All Forum Posts by: Jack Bradham

I'm looking for a Great cleaning team in the Lake Norman area for my STR. Any recommendations would be appreciated

Sorry. It is really 26 rentals of 1 week or more. So yes, more than 28 days is allowed. 

Hi All, 

After many years of hoping and wishing my wife and I have committed to trying to find a place where we fell in love... so many years ago. Key West, FL 

So there is some sentimentally here. (Big Time) But, I am trying to at least not lose money. I am looking at a town house and the price is roughly $1M. By my math I will lose 2k a month.. lose. 

Here is my spreadsheet that I am working with. I verified as much of the data as I could through AirDNA and Mashvisor. 

https://docs.google.com/spread...

I feel like I can not so math. And I know I can.... am I overdoing it somewhere. Negative thinking some how.  

I'm asking myself. How the @#$% do people make money in this market?

Couple things to know: Only some properties in Key West have STR licenses (transient). This property has a modified one that allows for 26 weekly rentals through out the years. Based on my understanding it is good enough for filling up the year. HOA covers insurance which is very expensive here. I live in NC... remote management may not work out.

BTW, I love Boone. But, I am not seeing good deals... you have to hunt for them. I have 1 there. The are is very nice. 

I live in Davidson. Do not come here for low prices. They are the highest in the area. Lake Norman is also high. I have 4 properties in the area. With that said you get what you pay for... there are just no retail or wholesale deals in this area. 

I'm in CLT and prefer to work around the area. The CLT market is being driven up. If you think that is fine and there is appreciation coming then you can still buy but, I am wary of the sales prices I see right now. In 2-3 years it will probably not matter as far as appreciation but youll have to wait on that time to see returns. Cash flow and ROI is not really strong from rentals right now. So it has me looking at different investment options.

Bump?

Like to join next time. 

A friend of mine discussed selling one of his rentals to me. 

- Built in 1989

- Purchased in 2000 for 150k

- He wants 207K

- Rent 1400-1500

- Property hasnt been touched in 15 years... needs 20-25 to bring it to nice new standards

- Value tops out at 265k when complete. 

- Doesnt seem like to ood of a deal but, I am wondering if this is just the type of deals available in the area right now. 

Experienced opinions appreciated. 

My estimates:

I was able to find 1 unit in Gaston county but, was still working to find a few more. Good deals ... any deals. Are hard to find. Working with 150k ish now.