Los Angeles, CA · Member since 2018 · 9 posts · 5 votes
HI All,
New member here, I have or had properties all over California (San Diego, Los Angeles, SF Bay Area and Mammoth Lakes) and Atlanta. Currently, I reside in Los Angeles, CA.
During the day, I work in the Biotech Industry. Looking forward to learn from everyone here at BP.
Welcome @Rudy T. I’ve also got property here in CA, and in the southeast (mine are in Alabama though). We should work on getting a meet up together this winter in Mammoth, @Ali Boone
Let's do it! I always end up going by myself so it'd be a blast to have actual other humans to talk to :)
Hey Rudy! Great to have you. I'm in Venice and also have properties both here and in Atlanta (small world). I grew up in Atlanta and lived there before moving to CA. I used to be an engineer pre- real estate.
Do you still have property in Mammoth?! I'm a skier and snowboarder.
Welcome @Rudy T. I’ve also got property here in CA, and in the southeast (mine are in Alabama though). We should work on getting a meet up together this winter in Mammoth, @Ali Boone
Heya @Shelby Pracht, Thank you! Surely, I am not heading up as often because of a newborn, but will try to do so once she is older. Do you live in Mammoth? What I find in Mammoth is that the management companies charge an arm and a leg to manage property. The companies that I have seen are Nomadness and Vacasa. What has been your experience? Do you just manage your own properties or do you manage other people's properties as well?
Funny thing is that I am also an engineer, but I have not quit my job yet. Did you quit your engineering job for good in lieu of Real Estate?
The reason I went to Atlanta is b/c it is a cash-flow market, whereas California is more of a speculative/high appreciation market. I do not really know Atlanta that well, but loved it when I visited (I had a good friend doing grad school at Georgia Tech at the time).
Yes, I do have a property in Mammoth Lakes at the Crestview properties. One thing that I faced when buying a property in Mammoth is that the selection is very very very limited and people like to list properties for high prices, with the understanding that they probably won't get that price. At this point, I am thinking that I will probably unload the property in a year or two... it seem that the prices are at or heading towards the peak so it is time for harvest. Thoughts?
@Rudy T. yes, I live in Mammoth full time and I manage 9 Airbnb units here. I own a couple of long term rentals here but actually just sold our condo this summer, (cashing out on the higher prices here and buying more property in Alabama) all my short term rentals I’m managing for other people.
Welcome @Rudy T. I’ve also got property here in CA, and in the southeast (mine are in Alabama though). We should work on getting a meet up together this winter in Mammoth, @Ali Boone
Let's do it! I always end up going by myself so it'd be a blast to have actual other humans to talk to :)
Funny thing is that I am also an engineer, but I have not quit my job yet. Did you quit your engineering job for good in lieu of Real Estate?
The reason I went to Atlanta is b/c it is a cash-flow market, whereas California is more of a speculative/high appreciation market. I do not really know Atlanta that well, but loved it when I visited (I had a good friend doing grad school at Georgia Tech at the time).
Yes, I do have a property in Mammoth Lakes at the Crestview properties. One thing that I faced when buying a property in Mammoth is that the selection is very very very limited and people like to list properties for high prices, with the understanding that they probably won't get that price. At this point, I am thinking that I will probably unload the property in a year or two... it seem that the prices are at or heading towards the peak so it is time for harvest. Thoughts?
Cheers, Rudy
Oh funny, I went to grad school at Georgia Tech :) Atlanta is still a cash-flow market but I'd argue it's on the low end of the cash flow opportunities these days. Back in 2011-2012 it was easily the hottest most advantageous market for investors, but after everyone flocked there it soared the prices, shrunk the returns and inventory got low. You can still get cash flow there but there are a lot of other cities with significantly higher cash flow and less saturation.
I'm not familiar enough with Mammoth's micro-market for real estate specifically to say, but in general across the board we are at pretty high price, which would be advantageous to sell in. What I don't know though is that the prices won't continue to increase. Especially with Mammoth being bought out by Aspen and now the Ikon pass is going to let more people go there, etc....I don't foresee Mammoth losing value anytime soon.
Do you rent out the Mammoth property? Short-term or long-term?
Nice to come across your posts...I've begun looking at condo's in Mammoth but have been a bit skeptical on ability to cash flow or even break-even with the high HOA's ($400+/mos) and high cost of management (~40%), plus it sounds like you're collectively feeling Mammoth prices have become a bit inflated (?)...
My primary focus is on MFR right now (in-process on a 13+ unit BRRR in 29 Palms, CA) but we head to Mammoth 5-6 times per year as a family and sprung for IKON Passes so it would be nice to have a home base subsidized by AirBnB.
Curious to hear your thoughts on condo developments, management co.'s and if you've come across any REI/Airbnb owner meet-ups for the Mammoth area?
Mammoth is definitely a unique market. Home prices have definitely risen over the last two years, but I'm not sure if it's become inflated, or if values have just gone up due to the Alterra purchase, IKON pass, and new development in town. As I mentioned, I sold my own unit here but am managing units for others. I have two owners that bought within the last year and are still cash flowing (although I only charge 25-27% management fee, not 40, which is closer to average). My small studio and one bedroom properties get a much better return than the larger properties (and are so much easier to manage!) Being close to the village OR being pet friendly OR having a view all tend to raise gross income, but not sure if it really raises return as those units all sell for higher prices.
There aren't any meet ups set up right now, but if there are enough people interested I'd be happy to help facilitate.
Super helpful @Shelby Pracht would be great to connect the next time we're up in Mammoth if you're open to it. Happy to grab coffee or a 395...Probably early season if snow happens. thanks!
@Rudy T. Welcome to BiggerPockets. Where in ATL do you invest? My fiance and I currently have a property in LA and we've discussed investing in ATL, Alabama, or Florida. We also host one of the BP meetups in LA. Send me a message if you want more info (BP will delete my post if I post meetup information in this forum -_-)