All Forum Posts by: Palmer Thomas
Palmer Thomas has started 7 posts and replied 52 times.
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
Quote from @Myrtle Mike Thompson:
@Palmer Thomas I don't believe $135k is realistic. If it were, I feel that more people would be doing this. Instead I see several duplexes and triplexes being converted into larger single units. There's just way more demand for those here in the Myrtle Beach area. Yes, your occupancy rate might be better in the offseason with 2 and 3-bedroom units, but your nightly rates would be paltry. You'd be competing with more private accommodations and resorts with indoor water parks. I've found the STR tool and AirDNA to be pretty hit or miss in this market and prefer, as others have suggested, to lean on my own research and the experience of local property managers.
Thanks, Mike. That's exactly what I was looking for.
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
Quote from @Nathan Gesner:
Quote from @Palmer Thomas:
Or it could perform worse. The larger houses may fill better because people vacation in larger groups.
Exactly. It could do better or it could do worse. That's why I was asking if anyone had experience with this situation.
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
Quote from @Brooklyn McCarty:
We have a duplex in Fort Morgan, AL. Each side is a 2/1 that we STR. Idk if I would buy it again to be honest. I think instead I would just buy a SFH.
The smaller beach units will likely house snow birds and those who can work remote in the off season, but that bigger property is going to do better gross.
As for the property management quote, I wouldn't put a lot of weight in that unless you are going to use property management. If you're going to self manage use Airdna, STR insights, Rabbu, look at neighbors and see what they are getting. This will give you a better idea of what you can gross.
The problem is that none of the neighbors have the kind of house that this one is. It's an area where all the nearby houses are single unit big houses and I'm not sure how accurate they would be as comps. This one is the odd man out in the area.
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
Quote from @Michael Baum:
Hey @Palmer Thomas, have you taken the time to check your local listings on AirBNB and VRBO? See what they are going for with similar amenities and size. What is their occupancy rate?
What does a big 7/4 do in the area? Run all the numbers to get a better picture.
Personally I am not a big fan of a multiplex as a STR. Less privacy than a SFH, but maybe the beach front will offset that. Think about it, if you have a triplex with 75ft of beachfront, spreading out will be a necessity. Could cause some negative guest interactions. I am not really sure but that is the first thing that comes to mind.
It's a tough time of year to check comps in our area right now. The rental season here, at least for big beach houses, is very seasonal. All the big houses are basically vacant until late spring. I just didn't know if the smaller units might rent better in the offseason compared to the big houses. The property manager I spoke to did say that smaller units in the area do much better in the off season since we do get snow birds, golfers, etc, coming down in the winter. They come down in smaller groups instead of a big summer vacation group.
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
Quote from @Nathan Gesner:
Quote from @Palmer Thomas:
Why do you think your numbers are more accurate than the property manager that has experience in the market?
Post: Rental expectations for a beach house split into a tri-plex?
- Posts 52
- Votes 88
I'm trying to run the numbers for a beach house in South Carolina and am having trouble figuring out the expected income. The house is 7 bed 4 bath in the Myrtle Beach area, but the house has been split up into a triplex consisting of a 3/2 top floor and two 2/1s beneath that. When I use the STR estimate tool here on BP I get the units bringing in somewhere around $45k each per year. I've also discussed the house with a property manager in the area and they estimate that the entire house would bring in around $75k a year once it acquired an established rental clientele. The two numbers ($135K from str tool and $75 from prop mgmt) are really far off.
Does anyone have any experience with a house like this? I was thinking that the units would be full in the summer and that they would also do much better in the off season than a regular 7 bed house because in the off season there are many more people looking for smaller units and not entire families coming for vacation.
Post: Substance building up on Vinyl blinds within hours of putting them up
- Posts 52
- Votes 88
Quote from @Bobby Mccarrick:
Hello all... I was googling why my new cordless blinds had a residue on them after days of putting them up and came across this post. I just bought mine from Walmart last week and noticed recently that they look like all the photos posted here. Does anyone know what causes them to do this? My other blinds that have been on the opposite windows in the same room have not done this. But they’re not cordless either.
Interesting
Bobby
If it's happening to different blinds in the same room then there's a good chance that it's something on or in the blinds reacting to sunlight. Are the blinds that were affected on the sunny side of the room?
Post: STR Markets on the East Coast
- Posts 52
- Votes 88
Quote from @Alexander Knowles:
Myrtle Beach! ..... 73 degrees year-round.
Post: Luxury Vinyl Plank help
- Posts 52
- Votes 88
Quote from @Colleen F.:
@Palmer Thomas have you ever used an extra layer of underlayment to provide less noise transfer. We are replacing carpet on a second floor condo and are concerned about noise transfer.
I haven't tried the double underlayment, but when I did some research about noise transfer between floors for a potential reno, one thing that kept coming up was a product called mass loaded vinyl. It's basically a thick sheet of firm rubbery material you put down under the flooring that helps prevent not only foot traffic noises but also ambient noises from passing between floors. Again, I haven't used it, but it might be worth looking into.
Post: Luxury Vinyl Plank help
- Posts 52
- Votes 88
I've used a few different brands and LifeProof from Home Depot is my favorite so far. It's relatively thick with a built in underlayment, locks together well, and is usually a pretty good price.