Too Steep for Airbnb?
Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes
Too Steep for Airbnb?
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Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes
5yI own a cabin off of a dirt road in the Smokies also (just private use, not as STR), and you should pay close attention to what @Ken Boone points out. You WILL absolutely have trees and branches fall across the road (even during light rains or wind, definitely during heavy storms), and they can't always just be moved out of the way. Often, a chainsaw is needed. So if you can't easily get up there and clear the road yourself, make sure you have someone local you can rely on. Also, as Ken said, dirt roads DO wash out, especially in Winter, so be prepared to scape and gravel occasionally. Finally, when wet/icy/snow conditions prevail, inexperienced people (aka: STR guests....) CAN (and WILL) get stuck in mud ruts, soft shoulders, etc. Do not underestimate these issues - they are real. Not a huge issue if it is just for your own use (and you are willing to handle a chainsaw, toss some gravel, etc), but it is much dicier for vacation guests.
All that said, by providing lots of upfront information, and meticulous maintenance, you can probably minimize these issues, so it may still be worth giving it a shot as STR. Just be aware that bad stuff can and will likely happen from time to time. Consider providing a backup power generator and/or wood fireplace also - most powerlines in the mountains are above ground and get knocked down all the time.
38 Replies
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
- 5yLuke CarlPro MemberRental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
It’s very long and you will have to pay to maintain it but no I wouldn’t say it’s too steep. Anything will rent if you set the expectation. What’s the shack on the left? Well pump?
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
Its a shed with a UTV in it.
Here is the cabin/chalet:
- 5yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
Is that whole thing your driveway?
I would clearly describe the situation and provide pictures so that expectations are clearly set before a booking.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@John Underwood Yeah, the entire road in the video leads to that cabin, which sits on 15 acres. Some point down the line, I want to build a primary cabin on the opposite end of the land, which is on the crest of the mountain, providing 360 degree views.
I will be very descriptive, and may also include a video such as the one in the link, so that they know what they are getting into.
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
@Kyler J Sloan said as long as you disclose it will rent. Not sure why you are posting the question. I am assuming since you said you are not familiar with the TN mtns, it is because you are thinking of purchasing this place for an STR. The place looks great once you are up there but here are a few things to consider.
In your question, you said driveway - not road - so I am assuming that whole thing is a private driveway to get to that cabin. I don't think I saw any other cabins on that route you took up in your video but maybe I am wrong. So based on that assumption let me tell you what you are "potentially" in for. BTW.. just about all cabins that have a great mountain top view in the Smokys will have steep roads with switchbacks. I have a cabin with an incredible mountain top view in the area and yes it has switchbacks and is steep for about 4/10ths of a mile. But the HOA maintains the road at the top and it is paved and plenty wide. The county maintains the road below. So with the "driveway" you have, I am betting you are going to deal with summer rain washouts, you will have occasional trees down across the drive. In the winter, you will have guests that either can't make it up the road, or they will not be able to get down at checkout. You will most likely have power outages during an ice storm - in the winter if all you have is electric heat this means no heat for your guests and no way to get down.
I don't mean this to sound rude, but there are a number of folks who book my cabin in Jan-Feb and never bother to check the weather and if they do check the weather and see a major storm system coming in they don't think about storing up food to get them through a few days. This past year was a 20 year bad winter. We had several heavy snows with iced up road conditions and power outages that loomed for days. Fortunately I didn't lose power, but I know of many who did. However, the norm is to get snow on the ground a few times a year and it might ice up, however the ice is usually melted by mid day the next day and everything is good. The problem you have is those conditions on that driveway are going to be a pain. Winter ice storms will surely bring trees down. When the storm hits, its gonna be hard to get someone that #1 can access it and #2 to get it cleaned up timely. Just some things to consider. If this is truly a driveway to the cabin I would not consider the purchase of this cabin. Too many potential issues there with that long of a driveway. This would be a different story if this was a county maintained road, or an HOA maintained paved road etc with other cabins but it doesn't appear to be that way. Last year we saw many many guests complaining about the cabin owners once they were stranded in cabins with no heat and no food. On several facebook forums they openly blamed the cabin owners and felt the cabin owners needed to do something to fix their problem Look, weather happens, but not all guests are reasonable or know how to handle those conditions. For those reasons I would be out.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@Ken Boone I probably should have been more precise, in saying that I would own the land of that about 30% of that road is on. It is a county road, but it is doubtful that anyone else intends to build along it, because you cant install a septic on it.
