All Forum Posts by: Jon Martin

 Agreed- you have to give us some hard numbers and detail the condition of the house before we can even begin to answer your question. 

Definitely a good long term appreciation play. My only concerns would be the potential amount of work needed and how far you are from town. 

If you go STR, make sure there is at least part of the lot that gets some sunshine. Being stuck deep in the forest gets weird after a short while.

No. Keyless entry for the win. 

You would benefit from doing some of your own research on migration patterns, job growth, where big companies are moving, taxes, regulations, etc. This is also stuff you can find with a simple Google search. 

It is also vague to ask what is "best"  . . . Best for what? Cash flow, appreciation, price, short term, long term . . . . ? 

My guess is that unless your lease specifically forbids it there is nothing you can do until the lease is up. 

The good news is that it sounds like you have space that could be turned into another unit!

What’s considered a good distance to a hospital campus where it’s attractive for them? Obviously quick walking distance is ideal, but do rentals 1-1.5 miles away still easy to rent to that type of customer?

Look at how your neighbors are doing (if applicable). See what they charge and how booked out they are. With typhoon season coming up it might not be the greatest time to compare calendars, but I’d imagine that the area is quite popular in the winter months, especially with your good amenities. Do it! 

California is pretty straightforward like @Brad S. said, usually 1% or a smidge over. Good luck!  

Congrats, you're in a hot market! I tried to buy my first LTR in Columbia and realized I was outgunned by a lot of serious investors. One realtor told me that she just closed on a several million dollar deal for 18 properties for a private equity firm in New York. The migration patterns into SC seem very favorable, and given how many growing towns there are that still have SFRs below the national median I think SC will continue to track well, even through a recession. 

IMO already being zoned commercial could serve you better as municipal restrictions get tighter. Oftentimes these restrictions will outright ban STRs in your standard residential single family zoning codes, especially those under 9000 SF, and tend to only allow them in commercial zones. Take a closer look at your city's STR regulations, assuming they exist.

The house I purchased (Greenville SC) happened to be zoned "Office" but is a 2/1 SFH that has been occupied for decades and is therefore legal non-conforming. The county is motivated to rezone it because it's an oddball legacy zoning code that doesn't fit what's around it. However I plan to keep it that way, because that code is one of the few that is allowed under the new municipal rules if I were to get annexed (just outside city limits).