Buying in the covid craze

[Sean Harris]

Just thought I would start a thread on the current STR market. We have been looking to invest in one for the last month but it seems like all the places you hear about now have already exploded like Joshua Tree, CA and Gatlinburg Tennessee as examples. Do you think it's crazy to jump in the mix when EVERYONE is trying to buy STR and the competition is so crazy. Do you think that cities will start to place stricter rules on them since there are so many popping up making it hard to turn a profit? The short term rental market is crazy hot right now

[Collin Hays]

Originally posted by @Sean Harris:

We are buying to replace our income within the next 5 years. My current job will be no longer available in the next 5-7 years so I want to be ready for when that happens. I have a friend who just bought two places in Gatlinburg Tennessee and is absolutely killing it so that made me rethink my investment strategy. The big question I feel like is where to do it that will work for us. I have big time analysis paralysis, which is good and bad. Home prices are absolutely nuts but I don't want my money in the bank just to watch it dwendle down. We want assets to provide the income we need.

"Home prices are nuts" is a subjective term. If you think Gatlinburg prices are high, do a search of comparable mountain towns out west - Vale, Sun Valley, Tahoe, Aspen, Breckenridge, etc.   Gatlinburg is still CHEAP compared to these places.