I do realize that the road is going to require quite a bit of work, and am trying to think of some solutions. This is the price you pay for privacy, I suppose. I am thankful it is not part of an HOA. I would prefer having my own systems in place, rather than depending upon those setup by a central authority/board.
- 5yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
Originally posted by @Ken Boone:
@Kyler J Sloan said as long as you disclose it will rent. Not sure why you are posting the question. I am assuming since you said you are not familiar with the TN mtns, it is because you are thinking of purchasing this place for an STR. The place looks great once you are up there but here are a few things to consider.
In your question, you said driveway - not road - so I am assuming that whole thing is a private driveway to get to that cabin. I don't think I saw any other cabins on that route you took up in your video but maybe I am wrong. So based on that assumption let me tell you what you are "potentially" in for. BTW.. just about all cabins that have a great mountain top view in the Smokys will have steep roads with switchbacks. I have a cabin with an incredible mountain top view in the area and yes it has switchbacks and is steep for about 4/10ths of a mile. But the HOA maintains the road at the top and it is paved and plenty wide. The county maintains the road below. So with the "driveway" you have, I am betting you are going to deal with summer rain washouts, you will have occasional trees down across the drive. In the winter, you will have guests that either can't make it up the road, or they will not be able to get down at checkout. You will most likely have power outages during an ice storm - in the winter if all you have is electric heat this means no heat for your guests and no way to get down.
I don't mean this to sound rude, but there are a number of folks who book my cabin in Jan-Feb and never bother to check the weather and if they do check the weather and see a major storm system coming in they don't think about storing up food to get them through a few days. This past year was a 20 year bad winter. We had several heavy snows with iced up road conditions and power outages that loomed for days. Fortunately I didn't lose power, but I know of many who did. However, the norm is to get snow on the ground a few times a year and it might ice up, however the ice is usually melted by mid day the next day and everything is good. The problem you have is those conditions on that driveway are going to be a pain. Winter ice storms will surely bring trees down. When the storm hits, its gonna be hard to get someone that #1 can access it and #2 to get it cleaned up timely. Just some things to consider. If this is truly a driveway to the cabin I would not consider the purchase of this cabin. Too many potential issues there with that long of a driveway. This would be a different story if this was a county maintained road, or an HOA maintained paved road etc with other cabins but it doesn't appear to be that way. Last year we saw many many guests complaining about the cabin owners once they were stranded in cabins with no heat and no food. On several facebook forums they openly blamed the cabin owners and felt the cabin owners needed to do something to fix their problem Look, weather happens, but not all guests are reasonable or know how to handle those conditions. For those reasons I would be out.
Ken
You sound like your a shark on shark tank! - Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
@Kyler - Don't know your full intentions with this either. If you are purchasing this for mainly YOUR privacy and your use and just want to rent it out as an STR the rest of the time then go for it if that is what you want. If on the other hand, your primary reason is for STR cash flow, then I would still steer away from this property. There are other properties out there that won't have the headaches that this will come with. And although I am sure that kind of privacy will attract a few guests - I would love it honestly - most guests don't require that level of privacy. Just giving you my experienced feedback with steep roads in that area and how guests react. I don't think you can fully appreciate the issues you will have come winter time until you go through it.
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
Originally posted by @John Underwood:
Originally posted by @Ken Boone:
@Kyler J Sloan said as long as you disclose it will rent. Not sure why you are posting the question. I am assuming since you said you are not familiar with the TN mtns, it is because you are thinking of purchasing this place for an STR. The place looks great once you are up there but here are a few things to consider.
