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OT: Buying a Place in Oxford
Posted on 1/30/22 at 1:14 pm
Posted on 1/30/22 at 1:14 pm
Starting to consider picking up a place in Oxford for football weekends / baseball weekends, etc...
Curious if others on the board have done so. How's the AirBNB market with it? Able to break even or is the market over saturated now? Any other pros / cons?
Curious if others on the board have done so. How's the AirBNB market with it? Able to break even or is the market over saturated now? Any other pros / cons?
3
Posted on 1/30/22 at 1:53 pm to OleVaught14
Funny enough. Wife and I have been talking about this as well.
I want a lake cabin. She wants a plane in Oxford.
We’re going to wind up with a place in Oxford.
But living in Memphis now and with a young child it would be nice for night games and I hate loading up and driving back after a game.
I want a lake cabin. She wants a plane in Oxford.
We’re going to wind up with a place in Oxford.
But living in Memphis now and with a young child it would be nice for night games and I hate loading up and driving back after a game.
Posted on 1/30/22 at 1:55 pm to Shunface
Haha actually quite similar, wife and I talking about Oxford v. Mountain home somewhere - but we'll end up in Oxford. Also have a young kid. Further away than Memphis though...
Posted on 1/30/22 at 2:35 pm to OleVaught14
We have been taking about the same thing. Just want to subsidize with Airbnb and am worried about the market there.
Posted on 1/30/22 at 4:17 pm to OleVaught14
A few good places in town, including where I live .
Most of the condos are second homes/weekend places or people who buy them for their kids who are students .
Approximately $180-200k depending on if you get the 2 or 3 bedroom ones
Edit: As far as air BNB goes, most HOA’s “forbid it “ - mine does this, but enforcing it.. eh… as long as the renters don’t make a scene, nobody would know and nobody really would care .
I don’t advertise on the internet for fear of pushback from HOA but my maid gets my place out there for word of mouth and I rent it out that way
Most of the condos are second homes/weekend places or people who buy them for their kids who are students .
Approximately $180-200k depending on if you get the 2 or 3 bedroom ones
Edit: As far as air BNB goes, most HOA’s “forbid it “ - mine does this, but enforcing it.. eh… as long as the renters don’t make a scene, nobody would know and nobody really would care .
I don’t advertise on the internet for fear of pushback from HOA but my maid gets my place out there for word of mouth and I rent it out that way
This post was edited on 1/30/22 at 4:20 pm
Posted on 1/30/22 at 4:23 pm to Lawyered
quote:
As far as air BNB goes, most HOA’s “forbid it “ - mine does this, but enforcing it.. eh… as long as the renters don’t make a scene, nobody would know and nobody really would care .
That's major concern of mine. Thanks for the info!
Also debating whether to pay more to be near the square or less and be over by the hospital. Especially since I'd want to rent it out some
Posted on 1/30/22 at 4:27 pm to OleVaught14
quote:
Also debating whether to pay more to be near the square or less and be over by the hospital. Especially since I'd want to rent it out some
What I’ve found out, is with a few factors, 1) the now abundance of hotels in town 2) Covid/ people not coming up and staying home and saving money 3) things look to be changing with Kiffin at the helm thankfully but with Luke the team wasn’t that good so people didn’t want to spend $1500 a weekend to rent my place out so just know as the team goes, so may your demand from people to rent your place
Posted on 1/30/22 at 4:29 pm to OleVaught14
quote:
That's major concern of mine. Thanks for the info!
You could always tell your renters if anyone questions them, just say they are your cousin or something . No crime in letting friends or family stay at your place .
Posted on 1/30/22 at 4:32 pm to Lawyered
Just out of curiosity from your username, are you an attorney in town?
And yeah rental prices will fluctuate based on team performance. But hoping things like orientation, graduation, double decker, etc are fairly consistent.
Though based on what you said it seems like the rental market overall isn't great currently...
And yeah rental prices will fluctuate based on team performance. But hoping things like orientation, graduation, double decker, etc are fairly consistent.
Though based on what you said it seems like the rental market overall isn't great currently...
Posted on 1/30/22 at 4:33 pm to Lawyered
quote:
You could always tell your renters if anyone questions them, just say they are your cousin or something . No crime in letting friends or family stay at your place .
