STR Crystal Clear Criteria - Smoky Mountains

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STR Crystal Clear Criteria - Smoky Mountains

Aaron Akins
Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes

As first time STR investors, my wife and I are trying hard to nail down our CCCs before reaching out to a real estate agent in our preferred market. I'm willing to be flexible if needed, but I'd like to be as clear as possible from the start. Although we are still trying to figure our which specific city in the Smoky Mountain general area to invest, I'd like to get the opinions of this wonderful BP community.

For those successful STR investors out there, what do/would you have as your CCCs if you were in my shoes?

Is there any other advice y'all would like to offer up?

Thanks in advance!

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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
4y

Everyone’s idea of a vacation experience is different.  Folks go to the Smokies for a variety of vacation experiences.  I own cabins from Cosby to Gatlinburg, and all do well, though they appeal to a wide spectrum of guests.


Last spring, I had a gentleman call me and ask if I wanted to buy his beautiful 2-bedroom cabin near Cosby for $230,000.  I asked “why are you selling?” He replied “well when we bought it, the realtor said it was only 20 minutes to Dollywood, and it’s really 40 minutes, so we don’t think it will do well.”  I told him I could close the next week.

That cabin has done over $45,000 this year in rents - not including taxes and housekeeping fees.

Moral of story:  Folks are too caught up in the aura of Gatlinburg, Dollywood, and cabins with heart-shaped tubs and indoor swimming pools. 


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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y

    This comes down to personal preference on property type and size.

    I personally would want view, location, cabin style and close proximity to attractions (20 min or less). Also bigger is better for generating revenue. 

    0Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    4y

    Everyone’s idea of a vacation experience is different.  Folks go to the Smokies for a variety of vacation experiences.  I own cabins from Cosby to Gatlinburg, and all do well, though they appeal to a wide spectrum of guests.


    Last spring, I had a gentleman call me and ask if I wanted to buy his beautiful 2-bedroom cabin near Cosby for $230,000.  I asked “why are you selling?” He replied “well when we bought it, the realtor said it was only 20 minutes to Dollywood, and it’s really 40 minutes, so we don’t think it will do well.”  I told him I could close the next week.

    That cabin has done over $45,000 this year in rents - not including taxes and housekeeping fees.

    Moral of story:  Folks are too caught up in the aura of Gatlinburg, Dollywood, and cabins with heart-shaped tubs and indoor swimming pools. 


    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    2Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    4y

    Before it burned to the ground, this log cabin, circa 1800, was the oldest cabin in Gatlinburg that you could actually stay in. No central heat and air, no pool table, not even a washer and dryer.  But it had a lovely stone fireplace, awesome antiques, and the amazing roar of the Roaring Fork below.  I bought the cabin over the phone for $200K, and it was booked almost every night.  The guests who booked this cabin loved the history and authenticity.  They weren’t concerned about playing PacMan or  granite counters.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    4y

    As the others have said just pick one you like and let it rip. Buy. Rent. Repeat. 

    Love Collins story about the 20/40 lol. If they couldn’t even Google the address it’s clear to see why they couldn’t make it work. 

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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  • Avery CarlBusiness Member
    Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
    4y

    @Collin Hays is that on Circle rd? I think I remember that being for sale. That's awesome!

    Podcast Guest on Show How to Get More Airbnb Bookings This Spring and Summer Break
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  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    4y
    Originally posted by @Avery Carl:

    @Collin Hays is that on Circle rd? I think I remember that being for sale. That's awesome!

     Avery, it is 289 Roaring Fork Road. It sits about 8 feet above the river, and you can hear it throughout the cabin.  We were heartbroken when it burned.  The place was historic.  Dolly Parton's brother added the loft in the 1970s.  The cabin had a reputation of being haunted, with all sorts of wild and crazy stories - some of which while we owned it.  We had a grandfather clock in the dining room from the mid 1700s.  Lots of really cool antiques. 

    We rebuilt a cabin there with yellow pine logs from British Columbia.  There's no sheetrock in the place.  It's a lovely cabin, but nothing can replace the old "Cabin On Roaring Fork."  

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
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  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    4y

    here is what we rebuilt.  You can see the Roaring Fork out the windows to the left.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
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  • John Majoris
    Investor · Clinton, NJ · Member since 2012 · 118 posts · 70 votes
    4y
    Originally posted by @Collin Hays:
    Originally posted by @Avery Carl:

    @Collin Hays is that on Circle rd? I think I remember that being for sale. That's awesome!

