Rental Property Investor · Temecula, CA · Member since 2020 · 128 posts · 55 votes
Hello - I have two STRs in the Pigeon Forge/Gatlingburg area. I have had one for two years and the second I purchased this year. The first one is a 4bd/4bath log home and it is with a well know local property manager. They take 30%. However the property is grossing 70k+ every year and it did that for two years prior to when I purchased. My mortgage payment on it is 1,900 a month. My PM tells me that in that area those results are simply not possible for a “do it yourself approach” is this true? The second property will do about 45k a year for a 2bd/2ba and the same PM. That mortgage payment is 965 a month.
Hello - I have two STRs in the Pigeon Forge/Gatlingburg area. I have had one for two years and the second I purchased this year. The first one is a 4bd/4bath log home and it is with a well know local property manager. They take 30%. However the property is grossing 70k+ every year and it did that for two years prior to when I purchased. My mortgage payment on it is 1,900 a month. My PM tells me that in that area those results are simply not possible for a “do it yourself approach” is this true? The second property will do about 45k a year for a 2bd/2ba and the same PM. That mortgage payment is 965 a month.
Thank you for any insights!
Yeah I mean, if I was making 30% I'd tell you that you couldn't do it too. I've heard giving 15-16% but not 30%. That's what I'd expect to split with a partner and if that was the case my partner would be the manager.