All Forum Posts by: Lauren Samford
Lauren Samford has started 6 posts and replied 15 times.
Post: Should I sell or rent out my property? Need serious advice!
- Property Manager
- Posts 20
- Votes 10
Quote from @Marc Bacchi:
I don't have an answer for you, just wanted to say I am in almost the exact same predicament. Primary home, @ 200k equity, 2.8 % locked, want to use equity to begin real investing.
Not sure if I should sell and lose the awesome interest rate, or rent to get about $700/mo cash flow from this one property. Analysis paralysis, natural aversion to risk, but want to break myself of that cage.
I also try to always do everything on my own, no mentors, help, partners, etc, so that has also held me back. I think looking to get face-time with someone who is experienced in this specific situation and market status would be really helpful to answer some internal questions and provide guidance and external motivation to make a decision and get moving.
Good luck whatever you choose!
Not a bad decision but just an update: we decided to rent it out Mid Term Rental. So surprised by the level of interest and how much we could charge for rent! Now we have a cash cow we can use for our next investment. The deciding factor was talking to a neighbor who bought his house for $140k in 1994 and now it’s worth $640k. He said never in his wildest dreams would he have thought in 30 years his property would be worth that much. So that made me decide to keep it and see how much it appreciates. Good luck to you as well!!
Post: Should I sell or rent out my property? Need serious advice!
- Property Manager
- Posts 20
- Votes 10
I bought my house 5 years ago with the intent to live in it for a few years and then turn it into an STR. Unfortunately, recent regulations have made it so that I can no longer STR in my neighborhood. I have about $250k in equity in the home and my realtor believes if we list it we will probably get a bidding war in this market and since our neighborhood is highly desirable. If I LTR it will cash flow $300-500 per month, which isn't bad but I want to get much more serious with STR investments in our market (I started an LLC for Airbnb arbitrage and just no bites yet). I could mid-term rent my house, which would cash flow more like $1k per month but there's more potential for vacancies. If I sell, I could use the cash from the sale of this home to get my business really going and even buy multiple STR permissable properties. On the other hand, I am locked in at a 3% interest rate on a home that will likely continue to appreciate well. Not a bad predicament to be in but I feel like I'm in analysis paralysis... what should I do?!?!? I am inclined to sell because I feel like I'm sitting on cash and I do not like the idea of taking out a HELOC or other loans to continue my investing journey (I got debt free in 2022 except for the mortgage).
Post: Best Cities for Air BnB Investing in 2023
- Property Manager
- Posts 20
- Votes 10
Quote from @Bryan Vukelich:
Hi @Lauren Samford - I am not that familiar with the Big Island market. Are you looking for property on Kona side or Hilo? Let me know and I'll direct message you a few quality agents that can assist you.
Kona side preferred, but open to property in other areas as long as it can STR. That would be great, thanks!
Post: Sample Lead Generation Letter?
- Property Manager
- Posts 20
- Votes 10
Looking to get into STR niche in the highly regulated oceanfront resort district of Virginia Beach. I know the overlay very well and I have a list of all the permitted property addresses from the city planning website. I realized after some trial and error that I need to get ahead of this very aggressive market and primarily work off market and find a seller or landlord who understands STR and make an offer on their house. Anyone have any examples or know where I can find examples of letters I can send out that will drive leads? I can write a letter myself but I want to know what pitches have actually worked so I do this right the first time since the postage will cost some money.
Post: Best Cities for Air BnB Investing in 2023
- Property Manager
- Posts 20
- Votes 10
Quote from @Bryan Vukelich:
Regarding legal vacation rentals in Hawaii, each island has its own regulations so be sure you clearly understand the risks of each inland. For O'ahu, Bill 41 was passed last year which seems to have give clarity on the regulations - at least for the time being. To add, I've not heard of the government wanting to add any new regulations for the resort districts on O'ahu where it is legal to do short term rentals.
Also, please note, the resale market is still very strong on O'ahu - partially driven by lack of inventory. A unit at Waikiki Banyan - a very popular building for investors and guests, just sold for a record price. And this morning I presented an offer on a unit in another building that, if it is accepted, will set a record price. And despite the large number of hotels in Waikiki, the occupancy rate is high for vacation rentals. I spoke to a vacation rental manager today and he commented how strong demand has been for vacation rentals - and this is not our busy season. To me, it is pretty remarkable how many tourists are currently on the island. Last few days I've worked in Waikiki - packed. And the owner of a large vacation rental management company recently told me that more and more people seem to have a preference for staying at a private vacation rental, rather than a hotel.
Wish you all well in your investing and happy to answer any questions on O'ahu real estate.
Do you have knowledge about the market on the big island? My husband and I are looking to buy for STR and of course to use it a couple times a year :) Property values lower than O'ahu and according to AirDna still a high demand / occupancy rate for STR. We just love the big island. Would you recommend / any advice?