I am wondering if anyone invests in the Fairfield Glades TN market? This area is primarily a retirement community but it is also a huge golf community. There are many available condos for reasonable prices that rent to golfers but I am not very familiar with this market. I would appreciate any thoughts or contacts in the area that could be helpful.
I live in Crossville TN and looked at buying in FFG's back in 2014. The problem with that area is the POA. Their fees are very high for the area and they are severe in how they manage. There are the 'friends and family folks' and those that they torment in the regulated community. For example if you are not on the friends and family list and want to paint your home, you fill out the form, choose paint colors on their approved list and wait for the permit. But they decline your color and say there are too many houses with that color in your area, so you can paint your house Y color. You hate Y color, or just really want the other color, but they will not budge. And then to prove their power they threaten you with penalties because now your old paint has faded and is not in compliance with the approved colors, or it is peeling or whatever.
The POA is controlled by folks that moved here from NY, east coast, etc, not locals and they have let their position go to their heads, plus they really like rules to control others. FFG really does not fit in with the typical TN way of life.
The locals joke that they keep their Yankees in FFG so they do not destroy the community with their values.
The prices are so low because of this POA...it will always be hard to sell these houses and mainly it is a area with retired people so as they leave, not many step up to buy. Locals do not buy there, don't rent there. Renters would need to be folks new to the community. Your rent will need to be high to cover these POA fees too!
@Lynette E. Thank you so much for your feedback, the more I have researched that area the less I am interested in investing in it. I understand what you mean by the area not being controlled by locals. It also concerns me that the majority of your STR market is golfers, I am looking for something that has the potential for year round rental potential. Thanks again for your feedback.