All Forum Posts by: Adam Philpot

Hey guys - looking for feedback on 35802 in Huntsville? What do you think of schools, jobs, crime, quality of tenants? Thanks in advance.

@Ken Latchers trying to get feedback Ken. Thanks for your helpful reply

@Lucas Carl I found an offmarket apt building walking distance to Cherokee, sugarland moonshine distillery, all the good stuff in that area. We would remodel the units to make them appealing to Airbnb

What are your thoughts on cabins vs apts for that area? I know it’s not the wilderness feel but there has to be a market for those that want to be walking distance to things.

Would appreciate your thoughts.

Rough numbers:

13 units

Asking 600k

I figure if I can rent 10units @ $100 x 10 days a month that a healthy cash flow.

To optimistic?

@Jay Fraddany thoughts on the potential of apt rental that are walking distance to sugarland moonshine, Cherokee, and all that?

@Julie McCoy thanks! Do you know a way I could look at the success rate of apt/hotel bookings vs cabins? Any good websites or softwares that analyze the Airbnb market?

I figured there is a market for those that want to stay close to the downtown strip and the lift. This is walkable to Sugarland moonshine distillery and other attractions.

@Avery Carl thanks Avery! The “A” I referenced doesn’t exist on this property it was just something the person at codes mentioned stating “if it had an A at the end it wasn’t short term rental eligible”.

Your correct. It’s not a cabin but I figure there is also a demand to be walking distance to activities downtown. It’s also close to the ski lift. I know the demand is smaller for this than a cabin.

I appreciate your willingness to evaluate the numbers with me. To give you a rough estimate

Rough picture of the numbers.

13 units - mix of 2bedrooms and 1 bedrooms (mostly 1bed)

Price: 600k - planned to put about 10k -15k into each unit overtime

I figure if I can rent 10 units x 10 days a month x $100 unit this has some great potential cash flow.

ive looked at similar style apartments near by and looks like they’re book 20ish nights a month based on availability

What do you think?

BPers,

Looking to talk to those experienced in Short Term Rentals in Gatlinburg, TN. I found an off market 10 unit apartment walking distance to the newer strip of Gatlinburg. I want to convert this into short term rentals. I called the city’s building and codes office today and they said since it was zoned C-1 (didn’t have an A after it???) so it could be used for short term rental I just have to get my business license.

Is it that straight forward?

Can I get Airbnb licenses for each of the 10 units?

Those experienced in gatlinburg, how difficult is the process?

I have no experience with short term renting. Any advice you can provide would be SO appreciated.

I’ve had a lot of deals fall through/numbers don’t make sense and I’m excited about this one. The cash flow could be fantastic.

Hey Out of State Investors,

What are the BEST free websites that will give you zip codes demographic data (income, crime, schools, job market, job growth etc...)?

I like sperling but not sure how reliable it is at the zip level. Anything good you guys are using for multifamilies?

@Stanley Bronstein @Jessica Zolotorofe @David Miller

Thanks for all the feedback! I meeting with an insurance loan originator tomorrow. I don’t have a deal in hand but wanted to have a quick introduction. Below are so if the questions I want to ask him. Any other topics you guys think I should add??

What are the fees on your loans?

Are there terms around early payoff? At 5yr,10yrs, 15yr etc...

Do you try to have any control in tenant veto or lease changes or do you leave me and my team to run the business?

What is all the information you like on the property and the team managing the property?

Has anyone done a commercial real estate loan through an insurance company? I’m just learning of this form of lending and found a company in my town. On its face, it looks like the rates are great, non-recourse, and could potentially could get a 20yr note. The only downside is early payoff penalties.

Am I missing anything? This feels like a great opportunity and wondering why you don’t hear about it more often.

Thanks