (basically limits you to primary home buyers instead of investors).

How do you all think about HOAs for your STR investments? Do you avoid them altogether?

For those of you who invest in HOAs, are there certain questions I should be asking/ things I should be looking for?

Any of you have HOA horror stories you'd be willing to share?

I have a feeling we might bail on this one, but definitely want to do my due diligence first

Thanks everyone!

Dave Meyer shared a great overview of the future outlook for STRs nationally on the latest On The Market podcast

TLDR: summer looks strong nationally, but it's hard to get a read on where things will go 4+ months out with a potential recession looming

Love this podcast, but keep in mind he typically focuses on national statistics ... your local market may look WAY different

https://www.biggerpockets.com/...

Option 3: sell your home and buy 255,000 Powerball tickets ... it all depends on your investment goals and personal risk tolerance though. Or you could get creative and buy lottery tickets in the Metaverse ...

jk ;)

Selling your current home or not is such a personal decision I'm not really sure how to answer. But beyond that, I'd definitely recommend you look at other markets beyond the Gatlinburg area ... there is a tremendous amount of competition from investors there and that will make it difficult to find a great deal

Dave Meyer shared a great overview of the future outlook for STRs nationally on the latest On The Market podcast

TLDR: summer looks strong nationally, but it's hard to get a read on where things will go 4+ months out with a potential recession looming

Love this podcast, but keep in mind he typically focuses on national statistics ... your local market may look WAY different

https://www.biggerpockets.com/...

Pretty sure the strategy most are taking is “do it anyway and hope they don’t catch you” 🙂

You’re right though, there are SO many listings there despite regs. You can also buy a place right on the Albemarle county line (think Afton, etc) … if you can find one - they fly like hot cakes. Not just anywhere though, Wintergreen is starting to seem saturated/ hard to cashflow

Charlottesville would be a phenomenal place to do a value add to an old hotel/ motel … assuming they actually crack down on illegal airbnbs eventually. Lots of demand. 

To build on what @Levi Bennett is saying about location mattering less than you would expect, I've noticed this in my analysis as well. I was recently beta testing a SaaS tool that helps investors choose high yield markets. One of the features of the tool is that it that helps you zoom into a market and quickly identify the highest grossing areas within it - they do this by plotting 95/90/85 ... all the way down to 50% listings on a map. You can use a slider to change the threshold and watch listings appear and reappear. This feature was designed to reveal the best areas for STRs ... only problem is that 9 times out of 10 there is no method to the madness - at least in terms of geography. It all comes down to listing quality, revenue optimization, and customer service. Beach markets are an obvious exception (people will pay more for beachfront, duh), but elsewhere that feature of the tool is less useful. It makes sense though - there is just a huge range of professionalization across listings, and professionalization drives revenue. If you can combine professionalization with a less expensive market (or with a less expensive property), you might be able to capture a higher yield than playing follow the leader and buying in all of the "hot" markets investors are swooning over

I’m no expert on this market but I have heard SF limits rentals to 90 days or more - so be sure to check local regulations wherever you’re thinking about investing