All Forum Posts by: Avery Carl

I own 3 in that area. If you're going condo, it needs to be beach front. If single family, walkable to the beach. Golf cartable to the beach is ok too but if they have to get into a car and drive it's too far.

Surprisingly, the majority of properties are flood zone X, with a few exceptions. So flood insurance isn't often needed. unless you're buying a single family right on the sand.

I would like to hear your recommendation for beard care 

@Kelsey Ardoin specializes in STR in that market

It's definitely a fun idea but it can take years to get through permitting something like that. If that doesn't bother you and your goal is to own a cool unique stay thing, great. But if your goal is just to build wealth by investing in short term rentals, you could already be 5-10 deals deep by the time you get through the permitting process of the unique stay thing.

Haven Vacations is great, Bear Tracts also Short Term Connection

Timing the market is like trying to catch a falling knife. You know the general direction that is going, but catching it at exactly the right time is pure luck. Just run your numbers at the price and interest rate you're able to get a property for and if they work they work. If not, move on to the next deal. I don't like everyone running around saying "marry the house, date the rate." I feel that it encourages people to buy deals that don't work and bank on refinancing and lowering the rate later. Make sure that the deal works NOW and if you can refinance to a lower rate later, then that's extra.

I would tell them that they need to have at least three different revenue drivers in terms of potential renters. Focusing on one small sub sect of an industry is not a strategy. I agree with you there.

The Smokies is definitely what I would call a blue chip market in terms of short term rental investing. It has stood the test of time through economic events, natural disasters, and of course the pandemic. The prices have grown to reflect that. Deals can still be had with patience and persistence. However, the point of real estate investing is to build your wealth and in turn help you sleep easier. If the prices are so high that the mortgage payment is going to keep you up at night, then go a different direction. We have 14 other markets to choose from, and a number of them are significantly cheaper than The Smokies. If that market ends up being too uncomfortable for you but you still want to get in the STR game, we can certainly help you pivot to find something that is less of a budgetary stretch. And if you want to wait it out and see what the market does, all of this stuff will still be here for you to pick up later.