All Forum Posts by: Jeff Bender

@Todd H Sneidman Thanks for connecting, I'll send you a direct message.

@Eric Armstrong You got it!

The BP community came through, I'm happy to report. @David Guerrero introduced me to my Delaware realtor and fellow BP member @Shawn McDonnell While we were still in Colorado Shawn helped us narrow down our search to find something that fit our rather specific criteria. We ultimately bought a home in a STR friendly community in Lewes with a low HOA ($67/mo). Water access to the inland bays (boat ramp, kayak launch, boat docks, fishing/crabbing docks), community pool, clubhouse, playground etc. Friendly neighbors, great schools in the area and about 20 min to the beach.

The house we bought is exactly what we were looking for, a live in flip. Similar homes at the time were going for 350k and up, we were able to close on ours at 310k with a 3.25% interest rate on a double lot. The previous owner had let things go a bit so we had a good deal of landscaping to do, replaced the HVAC unit, took up carpets and put down some LVT, interior paint and updating lightning. We plan on living here for 5-7 years so we have time to make it our own and eventually turn it into a STR. There is a large stick built two car garage 700+ sqft and a covered porch included in the home's foundation for further expansion to bump up that square footage.

We are continuing to work with Shawn, trying to grab a more or less turnkey property for STR for the coming season. It remains rather competitive out here and buyers are willing to go 50k over asking with all cash offers. I think we may need to reevaluate our tact and go after the properties that have been sitting for awhile that we have a reasonable chance of getting.

Plan is to get a couple STRs going and start working on some passion projects. I have done some digging into real estate listing APIs and found a couple that are interesting:

https://rapidapi.com/mashvisor...
https://estated.com/

Zillow's once free API has become more restrictive and access can unreliable. 

@Eric Armstrong Crunching those numbers to determine which properties make sense for which specific approaches is basically the tool that I would like to build. For my own selfish reasons and for the community as well. It would in essence consume the MLS and deliver alerts to investors given their own interests and specified requirements.

@Eric Armstrong You are hitting on a number of topics that I would like to take a deeper dive into. Are you mainly focused on LTRs in the Wilmington area and what makes a good deal in your area of choice? Yes, you're correct if you're talking beachfront or just about you will be shelling out the big bucks. My focus for now is a few miles out where the entrance fee is far lower and by targeting properties that would benefit from some updates and forced appreciation perhaps even lower still. I'm not so sure on your LTR idea though. My additional requirement of targeting properties within excellent school districts should provide a LTR exit strategy as well. And to also circle back to the advantageous tax benefits of Delaware, specifically as it pertains to retirement benefits, there is a consistent flow of retirees in the area that require housing. And what better way to spend those golden years than with your grandchildren by the beach? 

These factors should alleviate some of the low season drop off and provide some additional exit strategies should things go sour. The numbers of the prime Summer season need to make sense to make any of this feasible. Ideally a STR should try and maximize occupancy year round, which I agree is hard to do in a moderate to continental climate, unless you've got a secluded cabin in the Appalachians, near a National Park, Treasure, tourist attraction or what have you. Taking all this into consideration and for a number of personal reasons the Delaware beaches are our best option for the time being.

@Shawn McDonnell Thanks for connecting, I'll send you a direct message!

AirDNA

Thanks @Account Closed Delaware is a tax haven for many a corporation. Around 65% of Fortune 500 companies are incorporated there as of 2014 and there's approximately twice as many corporations based in Delaware than actual Delawareans. This is a great read https://itep.org/delaware-an-o... and if you are more of a movie buff there is always The Laundromat .

Thanks! @Lauren Kormylo I was unaware of this change. This is the best FEMA map I can find regarding this issue https://hazards-fema.maps.arcg... Their site also suggests '...contact your local floodplain administrator (often an official in the zoning or planning department).' Which I will definitely do before purchasing.

@Anthony Engel It is indeed a beautiful place to live for awhile, we will definitely be back to visit. We've been out here nearly 6 years and want to reconnect with family back on the East Coast. Not to mention I miss the ocean! If you need recommendations on neighborhoods out here or best times to visit let me know, happy to help. Keep me updated with your Delaware plans as well! 

Hello BP Community! We will be listing our home just outside of Denver next month with our sights set on the Rehoboth Bay area in tax haven Delaware. I took the past quarantine year to learn about finance, real estate and generally trolling all the useful information here. We are interested in purchasing a primary residence in the Lewes, Ocean View, Millville, Rehoboth Beach, Frankford, Dagsboro area for their excellent public elementary schools, proximity to healthcare facilities for my wife's job and near STR vacation hotspots.

I am a software developer interested in creating tools for real estate investing and making the transition into hosting multiple STR vacation properties. Also a former home inspector, stained glass craftsman and considering pursuing a real estate agent license in the near future. We are interested in having multiple exit strategies, homes that were previously profitable vacation rentals that need some updating, live in flips, utilizing BRRRR strategy, house hacking or implementing 203k rehab loan. Within 5-7 year span I would like to have as many rental properties and a well respected brand to bundle up and sell or utilize a 1031 exchange to level up and move on to the next adventure.

 I know I'm getting ahead of myself so let's connect and see if our interests align. Cheers!