Investor · Thousand Oaks, CA · Member since 2019 · 31 posts · 28 votes
Hi
We are in the beginning stages of looking for a STR in the Sevierville area. I would love to hear from those of you that have invested there about what were the most important features to look for in choosing a property. Now that you own your property, what are some of the things that have come up for guests inquiring about renting from you?
Is view important? Number of master bedrooms? Hot tub? Etc.
We just want to make sure we are considering what the guests might be looking for when they go to rent a vacation property in this area.
Hi @Lauren Johnson! @Avery Carl and @Luke Carl are da bomb and will definitely get you hooked up. I've bought three cabins in Sevierville with Avery representing me. Here's what I've learned in the last 15+ months of owning there:
- Stick within 10-15 minutes of the main drag in Pigeon Forge/Gatlinburg (Parkway)
- Well-paved roads with are easy to travel are ideal - beware the single-lane wooded gravel road!
- View is a bonus but isn't as important as you might think. You pay more of a premium for a view in the purchase price than you'll get on the rental side, it seems
- Let your target demographic determine your number of bedrooms. Do you want to host couples, or families, or large groups? They'll all rent well, and your ROI will be roughly the same, but they have different travel patterns and needs. Figure out what you're most comfortable with and let that drive the size of your purchase.
- A hot tub is mandatory
- A fire place is mandatory
- Invest in decent furniture. Whatever the cabin comes with might be garbage - take the time to learn if it is, and spend the money to replace it if necessary.
- There's no such thing as a "turn-key" cabin unless it's a new build. Be prepared for some repairs, though they don't have to be major. It's worth it to replace the old HVAC/water heater/whatever now vs. having to do it while guests are in there unhappy that it broke on their vacation.
Okay that's enough for now! Good luck on your search, you're in good hands!
@Greg Gibbs Definitely don't want to hand off 30-50% of your profits, so the game is to manage it yourself. As you hinted, technology is a big help here. But don't undersell the value of having good systems in place and building solid relationships with real people with boots on the ground in your STR's local area. All three things there are vital legs for that STR tripod you want to set up. Happy to answer questions as a neophyte STR owner and semi-local.
@Jay Fradd she said she’s already got an agent dude no reason to mention “reaching out”
@Lauren Johnson every single person on this forum that owns a cabin except the incomparable @Chuck Kramer used the same agent as you. You’re in great hands just trust her.
@Jay Fradd this is a topic for a different thread but I see nothing wrong with short terming a second home and I have been doing so for years. Putting a lease on it is probably not a good idea. No reason not to do 10% unless the numbers don’t work
@Luke Carl You can only do 10% down on your first vacation rental property though, right? Bc 10% down means you're buying it as a "second home" in the lender's eyes. Are there lenders that will continually let you put down 10% on multiple "second homes"? The lenders I've talked to will permit 10% down on your "first" second home, and then they require 20% down on your "second" second home and your "third" second home, etc.