All Forum Posts by: Louis Zameryka

@Aaron T.

I’ve stayed in similar type conversions in Europe. Also their are college centric brands like Graduate and Study making this sort of thing work.

You should consider speaking to a small hotel development company with a soft brand. They might have ideas for it beyond a hostel but not so hotel.

Pod Hotels out of NYC

Dream Hotel Group

Sydell

Are you in PR yourself or have someone you partner with there. This would be a big project if you want to get the best roi

@Alice Horn what's the situation in the Orlando and Kissimmee area like in terms of potential foreclosure due to the massive Disney layoffs or tourist demand being down? I'd love to get a 4 bedroom that would perform well as an STR around Disney maybe closer to Universal if that direction has any interesting neighborhoods that might see high inventory in the coming months. If I had the right partner(s) on the ground I'd also consider to brrr something.

Im looking at a flag property that has a 3 bed 2 bath main house and another structure that currently is 2 rooms and a bathroom. Neither of those rooms were described as a kitchen or a bedroom but in speaking with the realtor she says there is a c/o application in for the second building. I’m not really sure it would be approved. The lot seems too small and the unit would need a kitchenette.

Why I’m asking is because this property is listed about $220k below a house around the block that is a larger lot that has two bungalows on it.

Meaning if this listing could be one main house with 1 small accessory apartment in theory it would appraise for much more.

Any advice on my “theory” and how to navigate this? Do I negotiate a low price because of no CO, make my offer contingent on them getting it? I’m new to this so any advice is very very appreciated.

@Alyssa Czopor

I’m also looking in the Catskills for a VR property. It would be sort of my first. I have a ton of questions as well and your post got some great responses.

One thing I know for a fact is A) anything within 100miles of NYC is getting snatched up with multiple offers in days.

B) stuff that previously languished for a while is also “pending” offers now including land.

C) prices as a result of A &B are in some cases 2x for stuff that was half price 6-12 months ago.

Happy to chat anytime if it might help to speak with someone going through the same process as you.

@Michael Dumont II wow thanks for the perspective Michael. Since I’m not familiar with the area, would you mind recommending an area you consider to be in demand for non-ski peak? It seems like about 20min south of Mt Snow there are some nice lakes but I’m not sure what the town/foodies scene would be like in that area. Any advice or any of those friends you could introduce me to?

Thanks for your time.

Thanks for the answers. I think Pocono is the right choice for me. Paul thanks for the insight into the bedrooms. I think I will go for 3. That way I can do 2 couples and a room full of kids as sort of my target audience. That is also the likely way I would use it when I do decide to use my own unit from time to time. Anything larger I think would be inviting too many people and too much work potentially. 

People who love ski tell me Vermont is the only way to go in the North East. They are right but it seems that the summer in Vermont might be less demand by the ski areas (less lakes/waterparks). I am concerned Vermont mainly is 3-4 day weekends in winter resulting in something like 30-40 rentable days, with maybe some summer occupancy. 

Poconos has ok ski and pools, lakes, waterparks for summer. The ok ski i think can be offset by the NY/Philly demand from novice, first time skiers or people going to the indoor water parks etc. So even with inferior ski the demand should be there. Then with summer options seeming more plentiful and again the demand driver cities, I can see getting about 80-90 days occupancy better (between winter long weekends maybe a couple of holiday weeks, and 4-6 summer peak weekly rentals). 

Anyone have some advice? 

As far as the deal. This will be my first one. 

I am thinking of 3-4 bedrooms (I do not want too many renters in the house like groups of 14-18). 

I would like to find a home that is close to turn key or to find already furnished places (majority furnished)

I have $50-$60k to put down (or invest upfront with closing costs and rental prep (paint or design/furnishing etc)

My goal in investing overall is to acquire enough cash flow over the next 4-5 years to retire and live off it. Approximately $5000 net income a month would be sufficient. Appreciation is nice but building that salary replacing cash flow is much more important. 

Any advice? Thanks

@Matthew Mehring I’m also a newbie investor so cannot give you much advice but I’m a competitive runner so would love to chat more about your Ultra!

Hi Amit, 

I am looking to do the same thing. Maybe we can chat and compare notes. There are many homes there and demand is good so you and I can probably do better sharing our thoughts than worrying about competing. I am also a first timer. 

Thanks for the reply Michael. So the block and neighborhood is average price $600k the house is not in great shape but a builder would usually tear down rebuild and sell the new build for maybe 950k on a block like that. How long can someone typically rack up that kind of non-payment before a town or county kicks them out?