All Forum Posts by: Ruben Izgelov

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@Mark Miles Thanks for the information. I too am looking at the Poconos as a neighborhood to buy several STRs, your insight is very helpful. What are your thoughts about the upcoming reassessment of the property taxes, do you think most properties will see a rise in their property taxes and HOA dues?

You mentioned that @Ashish Mody was missing a bunch of expenses, I guess I am too. Other than buying supplies and fixing damage, what other expenses should we anticipate? Also, aren't the damages generally covered for by the guests? Would you happen to have a spreadsheet of the anticipated expenses and its relative percentage? 

Also, do you think the occupancy rate will be in the 20-25% range in villages that are within a 15-20 minute drive from the ski resorts, and/or villages that have a community lake, pool, etc? 

@Garry C. Hi Garry, would you mind sharing it again?

@Luke Carl thank you!

Hi All, this is great information, thank you. I am looking to enter the STR space and I guess I am trying to understand how to evaluate whether the property I am buying will bring in a good ROI. Based on the discussions above, if you are generating 15%+ Rental gross relative to your purchase price is a good deal - thank you for that.

I am having trouble with the gathering the following information. I hope I can get some guidance.

-How can I project what a properties ROI potential will be? In other words, is this house a $400 daily rate house or a $690 daily rate?

-How can I determine what is the daily rate vs weekend rate vs holiday rate? I understand there is a spike in each

-What is the general expected vacancy/occupancy rate?

-What expenses should I expect other than mortgage, property taxes, dues, Repairs & Maintenance, and what % can I put on those expenses relative to my income?

-What amenities are must haves and bring the highest value in rental premium?

-Some of the areas I’ve looked at currently do not have restrictions on STRs but show signs of potentially restricting it in future. Any suggestions here?

-What areas can you all recommend to look into? I am located in NYC and don’t mind a 2-3 drive or flight for house hunting.

-Do you find it that guests are putting a lot of emphasize on the amount of guests a house can fit? In other words, if I have a 4 bedroom house, I have the option of putting a Queen size bed in each and therefore fit 8 guests; or I can put queen size beds, single beds, bunk beds and so on and effectively fit more than 8 guests.

-Do smaller houses have a higher occupancy rate than larger houses or vice versa?

Hello,

Would a tenant be willing to put 2-5% down towards the future purchase price at the time they sign their lease (with the option to buy), pay 10-15% higher than market rent to have that premium in rent applied towards the future purchase price, and agree to a purchase price that is 5-10% higher than what the house is worth at the time of lease signing?

Assume that the tenant wants to buy a home but does not have qualifying credit at the time they are entering the lease and/or the tenant needs additional time to save the necessary down payment - but the can afford the premium rent and 2-5% down payment.

@Alan Mills there are other lenders who only require a 3 month seasoning.