Buying Vacation Rentals in Gatlinburg
I am considering buying my first rental property in the Gatlinburg area.
I am hoping to get a property management company to stay hands off so I can continue working full time and hopefully be able to purchase a second property in the future.
I have seen a lot of rental properties listed for sale in the Gatlinburg area. Is this normal turnover or is the market in decline? I do not want to make my first purchase in a declining market.
Can anyone that owns property in the area provide some some insight on the direction of the market? Any issues with that market area like regulations or new developments that I need to be concerned about?
Please feel free to pm me if you prefer.
Thanks for your help and insights.
Most Popular Reply
Hi Kennith! I own 5 cabins in PF/Gatlinburg. The market is definitely on its way up. Since most of the homes are vacation rentals and few people actually live there, the prices are still far far below what they were pre-crash.
I also second what @Jeff Piscioniere said. It is very difficult to cash flow if you place it with one of the local PMs, they charge 30-40% of your gross rentals. I have bought cabins from several owners who were actually LOSING money with the PM's. My husband @Luke Carl manages all 5 of ours from his iphone using the VRBO and Airbnb apps, and he has a 9-5 gig.