All Forum Posts by: Shaun Troyer

@Zach Edelman It will be impossible to find a comp for a 6 unit STR in the area with similar bed/bath count ,acres, views, and amenities. I belive this would be considered a commercial property or what am I missing .

Quote from @Bob Stevens:

Quote from @Shaun Troyer:

I received a lead on a 6 unit STR property that the owner wants to sell. It has been established for several yrs now and seems like a great performing property but lacking in a few areas like some technology and modernizing units. I will be walking the property with the owner on Monday and would like to know how everyone else calculates what a STR is worth. I will be getting the performance history for the past few yrs on Monday. It is located in Ohio In a popular tourist area.

ps. I currently own 1 STR so I'm not a total newbie. But this is definitely alot bigger opportunitity for me.

 PLEASE show the property to someome doing deal. You will earn a fee, if they buy it. Learn then apply what you learn. YAou are not ready yet to even look at it. If you do not know what its worth then you should not be looking at it ,

So collect a few dollars now and miss out on a few thousand dollars a month in income. How will I get ready if i just stand by and watch others snatch deals out from under my nose. If I don't purse deals I will regret just sitting on the sidelines watching others have success.

Quote from @Dave Stokley:

I wouldn't value a property based on its STR income because appraisers don't consider it. This severely limits your exit options since it won't appraise for a traditional buyer.

I believe this would be considered a commercial property to a lender tho, right? Its has 6 units with a history of STR income. Are you suggesting I go off of a LTR valuation for the offer? I'm afraid if I do that i will under value it and lose it to some one that values it differently. Thanks for your help. 

I received a lead on a 6 unit STR property that the owner wants to sell. It has been established for several yrs now and seems like a great performing property but lacking in a few areas like some technology and modernizing units. I will be walking the property with the owner on Monday and would like to know how everyone else calculates what a STR is worth. I will be getting the performance history for the past few yrs on Monday. It is located in Ohio In a popular tourist area.

ps. I currently own 1 STR so I'm not a total newbie. But this is definitely alot bigger opportunitity for me.

I am under contract on a small mobile home park in my city. Just wondering what you want to have inspected for possible issues before closing. I talked to the local septic pumping company,he said that there aren't any issues with the septic systems that he can tell. But there are 2 wells on the property as well. Currently has 9 park owned homes and 3 empty pads. My first MHP so any advice would be appreciated.