Investor · Palm Coast, FL · Member since 2019 · 24 posts · 6 votes
I just started researching the Smoky Mountain area after reading the STR Long term Wealth book and listening to the BP podcast. It seems like a phenomenal market for short term rentals.
For those who currently own and self manage, I am curious what your experience has been like so far. Any surprises? Any recommendations for someone looking to get into the market? Are appraisal gaps needed to land an offer these days? Are Pigeon Forge, Gatlinburg and Sevierville equally desired?
It seems there are a number of sources to estimate revenue. What about resources to estimate expenses, accruals for capEx & maintenance and so on?
@Ben Pileggi, as others have said -- that market is WILD right now. Do you homework. Get connected with a great agent. Learn how to do your analysis FAST and be ready to go when it's time. And I mean ALL your ducks in a row: lender, cash, agent, your criteria. All of it. Then when you see something you want, pull the trigger. There is no "wait and think about it" in that market right now. I have three there and a fourth under contract. Do your numbers, and act only if that makes sense to you. Good luck!
The Smokies are not for the faint of heart. The ROI is definitely there. There are as many sources/reasons that this area is still a good buy as there are reasons this area is at its peak. I'm still investing here though. Just have to get creative with how to maximize your cash flow.
For the most part, Pigeon Forge, Gatlinburg and Sevierville - depending on what you buy and where it is located are all on par with each other. Investing here right now is like the Wild Wild West! But I'm still in.
@Ben Pileggi, as others have said -- that market is WILD right now. Do you homework. Get connected with a great agent. Learn how to do your analysis FAST and be ready to go when it's time. And I mean ALL your ducks in a row: lender, cash, agent, your criteria. All of it. Then when you see something you want, pull the trigger. There is no "wait and think about it" in that market right now. I have three there and a fourth under contract. Do your numbers, and act only if that makes sense to you. Good luck!
The Smokies are not for the faint of heart. The ROI is definitely there. There are as many sources/reasons that this area is still a good buy as there are reasons this area is at its peak. I'm still investing here though. Just have to get creative with how to maximize your cash flow.
Hey Joshua, I hear you on as many good/bad reasons to invest there. It certainly seems that way from a newbie to the area. Glad to hear you still see it as a great market though. That's definitely encouraging.
For the most part, Pigeon Forge, Gatlinburg and Sevierville - depending on what you buy and where it is located are all on par with each other. Investing here right now is like the Wild Wild West! But I'm still in.
Hey Ken, Wild Wild West. Haha. Love it. It sounds like all three locations are great just need to find the right property.
@Ben Pileggi, as others have said -- that market is WILD right now. Do you homework. Get connected with a great agent. Learn how to do your analysis FAST and be ready to go when it's time. And I mean ALL your ducks in a row: lender, cash, agent, your criteria. All of it. Then when you see something you want, pull the trigger. There is no "wait and think about it" in that market right now. I have three there and a fourth under contract. Do your numbers, and act only if that makes sense to you. Good luck!
For the most part, Pigeon Forge, Gatlinburg and Sevierville - depending on what you buy and where it is located are all on par with each other. Investing here right now is like the Wild Wild West! But I'm still in.
Hey Ken, Wild Wild West. Haha. Love it. It sounds like all three locations are great just need to find the right property.