Short Term Rental (Snowshoe) Underwrite

[Christopher Cockrille]

Hey all, I currently do not own any properties and am looking to have my first self managed STR. (My wife will help, she was a CAM so has rental property management experience).

I’m underwriting a property at Snowshoe that is a true first floor ski in/out right in front on one of the lifts. The problem is that it’s been quite difficult getting true rental numbers from the agent and owner for this unit. I’ve seen numbers from 16k to 21-22k gross to include also being told that these type of units can easily do 26k gross.

The 1 bed 1 bath condo is listed at 180k, agent thinks I can ask for 170k.

Since this is my first property ever, I don’t want to purchase it based off of fictional higher “it should do this” numbers especially when it’s currently being managed through a property mgmt company that is only grossing 16-22k (numbers far apart as a result of inability to get clarity on true numbers).

If you own condos at Snowshoe, are any of these numbers reasonable? What are you doing? Or with properly self management unit would we do better/worse?

Thanks in advance!

[Matt Cass]

New to the forum, but have a couple houses at Snowshoe. I short term rent, but also use them myself.  IMO, numbers being provided are off. Michael Baum's estimate is probably closer.  While a 'four season' resort, the only season is ski season. And while ski season typically starts at Thanksgiving, it doesn't pick up speed until Xmass and lasts until about Mid March (when people forget about skiing because of the warmer temps). That leaves you with 9-12 weeks of rent. Summers are nearly dead, except for a mountain bike and chili cook off weekends. 

If you're looking at the older condo's (like Mtn Lodge) they are pretty old, and will require a lot of upkeep.  And if you're not handy, and not managing your self, then finding contractors to help with repairs is a huge hurtle.  When they decide to tear down mtn lodge or top of the world (which probably won't be to far off), your payout will valued at a depressed assessment. 

Same holds true for Silver Creek.