Rental Property Investor · Chicago, IL · Member since 2011 · 11 posts · 4 votes
Team,
Looking for assistance with STRs in Mammoth Lakes. I've been reading through some of the earlier forum postings, but have some questions that are better suited for discussion offline.
Background: I have a property in Savannah that has been paid off thatI would like to 1031 into a STR in Mammoth Lakes. However, my rental experience is all in LTR so I would like to get specific advice on line-item considerations for evaluating property cash flow and local regulatory considerations. Current consideration is a 2/1 or 2/2 apartment that would primarily be STR with occasional personal use for family vacations.
Rental Property Investor · Santa Monica, CA · Member since 2020 · 15 posts · 12 votes
6y
I purchased a STR with some personal use intent about a year ago. Although it is an off year, i learned alot about STR's and have years of income on our unit. Happy to share some knowledge and answer questions. In short, due to restrictions on rentals during COVID we will have negative cash flow this year. In normal times we project to break even but that's with 30 days owner use (none on prime weekends). Mammoth historically doesn't promise great COC return as a sole rental property (just over 1% i believe). My next property is for investment purposes only and I wouldn't choose Mammoth. But if you will use it yourself as well, with it costing nothing, and other people pay down your mortgage, that't a great deal and how we look at this property.
@Heather Maves I purchased in Mammoth about a year ago and have my spreadsheet that had 17 properties across 10 different complexes that includes HOA fees, asking price, sq footage, distance from village gondola and canyon lodge, etc... It's out of date but would be a good start for many of the places in the village circle. Happy to send it. DM me if you would like a copy for your research. It's too much to put in here.
I am considering buying a 1+1 or a 2 bedroom in Mammoth. What average gross are you bringing in yearly? I have heard a large range from realtors
@Heather Maves I purchased in Mammoth about a year ago and have my spreadsheet that had 17 properties across 10 different complexes that includes HOA fees, asking price, sq footage, distance from village gondola and canyon lodge, etc... It's out of date but would be a good start for many of the places in the village circle. Happy to send it. DM me if you would like a copy for your research. It's too much to put in here.
Would love to see the spreadsheet Tara — sent you a request to connect!
@Heather Maves I purchased in Mammoth about a year ago and have my spreadsheet that had 17 properties across 10 different complexes that includes HOA fees, asking price, sq footage, distance from village gondola and canyon lodge, etc... It's out of date but would be a good start for many of the places in the village circle. Happy to send it. DM me if you would like a copy for your research. It's too much to put in here.
I am considering buying a 1+1 or a 2 bedroom in Mammoth. What average gross are you bringing in yearly? I have heard a large range from realtors
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.