All Forum Posts by: William Beck

Always a good idea to check out insurance options. Since I use Evolve currently, they've got a insurance policy that is zero deductible and covers up to $3,0000 in damage. Sounds like that this issue may exceed that amount. Hopefully backup homeowners/STR insurance if the damage is that excessive.

Agree with @Luke Carl - this will happen from time to time. Keep it emotionless with your asset and just keep plowing ahead. 

Check out Cindy Knecht @ Carr Realty. She's got STR expertise and knows her stuff. @Curt S.

@Gururaj Iyer No doubt. The regulations are definitely part of the due diligence process and something to carefully be considered. The timely & effective boots on the ground is also an element to consider. There are companies though that will manage vs. being in an extremely rural area of the country where there may not be any options. There are a number of considerations for buying including: acquisition costs, occupancy rates & area tourism or desirability, regulations, taxes, boots on the ground options "The Team" with maintenance, cleaning, groundskeeping, HOA costs... so that being said, Poconos area properties come with their own set of challenges no doubt.

@Curt S. Monroe County is one of the top places in the entire country for vacation rental property. It's by far the best in the northeast portion of the country. I don't know how prices have changed in the last 6-12 months but prior to that you could get 4-5 BR homes for like sub $200k and people would actually book them. I'm sure those have probably shot up to $300k+ by now but yea, I would own in the Poconos 100% even though I've never visited in person. It's a hot vacation rental market. 

It depends. The bank you spoke with most likely has a saturation requirement where they can't do a 2nd home loan if they know all the neighbors are operating vacation rental commercial property. It's a selling the loan off on the secondary market requirement that could get the bank in trouble if they exceed some degree of risk threshold set by the saturation.  I got this information from a President of one of the local banks here. There are ways to get around it though. Let me know if you'd like to connect @Todd Willhoite

The mainstreaming of the vacation rental industry is no longer in question. This is the new way people want to travel. If you have a property that doesn't have an HOA/or local restriction against it, and it's close to a beach, mountain, or lake - people will book it.

I'd look for a realtor who knew their stuff for HOA/COA vacation rental. I don't personally know anyone in Charlotte. Maybe try looking for something on Lake Norman? I know there are tons of vacation rentals there which would indicate there's probably a bit more opportunity there from a search standpoint. Good Luck!

Hey @Account Closed Glad you pulled the trigger and went for it!

I'm sure this will be first of many. Let me know if you want to catch up again some time. 

@Alex Smith It can be done. It's just harder to find and might have to talk with someone who's got access to off market deals. That's how I've gotten most clients hooked up with turnkey properties recently. MLS listed properties are probably going to be overpriced, or if they're priced decently, they'll get offers put on it aggressively the day it hits. Just what I've been seeing the last few weeks even more so than the preceding months.

Hey Danny, I'm a little confused. Are you looking for management or help with someone to buy your home? I live in Branson