All Forum Posts by: Mike R.

Quote from @Trevor Smith:

I know this is an older thread, but anyone here want to report how their STRs are doing in either Arrowhead and Big Bear in 2023?

I have owned a home in Big Bear since 2014 and bought another one in 2017. I managed 30 homes under my Boutique management company. Big Bear is oversaturated at this point. You really have to have a home that stands out in order to get rented more than just the very busy winter season. What used to be 25 days plus rented in June July and August each month, is now if you're lucky 10 to 15 days. Shoulder season which used to be every weekend is now one weekend a month if you're lucky. I think like every other place in the world it became oversaturated when rates were low and pandemic was going on and it has not pulled back since. However I've been part of the fight and have successfully help to defeat measure o which aim to put us all out of business. But we still do have a lot of new regulations like no hot tub use after 10:00 p.m., that are very unfavorable to visitors.

Originally posted by @Matt Pich-Maxon:

Originally posted by @Derek York:

@Matt Pich-Maxon @Mike R. @Jennifer Sireika

Agree- I don't go east of Division and I don't go across to Fawnwskin. I've had owners ask me to manage Sugarloaf and tell me their realtors told them it would rent out for top dollar. Oy

Originally posted by @Derek York:

@Matt Pich-Maxon @Mike R. @Jennifer Sireika

I'm looking to invest in the big bear area. How is the demand for 4 bedrooms and up? Do the larger properties tend to do better up there?

Thanks!

 Great question. Right now I'm only taking on larger homes. Again in the end it depends on location, and amenities, I like to work closely with owners before they buy something and we go through the full return on investment possibilities including all the historical data and numbers that I have. The interesting thing is because of covid 4 in the last few weeks things are really slow down and they're bigger homes because people are not traveling in groups. But overall I much more prefer to manage the bigger homes

Originally posted by @DongHui Patel:

@Mike R. Can you DM me. Lots of questions and in the middle of a buy in big bear

 Feel free to reach out. 

Originally posted by @Carlos Gomez:

Just checked for this Christmas weekend there are only 25 or so cabins available, out of 2000 rentals that’s pretty great. 

 Not really. Prices have been massively slashed in order to get to that point. Massive oversaturation and lack of interest in Booking in Big Bear. It went up a little bit because of the snow it's going to be a little more because of pandemic but definitely not at the levels it was last year. We started to see a downfall in about 2018 to 19 2020 was an anomaly in 2021 is continuing the downturn

Thanks I always try to be honest with investors and owners who want me to manage as well. There's no point in not telling the truth because then nobody will be happy.

Right now prices are very high, the market is completely oversaturated. For example Thanksgiving which sells out every single year had hundreds if not 1,000 rentals left last weekend. I had to work all the way through Thursday morning to get all of mine rented. This coming weekend is completely empty because there's no snow yet. So be cautious in what you buy. What you don't want is a two or three bedroom because everyone has one and the competition is fierce

Originally posted by @Vick Ghadimi:

hi Mike, I would love to talk to you if possible. I am thinking about pulling the trigger on a property in Big Bear tomorrow and I will need someone to help me manage it. Would you be open to helping me vetting my deal?

Originally posted by @Mike R.:

Hi, I own two homes, and manage 15 others, success is obviously based upon a few factors, how much did you pay for the place, how much of a mortgage do you have, did you buy the right place that makes all that money plus, back. Obviously if you bought four years ago your home is much cheaper than if you try to buy one now at the height too. And that definitely makes a difference.

Send me a PM on there and I'll see what I can do. 

Originally posted by @Himanshu Singh:

How is the STR Big bear market doing now ?

Insane. Massively oversaturated- homes that were $250k 6 months ago now selling for over $500k. Competition is fierce- but everyone making triple pre-covid rates. That won't continue once we can all travel again though. Then I think a lot of home owners who are paying so much overprice for homes will be in trouble. 

Originally posted by @Jeff Hubert:

@Mike R. Like to find out if your in JT. Looking to buy land there would like to ask you a few questions. Do You have a prop management co!?

Hi, yes I do have a management company for the last 7 years- currently managing 20 homes in Big Bear and now expanding out to JT and Palm Springs.