I did STR in a duplex starting back in 2017 and managed for others in North Conway, Ive since converted to all long term tenants and happy i did so... unless your property has something unique or a "rare" amenity.... like, sleeps 30, I honestly would not waste any energy on it in the north Conway area. so saturated, and so much big money being invested in the hotels, its tough to match amenities vs cost, and I see travelers trending back towards the hotel style accommodations. granted, for the right price, I'd buy anything and figure out what the best use for it is. use airdna.co for decent data on # of Short term rentals in any particular market. can also identify opportunities. the point of my response.... be careful in STR in any area and always have a plan B. you can change a lot of things about a property, but your cant change your basis!

I don't know, but your guy who is self insuring with those numbers is either stupid, nuts, or so filthy rich he doesn't care about taking losses.

So be careful where you buy as some of the coves may not have water during the winter months.  

So as long as it can provide insurance and pay the bills, I don't care much what it is.

We also can't have renters dealing with the humidifiers as it is a mold problem/foundation issue if it isn't taken care of.We are taking pictures and videos of everything, we have multiple professionals that have documented everything (and told us to lawyer up) and have neighbors that we have already had agree to discuss their  drainage problems when we get a lawyer.

However when their use is not properly executed you lose most of its benefit as the front loaded costs were charged no matter what.Some people don’t have the proper mindset to stay on course for many years and should stay away from them as it takes almost a decade of careful execution to start benefiting from their powerful benefits.I hate people in these forum dealing in absolute.

It’s best to handle this situation carefully, keeping the communication open and professional throughout the process.

Friendly, caring, etc.

So the question is have you guys ever used a hard money lender before do you recommend it or just figure out how to get the cash yourself or find properties that can go for conventional if the seller even considers it I own a contracting company and a moving/junk company so our projects I know for a fact I can do at a fraction of the cost as most investors but still I’m getting out bid to no end where I can’t see the money at all I’m not sure what there seeing but that’s a whole other story Anyways would love to hear from you guys if you used hard money lenders before and what to be careful with I’m just trying to see all my options Thank you in advance 

I am being told that the reason they charge that much is because the rich people building vacation homes out there will pay any amount and don't care about the immediate loss of equity and they have more business than they can handle.