All Forum Posts by: Parker Brand

@Glenna Wood

I have taken every expense into consideration running off the same data from other properties I received from the owners. I believe it is a developing market and 4/4 units are the best preforming in the area. Market average is ~$375-400/night @50% occupancy, which is good. I believe I can get the property to preform with optimal numbers, which a few properties now are doing with simply being good hosts. Home staging, furnishing, included beach toys/boards, smart locks/lights/thermostat are a worthy investment and will push it into the high margin zone. I own a boat at the coast and use it as a condo, so I'd never occupy it.

Sadly, I am uneligible for an FHA loan until I have steady income, my current capital comes from a balloon payment from my last business, or the University Multifamily would be the way to go.

@John Underwood

I believe with software solutions and a little ingenuity I should be able to mostly self-manage. I've already started piecing together my automated management system.

If that doesn't work, I can get management services for about 20% of rent.

@John Underwood

No, I've been pre-approved for a 75% LTV 30yr fixed rate @5.9%.

The 60k net is after those calculations. Assuming I'm a 90% performer in the market (I will be).

Hi BP Community!

I have been studying the short term vacation market on the North Carolina coast for the last few weeks, particularly Carolina Beach. From in-person chats with STR owners and data from AirBNB/HomeAway, the rental market is incredibly strong and very profitable in these areas.

For example, one half of a duplex (4bed/4bath) two blocks from the beach is for sale for $375,000. The opposite unit has 3 years of rental history averaging $2,250 a WEEK at ~70% occupancy. 

I understand there are additional costs involved with STR's, like property management fees, but I have run the numbers again and again and this property in particular would net ~$60k/yr performing at market average.

Is there something I'm grossly overlooking, or are the numbers really that good?