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All Forum Posts by: Wes M.

Wes M. has started 29 posts and replied 159 times.

Post: Build to Rent Duplexes in rural location Southeastern NC

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

@Cheydelle McKinzie I will reach out. I can help you with this.

Post: Charleston cracking down on illegal STR's

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144
Quote from @Mike Dymski:

@V.G Jason It's neither...it's a hybrid between the two.  The units are 500+ square feet with separate living area and full kitchen, two large smart TVs, automated booking, automated locks and check in/out, electronic communication with guests, and staffed during business hours; so, it's not like a hotel.  Guests and residents and can stay for one day or for years, units are fully furnished with all bills paid, there are no leases, and there is more density; so, it's not like an apartment.  It's how people want to live and travel these days.

@Wes M. Thanks, it's a commercial property in commercial zoning.


 Understood -- however in Asheville for example, STRs are prohibited in most commercial and mixed use zoning districts, including the CBD. Article: https://mountainx.com/news/ash...

"In November, City Council voted not to allow short-term rentals in commercial and mixed-use areas covered by the River Arts District and Haywood Road form-based codes."

I would imagine you are appropriately entitling your projects and not subject to similar prohibitions. 

Post: Charleston cracking down on illegal STR's

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

@Mike Dymski That’s a great solution, but just be aware, some local governments have taken steps to also prohibit STRs in commercial districts. Certainly, you are seeking an official zoning determination prior to such a substantial investment, but others may not.

Post: Southern Beach Town STR Search

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144
Quote from @Rashid Khalil:
Quote from @Wes M.:

@Bob D We've got an STR in Oak Island, has been a successful venture thus far. Happy to share contacts, etc. just shoot me a PM.


 how many B / B ?

Our unit is a 3 bed / 2 bath and we only allow six occupants. Three minute walk to beach and located in walking distance to shops/restaurants.

Post: Southern Beach Town STR Search

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

@Bob D. We've got an STR in Oak Island, has been a successful venture thus far. Happy to share contacts, etc. just shoot me a PM.

Post: Real Estate Market in Wilmington NC

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

Great information and resource! I do think it is important to understand the regional population growth as the City of Wilmington proper is largely influenced by development occurring in neighboring Brunswick and Pender Counties. Wilmington itself is largely built out and is now reliant on redevelopment and infill for population growth. Population growth in the region is almost all in-migration, meaning people are moving here from some place else due to the desirability of the area. 

We are set to close on a property in downtown Wilmington later this week. This particular property was on the MLS and had 13 offers, some as much as $50k over asking. In the regional market, it is vital to have a true understanding of the local geography. Not only are there crime related issues in some areas, there are also areas subject to flood inundation and the high cost to insure a property through the National Flood Insurance Program. Make sure you have a knowledgeable agent before purchasing anything.

Post: The Market Crash 🤔 or lack thereof ?

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

Interesting side note -- there was a tremendous asset bubble in Japan in the early 90s. Their real estate prices have yet to recover from the bubble bursting in 1991. While certainly not an apples to apples comparison, there are some similarities to current conditions here in the US. In Japan, this era was termed the lost decade. See link to chart below for Japan's residential property prices. Several cities in their market still remain the most expensive in the world:

https://fred.stlouisfed.org/se...

Post: Security cameras and flood lights

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

We use a wired Ring floodlight camera. It works great and provides a sense of ease. Not only can you ensure guests are appropriate, but it also helps us to know if/when the cleaners come and go, when contractors arrive, and if the lawn crew has showed up. I consider it to be necessary. Oh, and the floodlight is a nice feature. You can set the light timing and brightness levels as well.

Post: Arguments against STR Ban

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

You've got an uphill battle. The most effective way to stave off change is to contact the elected officials and board members individually prior to any meetings. You should attempt to set up in-person meetings to discuss your points. Providing input at the hearing stage is typically fruitless as the decision has already been made.

Post: STR ordinance in SD--VRBO only?

Wes M.
Posted
  • Rental Property Investor
  • Southeastern, NC
  • Posts 161
  • Votes 144

@Jacob Stevenson Talk with staff in the planning and zoning department - not council members as they won’t know how to direct you. There should be an application form to substantiate your compliance with the requirements of the ordinance. Speak with other hosts on your community as well - they will know the important permitting details.