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👁🗨 Sesemi STR Hot Sheet | 📲 STR Mortgages
Thank you for your continued support as we deliver the most accurate vacation rental and multi family investment information and top prospects along the Oregon Coast and beyond.
📝 Recent Market Observations:
Barriers to entry for securing OR Coastal STR Permits continue to increase. Recent CAP’s on licenses include a consistent national top 10 STR destinations, Rockaway Beach Oregon. At present we’re showing ± 100 Active or eligible STR’s for sale from Brookings through Astoria.
Mortgage Rates Improve. This past week the 10 year US Treasury dropped by the most in 2024. All eyes are on the today’s jobs report, any weakness could be positive for mortgage rates. The European Central Bank cut interest rates by .25% today, the first cut in 5 years. 👀
Appraisal waiver for luxury purchase in Oregon. You heard right, our lender partner recently waived an appraisal for a well qualified borrower and property 👍🏼
Still a seller’s market for well priced properties. As noted in last week’s edition, accurate valuation is essential to a timely sale and attracting maximum interest. Sellers selling HOT prospects on market greater than 90 days have demonstrated more receptiveness to negotiation on price and seller concessions.
Cash is still 👑 with Redfin reporting 46% of luxury closings were closed for cash.
Limited multi family inventory. High grossing (accurately priced) multi family listings are still very active often under contract within hours. ⏱
As a reminder you can browse ALL active and eligible Oregon Coast vacation rentals listed for sale on our invite only STR HOT website SESEMI SHEET updated daily! Text for secret passcode.
🍾 Success Tips for Mastering Remote AirBnB Management:
Who doesn’t dream of working from anywhere? Nearly 35% of us are comfortable working remotely, why not managing an AirBnB? But how do you make it happen without being physically present? Here are eight tips towards becoming a successful remote Airbnb host.
1. Strategic Market Selection: While the allure of popular destinations might be strong, it’s crucial to choose your market wisely. Opt for locations with high demand but less competition, like Waldport Oregon, for optimal returns. Understanding traveler behavior and market dynamics is key to maximizing profitability.
2. Professional Photography: Investing in professional photography for your listings is a game-changer. Stunning visuals not only attract more guests but also command higher rates. Remember, a picture is worth a thousand bookings.
3. Local Partnerships: Having a trusted local partner, whether it’s a co-host or property management service, can be invaluable. They can handle on-the-ground tasks like cleanings, maintenance, and guest interactions, giving you peace of mind from afar.
4. Automated Communications: Streamline guest communication by setting up automated messaging for check-ins, check-outs, and FAQs. Timely and clear communication enhances the guest experience and sets the tone for positive reviews.
5. Smart Check-In Solutions: Make the check-in process seamless with smart lock systems. Guests appreciate the convenience and security of self-check-in, while you can manage access remotely for added peace of mind.
6. Efficient Cleaning Services: Cleanliness is paramount for guest satisfaction and occupancy rates. Partner with a reliable local cleaning team to ensure your properties are sparkling clean between stays, even when you’re miles away.
7. Data-driven and personal experience to drive decisions: Utilize property-level data to optimize your operations. From pricing strategies to investment decisions, data insights empower you to make informed choices and stay competitive in the market.
🔮 Mortgage Rate Update
Mortgage rates dropped this week following the biggest decline in the 10 year US treasury yield in 2024. The European Central Bank cut interest rates today by a quarter point, for the first time in five years while raising expectations for inflation, sign of things to come to the US? All eyes are on today’s jobs report, if the signs of labor market softening are validated expect that to be positive for mortgage interest rates.
⛳️ Bandon Dunes celebrates 25 years
Bandon Dunes Golf Course & Resort celebrated 25 years since opening in 1999 and has since become the poster child for destination golf. As a consistent contender for top public golf course in the world, reaching Golf Digest’s 8th place this past year. At $350 per round and with limited luxury hospitality accommodations, Bandon and the surrounding areas are one of the hottest STR investment spots in the State. Check out this dreamy, walk to the beach Bandon listing for sale and just outside city limits.
🏆 Winning the STR Race
With over $20M SOLD of prime Oregon Coast Vacation Rental Property during the past five years, here is some insight into our strategy and search solution:
Be specific with your game plan. The best operators follow their vision for a property profile and budget stick to it. They have a general property search criteria and experience they want to provide guests.
