All Forum Posts by: AJ Wong

 Definitely not accurate. Just sold a $1.1M new construction luxury gem with Wander management that will generate $180K. Another for $537,500 generating $70K 

First one probably shouldn't have. Second two - offers I could not refuse. Last one - flipped to a completely paid off STR in Mexico and our dream property and eventual riverfront STR. I've since learned for myself and from mentors that you only sell to purchase a better/greater opportunity that you couldn't purchase without the sales proceeds. Essentially transferring equity to an investment with higher potential or that achieves goals. IE: selling a 600SF cottage near its maximum potential for a riverfront cabin on two acres with nearly unlimited upside.

 Thanks Garrett! I forgot Pet allowances and accommodations! Pets are people in most house holds. :) 

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Having owned, operated and sold over 30 STRs (nearly a dozen turn-key STR homes this year) and actively working with some of top STR Property Management Companies including iTrip & Wander - here are some features to look for in prospective vacation rentals.

- Bed to Bath ratio: If your property accommodates more than two people - it is likely that at some point there will be groups or couples renting your space. Adults don't want to share bathrooms, particularly at luxury experiences. If two couples are splitting a bill - who gets the master or the better bathroom? Split masters is optimal but not always possible or necessary - but having designated bathrooms for those that are footing the bill can help differentiate your listing. Kids generally don't pay the tab, cater to those that do. 

- Amenities. Hospitality trends are towards wellness (even in Vegas). The most distinct and occupied rentals offer more than just a roof over heads. Arcades, saunas, hot tubs, projector screens with video games, fire pits, murals (for IG) bikes and toys - whatever delivers a home away from home experience that likely could not be replicated at a hotel/motel. 

- Design. There is a reason that successful hotel chains regularly renovate their interiors - trends change and highly utilized furniture and furnishings get damaged, worn and need replacement. That doesn't mean that you have to start from scratch - but a theme or a general game plan will go a long way in differentiating your BNB listing from the local competition. At least here in Oregon (and on the Coast) I would not categorize the majority of listings as 'trendy' or even coherent. Most are conversions of long time assets with little emphasis or regard for aesthetics. A functional AirBNB is not necessarily and optimized one. I have seen new owners refresh just design, furnishings and amenities and double the properties production. A house that is a 'home' will always outperform a similar footprint with less attention to guest experience and detail. What differentiates two hotels next to one another? Branding, effort and care. 

- DIY what you can. Travelers like memories - character leaves an impression. Upgrades do not need to be extensive or expensive. They should be personal, creative and practical. Example: Granite counter tops are outdated, expensive and heavy to move. Wood, tile, acrylic and others alternatives (done well) are impressive, durable and functional. The point is, to make an impression doesn't require 'nice' or 'new' just consideration and imagination. You only get once to make a first impression..the next time you notice a feature at a BNB or hotel room - is it because the materials are so 'quality' or it's 'smart' and 'cool.' People remember what they feel. 

- Senses. Speaking of feelings.. Light. Noise. Scent. Touch. Subtle touches can make a big impact. Mattresses, cleanliness, air purifiers, fans, heaters, softer sheets, black out curtains, lighting. Nobody wants to be too hot, cold, bright, dark, scratchy or smelly. Luxury hotels have an intense emphasis on the overall experience. Marriot Convoy lobbies not only always smell great - they have a proprietary scent. Comfort is key. 

- Sunroom or bonus space. Sunrooms might be more advantageous to our local Oregon Coast environment than elsewhere but any bonus feature or area such as a studio, garage conversion, tree house, studio are all areas that can accommodate guests (like remote workers) longer term and add rental appeal. 

Hope these help! Anything you would add? 

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The 10 Year Treasury Yield dropped to 4% and some analysts are anticipating 3-4 rate cuts before the end of the year towards a 'target' of +/- 2.75% 

Lower borrowing rates equal increased cash flow, return and refinance opportunities. 

In Oregon, multi family transactional pace has been slower the past few years, the one significant complex (24 units in Eugene) we helped negotiate was a mortgage assumption of a pandemic era credit union mortgage but expect demand and incentive to pick up dramatically as rates decline. 

Our suggestion to any multi family or commercial investors that have been on the fence or waiting to refinance is to begin to get your ducks in a row and opening your buy box as typically larger multi family or commercial transactions can take 90+ days to close. 

Our fearless forecast is that the next 2-3 years will bring near historically low mortgage rates as part of the Administration's - notably Fed nominee Stephen Miran's proposed monetary and interest rate policy.  

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There are a few investor STR hot spots on the Oregon Coast that are likely to experience changes and challenges to STR permitting and licensing in the coming months and years.

Rockaway Beach Oregon - A regular on some of the top STR lists in the PNW for price to production ratio - last year Rockaway Beach instituted a CAP on STRs that allows only licensed STRs to transfer to new owners. There is now discussion that this eligibility could be eliminated (which would effectively move the waitlist sooner) but eliminate a major market from immediate STR usages.

Florence Oregon - An area primed for general growth (due to close proximity to Eugene) has also been a hot area for STRs due to the lack of regulation. There has been discussion for sometime about rules and regulations and our best guess is that by next summer (or sooner) some type of rules will exist to operate a nightly vacation rental within city limits. 

Yachats & Lincoln City - Fortunately or Unfortunately Lincoln County is one of the most highly regulated regions on the Oregon Coast for STR operations. In fact - they recently reduced the CAP for the Eastern region and so unless you have the ability to wait (on an extensive waitlist) or the property in question is commercially zoned - or in specific communities that allow STR usages, don't plan on a coastal cottage here anytime soon. One asterisk is the waitlist for Yachats is currently lower than it has been at years..a little bird at planning told me below ten persons..but investors can expect not launch this year or maybe next..

Bay City - Within city limits has a new rule that within 200ft in any direction an active STR cannot be operating..this eliminates a lot of prospects but eligible homes do still come to market.

Warrenton & Gearhart - Several prime luxury HOA communities that currently allow nightly vacation rentals have either drafted or are considering rules that restrict the density or saturation or outright usage of new rentals (existing would be 'grandfathered.')

Manzanita & Cannon Beach - As of now Manzanita has an extensive waitlist for the majority of city limits and licenses do not transfer in the primary part of town (there are certain zoning codes that are not subject to waitlist or licenses transfer.) Cannon Beach also has a tight restriction on STRs within city limits and typically even eligible properties are limited to one occupancy per 14 days. There are historically some unlimited licenses that are not subject to restrictions but I've not personally observed any transfer within the past five years. 

In general the barrier to entry for STRs on the Oregon Coast will continue to broaden - however there are still STR investment opportunities in nearly every coastal city or region.