All Forum Posts by: Richard Elvin

@Jon Martin You indicated you're not really pursuing, or at least not getting many, families staying with you. There's five of us in my family and we won't even look at an STR without two bathrooms. If one only has a single bathroom, we're likely going with a hotel for the price point or we'll find a different STR. IMHO the extra bathroom is worth the trouble, especially with all the secondary reasons you mentioned.
I realize that I'm not likely in the demographic you're aiming for, but hope this is still helpful. 

@Denis Ponder I think it looks really nice.
EDIT: After looking at the pictures again, I don't think there's space for what I mentioned. It does look really good!

@Fakaradin Floyd I don't really know how to say this without being blunt. I really hate using words to communicate, they are such clumsy things when one thinks about it!
The fact that you've "put over 5 offers on houses since February" and moved to a different strategy is a huge red flag for me. RE is a long term play. I realize you are still looking at a house hack and I would encourage you to focus on that, "since February" is a bit vague (is that inclusive or exclusive of Feb?) and at most is four months. My concern for you is that you seem to be trying to force something to happen and that can lead to a decision you regret down the road. I don't want that to happen to you, or anyone else, because regrets in REI can have a lot of zeros in their price tag.
This is just someone's opinion on the internet, it's worth about what you paid for it. :)
Wishing you all the success you can dream of!

@Luis Ramirez Congrats on getting started! It looks like you've already made superhost! That shows you understand the hospitality side, which is super important.
As others have said, the cost of the mortgage isn't relevant to what you should be charging. If you're not familiar with the enemy/neighbor method, Google that and see what comps are going for.
I agree that the photos could use some updating, especially the one with the cords hanging down the wall. Google cordmate/wire hider/cable cover and hide those! It almost looks like an extension cord, if it is that may be a code violation. (Read lawsuit waiting to happen, if it is power). If it's ethernet/phone/whatever, cover it. 

Just my opinions. Best to you in your endeavors!

@Chris Noles I've been looking at the same area and found the same thing, it doesn't look like there's much cash flow. I've been looking at Bryson City/Maggie Valley vs North GA mountains for a cabin. I've about decided on Myrtle Beach if I go beach house/condo. I'm not in a hurry to buy, it's got to be a solid investment first and foremost. I've just struggled to find anything I feel is a solid investment. I realize investments always carry risk, but when the numbers look break even at best...
I like the N GA/W NC area because that's <2 hours from me, which gives me more confidence on self managing.
Best to you!

"Is it best to just walk away when you hear about a 30 day minimum?"
If you want an STR, yes, walk away from this one. If it works for a MTR, and that's what you want, then I would still be cautious, as @Dan Guenther said, the HOA can change the rules whenever they want. At least make sure you're comfortable with it as an LTR, that way you're still ok if the HOA changes things on you.

I would second what's been said above and immediately request them come into compliance with the lease terms. 
I would also want to know if they made a mistake in violating the lease or if they knew it was a lease violation.
If they honestly just didn't think about it, then educating them more thoroughly about the lease agreement would be my first thought. (Since they're good tenants otherwise) This does setup a situation where it may be harder in the future to evict a different tenant for the same thing, so consider that aspect as well.
If they knowingly violated the lease agreement, I would feel that I needed to act on that. Otherwise it would seem to open up the possibility of litigation if a different tenant violated the lease and you acted on that violation. Or even the same tenant violated the lease again in a different manner.
Just my opinion. I'm sorry you are having to deal with this, it sucks when a good tenant does something out of character.

That is some really useful info! Thank you for sharing! 
GS is one of the locations I'm looking at for a first str. The price point, taxes, and beach access seems to be a good combination. Insurance would seem to be the biggest negative.

Definitely not an expert. :) 
Is the steep slope to the river or the dock? If it's to the river and not to the dock I would clarify that. Maybe "The slope from the dock to the waters edge is steep". I woulc consider including a picture of the slope, if there's an angle that shows a realistic view. Maybe pictures of negative areas is a bad idea? I don't know, just my initial thought. 
Can you provide more details about the work on the dam? Is there a projected completion date? That might be helpful. 
Again, I don't have any STR's (yet), so take anything I saw with a grain of salt.
It really looks like a great place!

 I've kinda made it out of th rabbit hole! lol
I guess what I would like to see is the same type of analysis that is done on a ltr, which is what I'm familiar with. 
I can fairly quickly see whether or not the numbers work on a sfr using Google sheets and filling out some basic info. If that checks out then I can deep dive.
I don't see how to analyze in the arbitrage world.