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Short-Term & Vacation Rental Discussions
Account Closed
  • Real Estate Agent
  • Sevierville TN
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Pigeon Forge Gatlinburg or Panama City Beach?

Account Closed
  • Real Estate Agent
  • Sevierville TN
Posted Sep 14 2020, 04:34

Hey everyone! I finally have the cash to make a move on my first investment property and am ready to get into the game but I need some advice! 
I live an hour away from the smoky mountains and have always wanted to own a cabin there, and as everyone knows it's a super hot place to try and buy in right now. I have already been outbid on one cabin that fell in my price range and since then there hasn't been a single cabin to hit the market in my price range. So I started looking in the Panama City Beach area and there is more on the market in my price range and the gross revenue I can generate seems to be close to what a cabin would generate. Only thing I haven't been able to nail down is the expenses for a condo in PCB. HOA includes a lot of utilities and cable/internet but not electricity. It seems the "operating costs" for a unit in PCB is going to cut into a decent chunk of my gross unlike a cabin would. Higher property taxes and hurricane insurance doesn't help either.
Should I keep bidding on cabins in hopes of landing one even though inventory is so low and the opportunities popping up are few and far between, or should I go ahead and put my money to work in PCB even though it’ll be a lower return? Love that the cabin would be close to home so I can do some of my own maintenance and wife could go clean it in a pinch if it was ever needed. I’d love to hear from some PCB owners on their experience! Thanks everyone!

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