In your question, you said driveway - not road - so I am assuming that whole thing is a private driveway to get to that cabin. I don't think I saw any other cabins on that route you took up in your video but maybe I am wrong. So based on that assumption let me tell you what you are "potentially" in for. BTW.. just about all cabins that have a great mountain top view in the Smokys will have steep roads with switchbacks. I have a cabin with an incredible mountain top view in the area and yes it has switchbacks and is steep for about 4/10ths of a mile. But the HOA maintains the road at the top and it is paved and plenty wide. The county maintains the road below. So with the "driveway" you have, I am betting you are going to deal with summer rain washouts, you will have occasional trees down across the drive. In the winter, you will have guests that either can't make it up the road, or they will not be able to get down at checkout. You will most likely have power outages during an ice storm - in the winter if all you have is electric heat this means no heat for your guests and no way to get down.
I don't mean this to sound rude, but there are a number of folks who book my cabin in Jan-Feb and never bother to check the weather and if they do check the weather and see a major storm system coming in they don't think about storing up food to get them through a few days. This past year was a 20 year bad winter. We had several heavy snows with iced up road conditions and power outages that loomed for days. Fortunately I didn't lose power, but I know of many who did. However, the norm is to get snow on the ground a few times a year and it might ice up, however the ice is usually melted by mid day the next day and everything is good. The problem you have is those conditions on that driveway are going to be a pain. Winter ice storms will surely bring trees down. When the storm hits, its gonna be hard to get someone that #1 can access it and #2 to get it cleaned up timely. Just some things to consider. If this is truly a driveway to the cabin I would not consider the purchase of this cabin. Too many potential issues there with that long of a driveway. This would be a different story if this was a county maintained road, or an HOA maintained paved road etc with other cabins but it doesn't appear to be that way. Last year we saw many many guests complaining about the cabin owners once they were stranded in cabins with no heat and no food. On several facebook forums they openly blamed the cabin owners and felt the cabin owners needed to do something to fix their problem Look, weather happens, but not all guests are reasonable or know how to handle those conditions. For those reasons I would be out.
Ken
You sound like your a shark on shark tank!Too funny!! had to reread my post to see what you were talking about ;) Probably watched that show too much.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@Ken Boone Your intuition is right -- this is a STR house hack. However, I would like to find properties similar to this one in the future, if I learn how to cope with the issues you mentioned.
Wouldn't you say that the way to individuate yourself as an investor is to identify some problem which repels most investors, and get good at solving it?
In my case, the "problem" would be "ease of access" (long, steep, and/or washed out driveways).
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
@Kyler J Sloan I would personally rather invest my money into proven systems that cash flow well instead of spending my time trying to solve problems that have been around for decades. It is a beautiful location and I am sure it will rent well for you. My focus is on less work, less headaches, less time involvement and I know what you face with that property so just throwing my 2 cents out and that is about all its worth. I wish you the best of luck with it.
- 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Ken Boone:
@Kyler J Sloan I would personally rather invest my money into proven systems that cash flow well instead of spending my time trying to solve problems that have been around for decades. It is a beautiful location and I am sure it will rent well for you. My focus is on less work, less headaches, less time involvement and I know what you face with that property so just throwing my 2 cents out and that is about all its worth. I wish you the best of luck with it.
Just dont rent it for a few months out of the year ??
- Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes5y
I own a cabin off of a dirt road in the Smokies also (just private use, not as STR), and you should pay close attention to what @Ken Boone points out. You WILL absolutely have trees and branches fall across the road (even during light rains or wind, definitely during heavy storms), and they can't always just be moved out of the way. Often, a chainsaw is needed. So if you can't easily get up there and clear the road yourself, make sure you have someone local you can rely on. Also, as Ken said, dirt roads DO wash out, especially in Winter, so be prepared to scape and gravel occasionally. Finally, when wet/icy/snow conditions prevail, inexperienced people (aka: STR guests....) CAN (and WILL) get stuck in mud ruts, soft shoulders, etc. Do not underestimate these issues - they are real. Not a huge issue if it is just for your own use (and you are willing to handle a chainsaw, toss some gravel, etc), but it is much dicier for vacation guests.
