All Forum Posts by: Mike Mcgregor

Hi Guys, I would be interested in meeting up next week. Thanks for starting this conversation.

Hello,

I am considering a 5 unit in VT half a mile from a big ski hill. It consists of one 2bd/1bath, three 1/1 and a studio. The studio is currently occupied by someone who property manages for a reduced rent. I am interested in using the larger unit personally and as a AirBNB. The numbers still work favorably (8% cap rate including 5% vacancy and CapEx) even with no short term rental income (which should be considerable). My worry is about the quality of tenant 1bd/1bath apartments will attract. This would be my first out of state unit so don't want to deal with terrible tenants from 3 hours away. Does anyone have any thoughts on this? I appreciate it.

Best,

Mike

@kevindee check out the NY Times article from maybe 2 weeks ago. Tiny houses sound like a logistical nightmare if you want to do them legally. I think the article said 90% of them in the US are not legally zoned to code. Where is your property? I am pretty sure Great Neck would not be friendly to the idea. Maybe in NH. There are some beautiful tiny home designers out there though...

@John Hickey Newburgh is geographically pretty big. Where are you concentrating your spaces? You are right about the artists. I have a friend right in the middle of downtown who is just finishing build out on a dozen work spaces and is getting around $1.5/ft a month and almost all the interested renters are artists. There are good restaurants opening too. That said, have you had any crime problems as a landlord?

@Robert Grunnah you have seen the differences between Newburgh and Beacon first hand, right? I am not saying Newburgh is hopeless, I am propositioning opening an advertising agency there right now that utilizes urban renewal as a community responsibility action, but those are two wildly different markets.  I would love to talk about either as I am researching one from the residential side and the other from a commercial outlook. Good luck. 

I am in.