Seems like once a week, someone asks about whether this or that property will "make money."

What does "make money" mean? Does it mean a positive monthly cash flow? If yes, then a vacation rental is an incredibly poor investment, regardless of price. While there are properties in the Smokies that will "make money" (positive yearly NOI), that's not as much my objective with this type of investment. I buy QUALITY real estate in the Smokies (or anywhere else) knowing it's going to rise in value significantly over time, and other people are going to service the majority of that debt for me. So if I'm having to kick in $1000 a month, it's no worry to me. If it "makes" $1,000 a month, not a big deal either. Neither of those amounts are moving my needle, and if they are moving yours, you shouldn't be buying real estate.

Serious question: How many of us are dutifully stashing $2,000 a month into a 401K with zero current income, and we are perfectly content to do so until we are old people?

My first cabin in the Smokies, I bought in 2005. I was negative $1,000 a month for a while. But the renters have long since paid that asset off, and it's now free and clear doing $50K in annual rents, and the value us probably $700K. What's wrong with that investment?

Now, I also own five Great Clips franchises. I did buy these for income. They've helped me...buy more cabins! Different investments, different objectives.

Search out what your investment objectives are. If monthly income is at the top of your list, forget about vacation rentals and buy a Great Clips franchise.