All Forum Posts by: Shelby Pracht

 Rachel, I have spreadsheets available on my website with actual gross and net income broken down. There's on that only includes the 1+loft and 2 bedroom units I own or manage. The reason you get a large range from the realtors is partly due to differences in style and management, but the two biggest factors are how much/when owner usage happens, and whether or not it's pet friendly. 

shelbypracht.com/strdata

This is absolutely true- high snow removal costs and insurance premiums raising are definitely causing HOA dues to rise or special assessments to handle the extra costs, and something to be aware of. I just wanted to share- for the sake of anyone out there that's frustrasted with their HOA dues, that our snow removal bill for a small apartment complex we own is projected to be around $20,000 for the last two months, which makes HOA dues seem pretty paltry in comparison. (having to truck snow off your property when you run out of snow storage is expensive!)

@Ryan Moyer I've been in Mammoth long enough to experience some big winters that have been a blast, but the national weather service has literally called this past storm system a "Once in a generation event". There is only one highway in and out of Mammoth, so when it closes for *avalanches* there's not much we can do. 

@Rachel Turner I would check in with whoever you received your income data from to make sure that the airbnb fees were included in their gross income. Airbnb takes out their fees before any payouts are sent and isn't included in the gross income that THEY provide, so when I run my calculations I don't add it back in. Double check if they do, because that will free up a little space in your calculations.

Also, I would probably go back to your original estimate for your cleaning expense, 1246 monthly is probably closer to what I see on average for my two bedrooms than 966.

All that being said, my two bedrooms tend to gross significantly more than either of the income numbers you are using, so take that with a grain of salt.

So the only things I would point out is that your airbnb/tot number is incorrect (ToT/TBID) are 14% of your gross income alone. Secondly, if you are not using a property management company, you'll need to take into account the cost of consumables for your guests- toilet paper, paper towels, dish soap, shampoo, hand soap, etc etc, unless you have included these numbers in your "repairs and maintenance" allotment. Best of luck!

@Timothy Hogan glad to see you are doing your due diligence! I own a handful of rentals in Mammoth and manage 28 for other owners. I post my average occupancy and nightly rate for all of them combined on my instagram page, @mammothairbnb, every month, and also have a spreadsheet available on my website with more detailed income and occupancy data broken down. (I haven't put out the detailed data for 2022 yet, but should be doing that in the next couple weeks)

My two cents on occupancy is that if any unit is averaging under 80% for the year in Mammoth it's because the hosts are being lazy. The majority of units in Mammoth are still being managed by large (and outdated) rental companies that have high minimum nightly stays, crazy fees, and no variation in prices to account for demand. 

We pay attention to trends, keep our pricing appropriate, keep high ratings, respond to messages, (you know, all the basic things to be a decent host) and keep an annual occupancy of 90% for 28 units.

Only a small percentage of any real estate in Mammoth is actually local-owned, including single family homes, and you're correct in theory. The zoning distinction is attempting to preserve some housing for locals, but also help provide some accountability for STRs when they have the rules and amenities of HOA communities. There should be on call property managers for emergencies in any condo complex, plus you know that snow removal is always going to happen, trash service is paid for, and someone is monitoring the community for any unacceptable behavior from guests.

Yes, that is exactly what that means. That's how the Town of Mammoth Lakes is funded, basically. 

Unfortunately I don't have an attorney recommendation for you but did want to mention that ADUs in Mammoth aren't eligible for nightly rentals. Im assuming you're looking at the Gray Bear/ East Bear Lake properties, the main homes are able to STR but not the ADUs.