All Forum Posts by: Wes Walker

I had replied in the previous thread, but can say post-COVID the landscape has shifted somewhat significantly.

Upsides:

Increased amount of long-term rents and renters (I.e. lower property mgmt fees, less utility bills)

Less and less of a shoulder season with more consistent yearly short-term renters.

Downside:

Rent increases, while higher, have not kept pace with increased sale prices.

I’m an agent in town as well as an investor.  Feel free to reach me anytime.

After reading through my post there are significant grammatical errors but wanted to clarify I still own and self-manage the cheaper of the two units.

I have purchased two units there at the Canyons over the last 3 years (one in 800k range, another in 400k range) and self-managed from California. Ended up selling but gross revenues were in 55k range. The 400k Unit (2bdr plus loft older unit great location) brings in around 40k with repeat renters and a minimal increase in nightly rates yoy as well as increase in value (looking at comps) of roughly $65k In 2 years (25-30k put in renovation so net 35-40). There's no way to get away from high HOAs but previous commenters are correct that insurance costs incredibly low. All in all with cleaning fees, supplies, minor repairs and upkeep, mortgage and HOA (25% down on mortgage) all expenses are covered and see a cash flow of $2-5k/year. Have to self-manage and actively work Airbnb/vrbo. ZERO chance of coming close to break even utilizing management company other than a couple hotels (I.e Waldorf) but fees are exorbitant and financing with condo-tels more difficult (read more down and higher interest). There are a couple properties around Deer Valley in the 700-1.5 range that cash flow but otherwise would look at older units in the Canyons but keep in mind it's a long-term play. Cash on cash returns in first few years will be, at best, positive and only by a couple percent assuming there's a mortgage on property.