Specific Property Evaluation forum location ?

Question

Hello, where is an appropriate place to ask for help on a specific property - (North Carolina Beach) - would like to get some thoughts from the experts on if its a good deal. It's actually my cousins current STR. She is selling and using the funds to buy a bigger house for her family to live in.

I don’t want to give out too many details in a public forum obviously.

Thanks,

I don’t want to give out too many details in a public forum obviously.

Thanks,

Paul Sandhu · Answer

@Alan Ford  If there is something so secretive about this transaction that you can't disclose the details, you've already blown it by mentioning it on a forum.  If you think it's acceptable to bring this post up, the secrets of the property are probably not all that great.

Michael Baum · Answer

Hey @Alan Ford, like @John Underwood said, your cousin should be able to provide previous years performance stats.

The fact that it is a current STR is nice as it has data to show how well it is doing.

Also, is she going to leave it furnished for you? That lowers your setup costs as well.

John Underwood · Answer

Does your cousin not have performance details about expenses and net cash flow? Should be to get a performance baseline from this information.

Can you do better with better marketing, pictures, amenities or utilizing more listing platforms?

Taylor L Parton · Answer

I would ask a Local REAL ESTATE  BROKER to get a Valuation of the Surrounding Area.

Lauren Kormylo · Answer

Something else to consider, depending on how close to the ocean you are - the salt air will take its toll on building materials. Heat pumps and ACs will rust out much faster, painted surfaces won’t last as long, so upkeep will be more than a house inland.  Your cousin hasn’t owned it very long, so may not have experienced that.  And the cost of insurance will continue to rise with the number of storms.

Alan Ford · Answer

@Michael Baum I did check zoning, it’s zoned for a three unit space because it’s a larger lot. Good point on the sewer etc!

Regarding vagueness, yeah, just new - not sure how strict forum mods are etc. haha.

Michael Baum · Answer

Hehe @Alan Ford, I think your vagueness in asking makes it tough to help. I would post some pics but not the link. I think I did that it got yanked.

If you are basing your decision on the multifamily angle, then I would really double check that zoning is correct. Especially for that high of a density.

Also, even if it is allowed, you might need to improve the city services like sewer due to the massive increase in density. Going from 3 bedrooms to 12 can usually trigger an increase in waste extraction and water delivery. Plus electric from one to 3 meters.

The costs to go that route could outweigh the possible benefits.

Alan Ford · Answer

@Lucas Carl also - I was looking at other factors bedsides just pure revenue - which I only have one year of (she owned only 1.5 years).

The location, weather issues - it is in a hurricane zone. Future issues like STR restrictions etc.

I’m used to my places in the mountains of TN  where I only maybe worry about fire. Beach is a whole different thing, and ultimately my post (see title) was looking for direction on the proper place to post my questions or even find a specific person to help me evaluate the opportunity (maybe a pro or co-host opportunity) because I learned in two minutes on this forum since I joined that there is more to it than the “profit” from one year of STR.

I am actually needing to decide between my cousins place or doing another in PF/Gatlingburg— sorry long winded post.

Alan Ford · Answer

@Michael Baum thank you! Very helpful. Future development means taking down the 3 bdr bungalow cottage and building a three story condo unit with three four bedroom four bath ocean view “condos”

She has it listed it with VRBO, Booking and AirBNB.

Are VRBO Links allowed to show the property?

Again, sorry - seems like I’ve annoyed some people this morning. Guess I could have been more clear?

Alan Ford · Answer

@Lucas Carl hi - sorry, no wasn’t a joke. See other post in this thread clarifying.

Specific Property Evaluation forum location ?

Most Popular Reply