All that said, by providing lots of upfront information, and meticulous maintenance, you can probably minimize these issues, so it may still be worth giving it a shot as STR. Just be aware that bad stuff can and will likely happen from time to time. Consider providing a backup power generator and/or wood fireplace also - most powerlines in the mountains are above ground and get knocked down all the time.
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
Originally posted by @Jay Hinrichs:
Originally posted by @Ken Boone:
@Kyler J Sloan I would personally rather invest my money into proven systems that cash flow well instead of spending my time trying to solve problems that have been around for decades. It is a beautiful location and I am sure it will rent well for you. My focus is on less work, less headaches, less time involvement and I know what you face with that property so just throwing my 2 cents out and that is about all its worth. I wish you the best of luck with it.
Just dont rent it for a few months out of the year ??
That is an option. Again, it gets back to @Kyler J Sloan's intentions. Great cash flowing STR as primary reason or personal use with STR and not concerned with maximizing cash flow. I would say the worst month in that region (if there really is one) would be February. I had one cabin at 100% occupancy in February and the others were not far behind. So in that area you still make bank in Jan and Feb so closing down would def hit your cash flow. But again if he is happy with that setup more power to him.
- Rental Property Investor · Member since 2019 · 276 posts · 235 votes5y
Agreed about being prepared to maintain that road big time. Four of the STR cabins we have in the Smokies are in the same road. There's only 6 total up there. The little road is supposed to be maintained by the county but they never make it. Anyway, like others said, you will for sure have trees fall across it and block it. The storms that came through the Smokies last Christmas Eve knocked two down on our road. My husband left to drive down right after Christmas breakfast from where we lived in DC to rescue stranded guests once we learned how bad the situation was. Had he not gone down, it would have been forever for the county to get there (they actually never came).
Just make sure you’ll be able to be there to clear roads. It happened a few times last winter.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
I wanted this property to serve as a vantage point for investing in others -- to get familiar with the surrounding area. I plan to live here for at least a couple of years, and will look for "pure" investments moving forward. I admit that I am letting my subjective preferences enter in on it.
At the same time, I am noticing that the properties which generate by far the most cash flow have something unique distinguishing them. There is a relatively normal 5 bedroom stone house near this one that generated 40 K in less than 3 months, because it was on 30 acres, and was advertised as a "private mountain", with 360 degree long-range views and trails.
That is what I like about STR: it is still a frontier, and there are many parameters unknown or ignored by traditional investors.
- Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes5y
Originally posted by @Kyler J Sloan:
I wanted this property to serve as a vantage point for investing in others -- to get familiar with the surrounding area. I plan to live here for at least a couple of years, and will look for "pure" investments moving forward. I admit that I am letting my subjective preferences enter in on it.
I guess I misunderstood your OP then. So, if you live full time in the property and just rent out rooms, then it is quite different since you WILL be there to patch the roads and clear the downed trees (and, presumably, run the backup generator). No issue with that then.
But: for a vacation rental, I suspect the majority of people will be looking for “their own house”, not just a room. So, living at the property may limit your audience, unless you pitch a tent in the backyard and plan on living there when you have paying guests?
- Philadelphia, PA · Member since 2017 · 824 posts · 1k+ votes5y
First thought that came to my mind were my family trips to the Poconos as a kid...in the winter. These are paved roads but the elevation gets up there rather quickly. I remember one storm...on paved roads...my dad trying to get our Ministar up over this particular hill. Thought I was going to die like 6 times that night, and I think I was maybe 7 or 8 years old.
This is gravel which means its going to be that much harder during rain or snow. Some of those parts looked like they were pretty steep, not to mention some had what appeared to be a cliff you could go right over if you accelerated too quickly over. YIKES.
You can disclose this all you want, and you can safeguard all the bad areas all you want...but play it out. Someone's going to book you, they won't be able to get up that hill. Then what? "My VaCaTiOn WaS rUiNeD!" emails go to AirBNB, you'll have to refund that, you'll get a bad rating (even though its disclosed), and AirBNB might even penalize you. This is all worst case scenario (actually, worst case is a family goes off one of the 13 ledges I saw especially in the middle of the night with no lights)...
