Anyone investing in the Elijay/ Blue Ridge, GA area willing to share their experience. How are your vacation rental(s) performing (occupancy, average nightly rate) ? We love the area, but are not sure how the occupancy and return compares to other mountain markets. We were originally considering the smoky mountains but it seems the prices are through the roof there right now!
Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
5y
Hey @Hanan K. we are actually closing on our first STR in Blue Ridge (4Bed/3Bath) this week. Prices have definitely gone up even just from the time we started looking to the time we got this one under contract (a few months), which is crazy, but the numbers still worked. My partner owns a couple in the Smoky mountains and they obviously perform very well, but we do anticipate that the BR cabin will do quite well, too. I'd be happy to chat more about it with you!
Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
5y
Prices are through the roof everywhere. I have 2 in Pigeon Forge and despite rising prices I still project 20%+ CoC returns on many cabins that I've analyzed this year, and that is with a 20 to 25% down payment. Obviously it is always deal specific so do your due diligence.
One of my good friends has a cabin in Ellijay and is loving it. He is around 80% occupancy for the year on a 2/2. Prices in Ellijay and Blue Ridge are lower than the Smokies but rates are slightly lower as well from what I’ve seen. Once again it is all deal specific.
Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
5y
Hey @Hanan K. we are actually closing on our first STR in Blue Ridge (4Bed/3Bath) this week. Prices have definitely gone up even just from the time we started looking to the time we got this one under contract (a few months), which is crazy, but the numbers still worked. My partner owns a couple in the Smoky mountains and they obviously perform very well, but we do anticipate that the BR cabin will do quite well, too. I'd be happy to chat more about it with you!
@Michael Craven Congratulations! We put an offer on a 3/3 in blue ridge this week. Offered 80K over with limited contingencies and were beat! The market is definitely hot. My question for you is how did you analyze your property? How were you able to establish the average daily rate and expected occupancy. When I look at calendars in Elijay, they look sparse. Blue Ridge definitely seems to be more booked but even with blue ridge, it seems it's only a month to six weeks out. Hard to gage how the market is performing. We have a cabin in Tahoe and a VR in Napa Valley. Both do amazing but we are moving to North Atlanta next month and I'm looking for VRs in that area. Thank you for your input!
Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
5y
@Hanan K. We used Yok Re and he is FANTASTIC. Super helpful and has a lot of insight into the area.
And as far as analyzing the occupancy and average rates, have you checked out the Short Term Shops blog that has the 2019 and 2020 data for Blue Ridge and Ellijay?
Rental Property Investor · Atlanta, GA · Member since 2020 · 9 posts · 6 votes
5y
@Hanan K. We also work with Yok! About to my live with our first (5/3 in Morganton) and under contract for a new build in Epworth. He’s got analysis he can share with you and a great team behind him - The Short Term Shop.
Rental Property Investor · Blue Ridge, GA · Member since 2020 · 6 posts · 3 votes
5y
I live and invest in Blue Ridge GA. It’s a great short term market and if you find the right deal also does good for long term. Purchase prices are really high here though compared to neighboring county’s. I also invest in Murphy NC it’s just up the road and a better price point. I would be interested in in talking to Yok RE if anyone has the contact info.
I live and invest in Blue Ridge GA. It’s a great short term market and if you find the right deal also does good for long term. Purchase prices are really high here though compared to neighboring county’s. I also invest in Murphy NC it’s just up the road and a better price point. I would be interested in in talking to Yok RE if anyone has the contact info.
San Diego, CA · Member since 2019 · 37 posts · 17 votes
5y
Hi, how is the blue ridge STR doing? I read your post. Im planning to 1031 exchange and pick a STR in blue ridge? Is it profittable? Are there enought resources to find a cleaner or Prop manager? Are there lots of regulation restrictions in Blue ridge? How is the occupancy rate? I am trying to start my STR in Ble Ridge, any input is appreciated. Thanks. Sally
@Shahid Elahi Yes! I did. We just opened our doors last week. So it’s too early to tell how it will do but so far it’s doing ok. Not great but ok. I recommend getting something smaller and marketing to one to to couples or a small family. The rentals under 200/night do a lot better in this area. I think the market is over saturated with 3-4 bedroom places IMO. You have to find a way to stand apart for sure. We also bought in the smokies and That one is killing it!
Investor · UT · Member since 2021 · 3 posts · 6 votes
5y
@Hanan K. Congratulations on your cabins! I'm also looking at BR vs. Smokies. It looks like you just got into these markets just 2 months ago! I have been following this market and from what I have read, in the Smokies you have to bid way over asking and at times the appraised value comes in less than asking. What tips can you share on how to land the deal so quickly and what would you say are the difference with these 2 markets?
Investor · GA · Member since 2018 · 16 posts · 16 votes
5y
@Hanan K. Congrats on your cabins! If you need any help with prices and occupancy, we can help!
Do you have access to AirDNA? We can help you find realistic expectations for the STRs. We own a couple STRs and own a management company for them as well. We help friends and family and cohost some as well. If you want to chat just let me know - and anyone else here having questions. Would love to run some and help design them as you buy them ;)
I am a first time STR buyer, and looking to invest in Blue Ridge, can you please let me know how has it been so far and provide more info on your STR, is it ok if I DM you directly.
@Shahid Elahi Yes! I did. We just opened our doors last week. So it’s too early to tell how it will do but so far it’s doing ok. Not great but ok. I recommend getting something smaller and marketing to one to to couples or a small family. The rentals under 200/night do a lot better in this area. I think the market is over saturated with 3-4 bedroom places IMO. You have to find a way to stand apart for sure. We also bought in the smokies and That one is killing it!
Do you think it is just starting slow because it is toward the end of summer? Just curious what you think now? I'm debating btw the two areas that you mention to jump into the STR game? Thanks!
Investor · Greater NY Area. · Member since 2019 · 56 posts · 31 votes
4y
I sent you both a message! Would love to hear more about your experience. I am investor looking into this area as well. @Hanah K I'd be happy to share a few of the resources I've been using to estimate revenue!
Hey @Hanan K. we are actually closing on our first STR in Blue Ridge (4Bed/3Bath) this week. Prices have definitely gone up even just from the time we started looking to the time we got this one under contract (a few months), which is crazy, but the numbers still worked. My partner owns a couple in the Smoky mountains and they obviously perform very well, but we do anticipate that the BR cabin will do quite well, too. I'd be happy to chat more about it with you!