     Avery, it is 289 Roaring Fork Road. It sits about 8 feet above the river, and you can hear it throughout the cabin.  We were heartbroken when it burned.  The place was historic.  Dolly Parton's brother added the loft in the 1970s.  The cabin had a reputation of being haunted, with all sorts of wild and crazy stories - some of which while we owned it.  We had a grandfather clock in the dining room from the mid 1700s.  Lots of really cool antiques. 

    We rebuilt a cabin there with yellow pine logs from British Columbia.  There's no sheetrock in the place.  It's a lovely cabin, but nothing can replace the old "Cabin On Roaring Fork."  

     Hi Collin,

    How does the revenue compare?

    0Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    4y
    Originally posted by @John Majoris:
    Originally posted by @Collin Hays:
    Originally posted by @Avery Carl:

    @Collin Hays is that on Circle rd? I think I remember that being for sale. That's awesome!

     Avery, it is 289 Roaring Fork Road. It sits about 8 feet above the river, and you can hear it throughout the cabin.  We were heartbroken when it burned.  The place was historic.  Dolly Parton's brother added the loft in the 1970s.  The cabin had a reputation of being haunted, with all sorts of wild and crazy stories - some of which while we owned it.  We had a grandfather clock in the dining room from the mid 1700s.  Lots of really cool antiques. 

    We rebuilt a cabin there with yellow pine logs from British Columbia.  There's no sheetrock in the place.  It's a lovely cabin, but nothing can replace the old "Cabin On Roaring Fork."  

     Hi Collin,

    How does the revenue compare?

     I would say about the same. The old cabin was very rudimentary.  We didn't shy from this and actually advertised it.  A lot of people are really big into staying at historic places.  When we bought it, it was a wreck, but we very carefully restored it without upsetting the originality.  It only had a small stand up shower and pedestal sink.  About the only creature comforts we added were leather furnishings, a persian rug, good internet and cable TV, and a comfortable queen bed. 

    Even the front door was original.  It had no knob or lever - there was a hole about 5 feet off the ground where a rope was threaded.  To open the door, you simply pulled down on the rope and it raised a large wooden "arm" latch inside.  Same for the bedroom.  The wall next to the creek had over the years leaned out of plumb by about 5 degrees.  We had an engineer look at it and he said it was still sound.  Underneath the cabin was some sort of cave where the owners stored meats.  It's still there.

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
    WebsiteView Page
    0Reply
  • Aaron Akins
    OP
    Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes
    4y

    @Collin Hays, I really do love this property. So much character - I can see why this this cabin rents. Awesome job having on the rebuilt too. 

    0Reply
  • Aaron Akins
    OP
    Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes
    4y

    @John Underwood the devils advocate in me would suggest stating that it's not so much about my own personal preference, but about what attracts the most renters. 

    Personally, I'd love a 1 bedroom cabin with a wood burning stove 40 miles up a dirt road that has limited winter maintenance and zero phone/tv/internet services . Outhouse optional. I'd personally sacrifice a view for privacy/seclusion. But this likely wouldn't rent very well. 

    So, if you were going to approach a realtor with specific numbers, location, and size - where would you start?

    0Reply
  • Aaron Akins
    OP
    Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes
    4y

    @Avery Carl - My wife and I just finished your book and soaked up every bit of it. Your writing style is super clear and concise, but simultaneously entertaining. Thanks for sharing your wealth knowledge.

    I was actually listening to it a second time through on my commute home today. I got home and my wife was listening to your book a second time through also. We do this out of habit when we find an awesome book.  

    Avery, do you have any suggested starting CCCs for this market? 

    Specifically, from a real estate agent's perspective, what information and realistic expectations/CCCs would you like for me to come to you with to best help me find an investment? 

    0Reply
  • Aaron Akins
    OP
    Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes
    4y

    @Luke Carl the 20/40 really is a funny story and good for @Collin Hays for seeing the opportunity! As @Avery Carl points out in her book...one must see the bigger picture!

    I'd love to know if you have any other specific advice when you find the time. 

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y
    Originally posted by @Aaron Akins:

    @John Underwood the devils advocate in me would suggest stating that it's not so much about my own personal preference, but about what attracts the most renters. 

    Personally, I'd love a 1 bedroom cabin with a wood burning stove 40 miles up a dirt road that has limited winter maintenance and zero phone/tv/internet services . Outhouse optional. I'd personally sacrifice a view for privacy/seclusion. But this likely wouldn't rent very well. 

    So, if you were going to approach a realtor with specific numbers, location, and size - where would you start?

     I would do some research.  Look on Vrbo and Airbnb to see what type properties are renting well at good prices, then have your realtor look for similar properties. 

    0Reply
  • Aaron Akins
    OP
    Investor · Boise, ID · Member since 2021 · 52 posts · 11 votes
    4y

    @John Underwood Thanks for your advice John!

    1Reply
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