I don't know man...kudos for bringing this up as an issue, that's a smart idea. But unless you've got a tour guide up there or some stadium lighting, I think it's gonna be rough sleding.
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
Yea and the reality is that the video does not show the actual steepness. Videos never do. So I guarantee it is steeper than it looks in the video. I have taken videos trying to show the same thing at one of my cabins and they just don't do the steepness justice.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@Leora Merrell I will definitely plan for the worst. In fact, there was a branch in the way on my way up the first time in relatively calm weather. I am trying to set something up where I have equipment stored at the bottom of the hill, and a Kubota RTV (chainsaw, snowplow, etc.), and 2-3 people willing to clear the road.
The main problem seems to be -- if there is an issue, I will not know about it UNTIL a guest drives up there and tells me. That is, unless I ask someone to drive up and down it every morning, which is unrealistic.
@Andrew S. I actually travel most of the week, and will only be by on the occasional weekend. That is the way it will be no matter where my home is, in my current situation.
I will have an extra room in a garage that is going to be built soon which is locked at all times for my private use, in the case that guests have book the place on a weekend that I come by. So, instead of renting out the rooms, the situation is reversed -- I will be staying in one of the rooms, and booking the rest of the place.
@Joe P. Yeah, I definitely want to try to work my way backwards to protect myself from worst-case scenarios, and plan according to them. However, my intuition is that any property with privacy and great views is going to have very similar issues.
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
@Kyler J Sloan Ok man. This is getting to be like the jeep thread now when all the details start coming out. Again, I still don't know if you already bought this property or are in the process. It would make a nice private cabin for someone. If you are trying to have a great cash flowing STR - not being mean here - just trying to give you advice - your plan stinks dude. Just trying to be blunt with you.
One of your big deals is privacy - Now we find out you will be there most weekends. Well there goes the privacy factor cause you will need to disclose this info. No way I am taking my wife and girls to a secluded cabin on a mountain top with not very good access and have someone else that I know nothing about there. On the weekends no less which should be 100% booked through the year on a normal basis. This type of airbnb scenario is not this market. That strategy is one for the cities dude not the smokies.
Again not if there is an issue - when there is an issue would be the correct term - there will be issues.
Your intuition is flat wrong. This property with that road and you living there on the weekend makes this a BAD STR choice for the Smokies. Just about all the great views in that area will have steep roads and switchbacks. But there are plenty that are PAVED with guard rails and maintained - not one lane gravel that you have to maintain.
So again, if the main use is for your personal use and you just want to try and make a few extra bucks great. But it is hard to tell what you are trying to accomplish. Your heading says new to real estate and you started this post with not familiar with the roads in the TN mtns, yet you don't sound like you want to take seriously what anyone says. I have helped a number of people with property up there and the thing is to mentor someone, someone has to be able to hear what others are saying.
It sounds like you want the property and jeep for yourself and you are trying to figure out a way to have someone else pay for those things and if that is the case - thats great more power to you. You don't really sound like someone who is looking for investment advice. I really do wish you the best with this property. Just trying to provide you with good advice if you have not purchased the property yet.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@Ken Boone It does not pay to go on explaining all of the details; we would be at it eternally. As it is, I will not rent it "while I am there". In some places, I am speaking in a future tense (after the construction of certain structures is complete), and in others I am speaking in the present. It would make more sense if you could see the place, and knew what I intended for it, but I will try to be more consistent in that sense in the future.
As to being more receptive to advice: I have utilized quite a bit of what has been said already, but do not mindlessly accept everything that an experienced investor has to say. If I did that, I would condemn myself to perpetual contradiction, as investors do not often unanimously agree on things.
Just as there are "good students", there are "good teachers". A teacher who cannot handle opposition is not a good teacher. They should be able to defend their case, and oppose mine, if they are in the right. I was hoping to get to the bottom of why this was a bad idea, rather than deferring to "scare words" like "liability".
- Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes5y
@Kyler J Sloan This is an investment forum. People come to this forum specifically for STR investment advice and strategies. Usually with the premise that they are trying to maximize cash flow. So that is how most people are going to respond to these posts with these topics. Again, as I said if you just want this property mainly for your own use and you want to use it as a side hustle to generate some extra cash then that is great. No problems with that at all. If that makes you happy by all means do it. I really mean that.
However, if you are seeking advice on this being a great investment STR (which you may not be)- it is not. The reason so many people tried to make an offer on this is because of the buying frenzy for STRs that has been going on over the last couple years. Lots of bidders doesn't make it a good investment during this buying frenzy.
Look sure there is liability like others have said - but insurance can help you with that. It's all the headache man that comes with this place. Two years ago, my HOA had about .2 miles of the road paved, which was the last .2 miles up to one of my cabins. The cost was 80k. The price has gone up since. So paving the road is an expensive option. It's the bad reviews and irate guests and the 11pm phone calls from guests that are going to drive you crazy.
A good investment should give you a good return on your money with little stress, little work, etc.. This is most definitely not the case with this property. I promise you - you will be constantly working on this road. Again, now you stated you won't rent it when you are there. If that is the case, you are also cutting down cash flow - the more we learn about this place the less opportunity for cash flow we find.
So we get back to this - if you want this property because you want it and you just want to try to earn some side cash to help pay for it that's great. If you are buying it for a great investment - its not - there are far better properties for STRs.
But the more I hear about this I am thinking you are just trying to validate can you do airbnb with this property. The answer is yes no problem. Will it be a great cash flowing STR - dunno. Will it have a bunch of headaches - absolutely. Is this a great investment - no there are far better ones out there.
You want to get to the bottom of why it is a bad idea - again this is coming from the perspective of whether or not this is a good investment.
#1 - Far better cash flowing properties available that won't have all the headaches that this one will have.
#2 - You are right in the sense that what makes this one unique is it's view - but to get the higher rental rates that has to be combined with other things - amenities - accessibility to name a few. This is lacking in accessibility.
#3 - You don't fully understand the issues with guests driving up these roads. My mountain top cabin has wide freshly paved roads and I still get comments that guests were scared to death coming up the road (even though my daughter's Toyota Prius can get up it without going into lower gear). With your road being gravel and one lane wide, some guests are going to freak out. Like someone else said on your jeep post. They will crap when they see it. Guests crapping means unhappy guests - no review or bad review. Bad reviews reflect poorly on future booking potential.
#4 - The road will take a lot of maintenance - Maintenance costs money - More money spent on expenses lowers ROI.
#5 - You will have guest stranded - more headache - more cost to help situation - lowers ROI and guest satisfaction.
#6 - You might find it hard to find contractors to work up there.
#7 - Don't know how you can effectively rent it just when you are not there? You need to open up your calendar for bookings. Will you know a year out when you will be there or when you won't be there? What happens if you need to be there but its already booked?
#8 - Back to the road - you get a washout from a summer rain storm and guests can't get up there. Then you can't get someone to fix it for a couple of days. You can have all the people lined up ahead of time - but things happen. Then more headache.
I am sure there are a few that I am missing, but with the exception of #7, I can find STR properties in that region that will produce great cash flow and not have to deal with items 1-6, and 8. So given that, the only reason to purchase that property would be for personal interest and not necessarily an investment.
Again, just trying like others to give you sound advice. What you do with it is solely up to you.
- Investor · Maggie Valley, NC · Member since 2020 · 284 posts · 85 votes5y
@Ken Boone I was not mentioning that the property had multiple offers except to counter a post someone made which implied that, if it were a great deal, it would have sold to someone else before I got to it.
I see the issues you mentioned, but am going to allow myself one "experimental" property at a given time (my "primary residence") -- one which has potential for future additions. I think a recent podcast called this the BRRR STR ("B-r-stir").
I will have plenty of time moving forward to get turnkey vacation rentals, which do not have issues [1-8] above.
In the end, I have not denied that personal interest has influenced me on this property.
But, the expected ROI is not poor, even after factoring in road maintenance (about 30 percent).
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