All Forum Posts by: Mason Hickman

@Mike Shemp

Yes, I own and operate STRs here on Cape Cod and help others looking to purchase in the area. The overwhelming majority of STRs are not pet friendly here and being pet friendly can certainly be a differentiator. What made you choose these three towns to focus on?

Dennis has the highest number (not concentration) of STRs across all towns on the Cape and accounts for ~12.7% of all the STRs in the area. Despite having the highest number for any town on the cape, the concentration of STRs is fairly low and only accounts for about 8.8% of all housing units in Dennis. The total tax for a guest, including the 5.7% state excise and the 2.75% Cape & Islands Water protection excise, is 14.45% in Dennis. Orleans is a 14.45% and Harwich is slightly better at 12.45% all-in. Regulations in all towns are very reasonable and there aren't any major concerns. Registrations for all three towns are all fairly inconsequential. Is there any information you are specifically trying to gather?

Rentals are definitely going to drop off pretty considerably in the winter. There is still some demand but it is nothing compared to the summer and shoulder seasons. Additionally, most folks drop their prices considerably so it is tough to get prime rates with everyone dropping prices. There are lots of folks that go after winter renters, who do exist in fair numbers. My caution is to make sure they have a solid "exit strategy" so they are out before your summertime renters start to arrive. 

Hope this helps!

@Alleigh Follett

Look into debt service coverage ratio (DSCR) products or other commercial financing options that will look at the property like a business and not based on your personal income.

@Bret Fleck That's going to be a tough one. On another note, make sure you confirm that STRs are allowed and check the last few years of board meeting notes to make sure they aren't discussing new restrictions for STRs. Condos rules can change on you very quickly if owners start to dislike the direction the complex is going. 

@Isis Villalobos Avila When you say obtain the money, are you referring to earnest money or money for closing?

Earnest money should be available immediately and if a buyer doesn't deliver it with an accepted offer within 48 hours, that would be considered beyond a reasonable time frame. 

Funds for closing would vary based on the financing type used: cash or hard money would be reasonable to close within 14 days. Traditional financing a reasonable timeframe would be in the 30-45 day timeframe. 

The next Cape Cod and South Shore real estate investors meetup is scheduled! Light food will be provided, and drinks will be available for purchase. Feel free to come and go as it fits into your schedule. Since we will need to reserve an appropriate amount of space, please RSVP on the following form so we have a headcount: https://forms.gle/oQRn62mUo935CesLA

I look forward to seeing you and if you can’t make it to this one, hopefully we'll see you in November! At this point, we are targeting the third Wednesday of each month as a standing meeting time.

@Dee L.

The truth

@Margo Sultenfuss

2 bedrooms with dedicated workspace. Best of both worlds. Longer term stays often like to have the flexibility of having visitors come and stay with them.

@Adam Soyak

There is no typical reduction; too broad to take any type of assumption. The buyer pool will definitely be reduced.

If you're planning to do renovations, make sure your renovation budget falls below the substantial improvements threshold so you don't trigger the need to bring the property up to current FEMA standards.

@Zach Kirkton

In our area airdna can be really off because a couple miles difference and it can go from a walkable beach area to a nondescript residential neighborhood.