All Forum Posts by: Collin Hays

How long after sex are you in the mood for more sex?  All depends on the person.  If you're up for another purchase the day after you close, have at it!

Well, it would be way down on my list of prospects for sure.  I am sure there have to be folks that it is working for.  There’s just a lot of lower-hanging fruit out there in my opinion.  I have looked at a lot of ski areas and I can’t make the numbers work well.  I’ve also had the same experience with Cape Cod.  I would love to invest in that market, but the numbers don’t work.  You have a 13 week season there and that’s it.

We have a stand-alone website, and a good amount of our rentals come through that site.  We do not incentivize good reviews.

Aaron, of the owners I know, none use their homes as rentals.  I have a friend moving there in May.  Of the folks I know who own / have owned there, they use the house a lot the first couple of years, then they don’t go any more because there’s just not much to do there. The restaurant scene is sparse, so you have to drive to Red River or Taos to eat something decent.  Those are 45 minutes to an hour away.  

On the rare occasion that I go to angel fire, I stay at the lodge there for less than 100 bucks usually.  It’s mostly vacant during fly fishing season.

I am only 5 hours away from that entire area, but I’ve never considered it for STRs.  I can’t make the numbers work.  And that actually goes for most ski-oriented areas. 

When I start hearing things like "this will go on forever", "This time is different", and "things will never change", I get really, really nervous.  

Right now, I am nervous.

Well, it's been a few years since I purchased a property in Cosby, but several years ago I picked up two small log cabins on Cosby Creek for around $260K.  I spent $20K on them.  They produce around $65-66K a year in rents.  In today's market they would be $500K or more, but the yield is still quite respectable even at that amount.  Of course, I'm not a seller because there's no way I can replace that income for such an investment.  

Many of the cabins in my management co. are also in Cosby, and they do well.  

I absolutely LOVE Cosby and my yields there are better than my properties in Gatlinburg!  They don't rent for quite as much, or perhaps not as frequently, but the prices are way less!   

I'm secretly hoping Cosby stays quiet and undiscovered.  I kind of like it that way.  ;)

I have many friends with property in Angel Fire. As an STR prospect, I would rate it as poor. Very iffy ski season, not a lot to do in the summer. Limited restaurants, a few small lakes for fishing, very little entertainment. I wouldn't touch Angel Fire for STR.

It all depends on where the property is, and what market you are after.  

I am in the Smokies, and I am after upper middle income renters.  So all of my properties are water front (more $$$).   I have all stainless appliances, leather furnishings, antiques, unique (and expensive) decor, game tables or arcades, large, smart TVs, wifi, and hot tubs.  

But amenities are really only part of the game.  How professional are your photos?  How competitive are your rates?  How fast do you respond to inquiries?  How seamless is your reservation process?  How onerous is your payment requirement?

Lots of ingredients in this soup.  Just remember, the profit margins at the local tote-the-note car lot are often much larger than those at the BMW dealer across the street.  Know thy market.

My first question is, is there sufficient demand for a STR to work in a snow-ski oriented resort area? I have friends with vacation homes / condos in Colorado ski areas, but they are not rentals. While there is some activity in the summer and early fall, these resorts are primarily for the ski crowd.

How many nights per year are you hoping to rent? What price levels are you looking at for a purchase?  

I’d be interested in seeing your analysis.  While I suppose it “could” work, it seems incredibly risky, and a much lower yield, than more year-round destinations.  SoCal, AZ, eastern TN, Galveston, Gulf Shores, FL, etc.