Geographical flexibility. Contrary to the above, often STR permitting and eligibility will dictate finding the property that meets you profile and can get a permit. Provided it still checks all of the boxes, exactly where on the 400 mile OR Coast the property is located, might be somewhere unexpected.
Tenacity & Patience. These might seem like opposing forces, but investors that truly want to acquire a limited and finite real estate resource must balance their expectations and emotions. Often there are less than 3-4 eligible STR’s on market at any moment that meet a buyers budget and standards throughout the entire State! These are high value prospects and targets that are typically competitive when appropriately valued. More often then not our clients make at least two offers on properties prior to a successful closing. Searches average around 90 days to closing but can take up to six months of focused searching and usually just three physical property tours or showings.
Have fun! Do not let the pressure of ‘picking’ the right property take away from the journey of securing what is often a dream beach vacation rental. If you’re seriously searching for an STR, a skilled real estate and mortgage broker can help you navigate the community and provide the local resources required to support your investment decision and feasibility. Remember: Half the joy of reaching the destination is the journey 🙂
📉 How to lower closing costs and cash to close
Most buyers & borrowers are educated enough to know they can negotiate almost any condition as part of a sales contract or property purchase, and invest significant time in obtaining ‘the best’ mortgage rates and terms. However, many borrowers don’t know that title costs and fees are also ‘negotiable,’ especially for repeat clients or regular investors. It might not be earth shattering savings but enough to cover a nice celebratory dinner or property inspection.
Another tactic utilized in roughly one third of our buyer represented transactions or mortgage closings are seller concessions. Typically 1-3% of the sales price that the seller contributes to reduce the buyers cash due at closing correspondingly. Seller concessions are typically negotiated as part of the initial executed sales agreement, but can also be utilized during post inspection negotiations to off set repair items or anticipated property maintenance expenses.
An example would be a buyer we represented in Albany OR for a Triplex purchase at $505k sale with a 3% seller concession. The seller contributed $15,150 towards the buyers closings costs, prepaids, appraisal and interest rate buy-down, reducing the required cash needed to close and covering the the entire buyer’s closing costs. The buyer was able to close with 10% down ($50,500) as opposed to $49k + ($15k in closing costs).
🔑 Here are Seven STR Picks this week on the OR Coast:
👁🗨 You can also search for yourself at www.sesemisheet.com Text 541-800-0455 for the secret pass code!
🔑 Non-STR pick of the week: Salishan Resort
Possibly the most prestigious community on the OR Coast and best value luxury communities on the entire Pacific Coast, Salishan offers exceptional oceanfront and HOA protected ($175/mo) value for those seeking long term second or vacation home investment. There are no short term rentals permitted but 30+ days is welcomed. If location is key, it doesn’t get much better than a luxury Oceanside community at a reasonable entry point.
Here is an excellent example of general OR Coastal value at 353 Salishan Dr Glenenden Beach OR asking $999k
⓷ BONUS: Here are 3 Top Multi Family listings in Oregon:
Thank you for reading this week’s edition of Sesemi STReet your premier information source for vacation Rental and investment property insight throughout Oregon & California.
P.S. As a licensed NMLS mortgage broker & VP of Business Development with Nationwide Mortgage Bankers, we concentrate on investor centric mortgage solutions in ALL 50 states + Puerto Rico! If you are in contract or considering an offer on a property, feel free to forward your loan scenario a quick second look loan review. We recently had an appraisal waived and cleared an investor loan to close in one week! For those pending, we offer a 24 hour full loan commitment to help you and your agent win the offer..text 954-778-1220 for details. You’ll work directly with my investor centric team led by my friend and colleague Joseph Chiofalo check out his 50+ 5 ⭐️ reviews.
Ask about our premier nationwide mortgage programs:
Elite Jumbo & Super Jumbo Loan Rates
STR & Second home loans
1-10 Units + Commercial
Expedited refinances and no appraisal HELOCS & Fixed Second Mortgages
DSCR (Debt Service Coverage Ratio) Mortgages for investment homes
Ground Up Construction financing
Alternative income verification (1099, Bank Statement, Asset depletion)
Private & Portfolio Programs
Licensed Real Estate Broker in the States of Oregon & California Fathom Realty
FL NMLS ID: 2297941 and VP Business Development www.nmbnow.com