Very true. Would need to keep it word of mouth over advertising then
Posted on 1/30/22 at 4:34 pm to OleVaught14
quote:
Just out of curiosity from your username, are you an attorney in town?
No I’m not haha .
I wouldn’t say the rental market is bad… but to quote Jen Psaki “ lower your expectations “ as far as what you may think you could get / consistent rental occupancy .
Posted on 1/30/22 at 4:41 pm to Lawyered
quote:
No I’m not haha .
Ah, so just How I Met Your Mother then.
And fair enough. My back of napkin math was thinking around $12k, which wouldn't cover the mortgage but it'd certainly help
Posted on 1/30/22 at 4:43 pm to OleVaught14
quote:
And fair enough. My back of napkin math was thinking around $12k, which wouldn't cover the mortgage but it'd certainly help
If you don’t pull the trigger this spring or do decide to wait, what I like to do, I’d encourage you to do the same is, check the airbnb vacancies for these big weekends , I did this during the fall and was really surprised and not in a good way at just how many places weren’t rented out during the lsu/A&M weekends.
I do hope it changes though.
I live close to Jackson Avenue off one of tbe side streets, so if you’re interested , you’re more than welcome for me to show you my place/area if you’re inclined . I know you mentioned other areas of Oxford as more desirable for you, no problem, just figured I’d offer .
I know we have places for sale here is all and it’s a good quiet safe part of town
This post was edited on 1/30/22 at 4:46 pm
Posted on 1/30/22 at 4:46 pm to Lawyered
Yeah I priced out for some games next fall, but that's a great point. Just because people are advertising a price doesn't mean they are getting it.
Posted on 1/30/22 at 4:47 pm to Lawyered
quote:
I live close to Jackson Avenue off one of tbe side streets, so if you’re interested , you’re more than welcome for me to show you my place/area if you’re inclined . I know you mentioned other areas of Oxford as more desirable for you, no problem, just figured I’d offer .
I know we have places for sale here is all and it’s a good quiet safe part of town
If you don't mind, what's the name of the property? I like the idea of the square area, but truthfully as long as we are in town I'm open to it.
Plus a lot to be said for quiet and safe. No interest in being surrounded by undergrad kids. Especially since I'd end up working remote some
This post was edited on 1/30/22 at 4:49 pm
Posted on 1/30/22 at 4:50 pm to OleVaught14
quote:
you don't mind, what's the name of the property? I like the idea of the square area, but truthfully as long as we are in town I'm open to
HOA of $250 per month . Which if I just told you that, you’d probably say pass . But that includes grass cutting/ mulching/water/sewer/building insurance/ u-verse cable and internet ( we voted to switch to c spire fiber internet at some point switching this year )/ security that rides around on the weekend.
This post was edited on 2/1/22 at 8:36 am
Posted on 1/30/22 at 4:54 pm to Lawyered
quote:
HOA of $250 per month
That's fair. Since we'd be out of town anyways we'd need lawn service, etc. anyways.
Posted on 2/2/22 at 12:37 pm to Lawyered
The entire region is way under served with vacation rentals. You will have no problem renting it out if you have a decent setup and price it right. There's only a few game weekends in the year so that's not where you should put your focus for rentals.
You have 2 options of how you want to handle it because the setup will be different:
1. 100% rental investment property that you rarely use personally.
2. Vacation home that you use regularly but don't rent.
You need to pick one or the other. Mixing those up hardly ever works out well.
You have 2 options of how you want to handle it because the setup will be different:
1. 100% rental investment property that you rarely use personally.
2. Vacation home that you use regularly but don't rent.
You need to pick one or the other. Mixing those up hardly ever works out well.
Posted on 2/2/22 at 12:56 pm to Lawyered
quote:That sounds incredible
HOA of $250 per month . Which if I just told you that, you’d probably say pass . But that includes grass cutting/ mulching/water/sewer/building insurance/ u-verse cable and internet ( we voted to switch to c spire fiber internet at some point switching this year )/ security that rides around on the weekend.
Posted on 2/2/22 at 1:49 pm to Henry Jones Jr
quote:
That sounds incredible
It really is.
One of the things we do at our yearly HOA meeting is go over what the HOA fee includes and then they put what the fees are at other popular condo Complexes in town and we get to compare them and it’s crazy at how many places make you pay $200 or more and give you nothing for it except the “privilege ” to live there .
This post was edited on 2/2/22 at 1:50 pm
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