Hello Everyone, my name is Christopher Brown I am currently based in northern California. My wife and I purchased our first passive income property in Sevierville Tennessee earlier this year, its doing well as a short term renal cabin in the Great Smoky Mountains. Near term we are looking to move into buy and holds, utilizing the BRRRR strategy, in and around Indiana, particularly the greater Indianapolis area. I would like to focus on small multi families.
I am looking forward to joining the conversations and connecting with everyone.
Welcome to the Smokys. Let me know if you need any help with your VR.
Welcome @Christopher A Brown . Do your homework on MF in Indianapolis - it's not all pretty. I'm very active in the Indy market. Feel free to reach out if you have questions on Indy.
@Lucas Carl Thank you, its certainly a place that I have enjoyed visiting as a kid. Are you investing in that area? We are using on the Cabin Property Managers in the area. Are you working with VR's all over the state?
@Ritch Bonisa Thanks I am certainly interested in connecting. My wife grew up in Indy and we typically go back once a year , so I would love to stay in touch and maybe grab a coffee when we are in town. There is a good chance we will be back to the 500 next year :). While we are looking for potential leads, I plan to talk with a bunch of Property Managers and Local Banks to help us get plugged in. Would you be willing to share areas in Indy that you see as being investor friendly?
@Christopher A Brown I have 5 cabins in the Pigeon Forge Wears Valley Gatlinburg market which I self manage remotely from Nashville. I’d be interested to hear how things are going for you after a year or so with those hefty fees they charge. Evolve isn’t a bad option. At least they use AirBnB. Most (if not all) of the locals do not. Let me know if I can help.
@Christopher A Brown Absolutely. I'd be happy to share what I know. Hope I can be of help.
Welcome to Sevier County! Going with a local company can take some of the tasks off your shoulders and make it truly passive, but it likely will not perform even close to what you could do by listing it yourself on AirBnB and VRBO (or EVOLVE which does both). The local companies take hefty fees. On the other hand, they handle all the sales and lodging taxes and pay the TN 1.25% Gross Tax and the local gross taxes. You just have to decide in the long run what is more important to you.
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@Chuck Kramer Thank you We are happy to be in that area. I have not heard of EVOLVE I will dig into that tonight. My wife and I decided to let a local management company help us get this cabin up and running for a few reasons first and for most we are new to investing and the short term rental area being new to us as well, we thought why not jump in and take the passive approach. We have noticed the significantly higher costs with both of us working full time and being remote owners we felt this would be a great way to get started. With all that said, we have thought at some point we might take control of it and manage it ourselves.
Are you managing your Cabins remotely? Have you found a reliable system that allow you to handle those late night phone calls, and last minute issues? I would love to connect and get some in site on your experience with short term rentals.
@Dmitriy Fomichenko Thank you for the welcome info.
Welcome to BP! I live not to far from you in Northern CA and would like to connect!
I use EVOLVE to handle the bookings and a local cleaning/maintenance company that is an EVOLVE partner to handle everything during the guest's stay so I don't get those late night calls. It is fairly hands-off. But, with my own character, I travel here about every 3-4 weeks and do some work in/around the cabins myself. It also gives me a chance to check-in on the quality of care the homes are getting.
Welcome to BP and best of luck investing Christopher!
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