Benefits of Buying Adjacent Property

Benefits of Buying Adjacent Property

Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes

Just curious what you all think of buying property adjacent to other property you own vs. elsewhere. 

For example, if you own a property on the top of a mountain, and your neighbor just below you sells, you could connect their properties using trails, build a gym structure shared by each, offer joint bookings so they have the entire mountainside to themselves, etc. Also, the amenities of each building could be added to complement one another, so that no one property has the same games or amenities  (excluding a hot tub of course, which both should have).  

Imagine having 6 STR's, all located right next door to one another. It would be far easier to manage rather than having to build many different networks with different cleaners, etc.

Just brainstorming, and curious if anyone else has done this. 

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Member since 2022 · 7 posts · 1 vote
3y
Quote from @Henry T.:

Convenient, but not a good idea.  For LTR, I don't want tenants knowing I have other properties. Or worse, tenants gossiping about their landlord in common.

But if I had 20,000 properties next to each other that would be different. Concerts in the park. Tell them who to vote for. Free swimming pool. Free beer. This is now an over 55 community. etc.

Only major problem you've missed in assessment is this is "Short-Term & Vacation Rental Discussions" section
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  • Taylor DaschBusiness Member
    Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
    3y

    I agree, especially for the Airbnb space. I believe that you can pool all of your reviews into one but I could be wrong on that. If thats true, that would be a huge advantage because you could have the most reviews in the area, making yours the top pick/result on searches. 

    For my situation, I have two properties on the same street and became friends with a great lady next door. She keeps an eye on both properties and will let me know if anything happens that is out of the ordinary lol! Also, if you scale this you could increase the ARV in an area which is what a few flippers did in my market.

  • Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    3y

    I've done it with synergistic results.  

    Two houses on the same block.  16 beds, 6 bathrooms, 4 washers, 5 dryers.  

    Four houses on the same block, 14 beds, 4 bathrooms, 4 washers, 4 dryers.

    I rent my places to groups (2-36 people) working at a big industrial plant.

    Groups will rent the cluster of houses that are a stones throw away from each other.  They pick the house with the biggest kitchen and party there after work.

  • Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Convenient, but not a good idea.  For LTR, I don't want tenants knowing I have other properties. Or worse, tenants gossiping about their landlord in common.

    But if I had 20,000 properties next to each other that would be different. Concerts in the park. Tell them who to vote for. Free swimming pool. Free beer. This is now an over 55 community. etc.

  • Member since 2022 · 7 posts · 1 vote
    3y
    Quote from @Henry T.:

    Convenient, but not a good idea.  For LTR, I don't want tenants knowing I have other properties. Or worse, tenants gossiping about their landlord in common.

    But if I had 20,000 properties next to each other that would be different. Concerts in the park. Tell them who to vote for. Free swimming pool. Free beer. This is now an over 55 community. etc.

    Only major problem you've missed in assessment is this is "Short-Term & Vacation Rental Discussions" section
  • Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Only major problem you've missed in assessment is this is "Short-Term & Vacation Rental Discussions" section

    Doh! Then definately not. :)


  • Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes
    3y

    @Henry T. And why not? How much thought did you put into that? 

    @Taylor Dasch and @Paul Sandhu Thanks for sharing the experience -- I was wondering if it was done frequently. Seems like a great idea if each listing strongly complements the others. 

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