All Forum Posts by: Avery Carl

Are those gross or net numbers? If gross, those are very low returns for the purchase price. In my market, a 5 bedroom can reasonably gross $100k. Would you be self managing or using a property manager? If a manager, what is their fee? That will be a huge determining factor in your net income and overall success. Fill in some blanks here and I can give you a better analysis. But good for you for getting ready to pull the trigger. Investing in STR's was the best decision I ever made.

Codes department.

You’re right on. An hour early if you know it’s clean is fine. But the last thing you need is a review stating you allowed early check in. You know what you’re doing!

What’s your weekday pricing look like compared to your weekend pricing?

Hi Sandy! If it's a vacation home, I'd probably avoid Craigslist as there are so many scams there. You'll get plenty of bookings on the major booking platforms, so you won't even need Craigslist.

My number one piece of advice is to BE ADAPTABLE. The ability to roll with the punches is key in this business. Things will go wrong, and not everything is going to fit into a nice neat box. It will go smoothly 90% of the time, but when situations arise, have an open mind and get it handled!

I've got 15 doors total. 5 of which are STR's in the Gatlinburg area. The income from the STR's funded the down payments for the long term rentals. STR's are a great way to scale quickly.

@John D. is our resident expert on that market!

@Matt "Roar" Gardner'

If just having a vacation spot for yourself is your goal, then this is not a bad strategy at all, just do your research to ensure that you can break even. To get started you'll just need a good cleaner and a good handyperson. 

If your goal is to scale and build a business, I'd go with the Tennessee or North Carolina side of the mountains, as their tourism traffic is much higher and in turn, returns are much higher.

What a great problem to have! My question is this: would 1031-ing and building a new one be a lateral move cash flow wise, or would it increase your cash flow? If it wouldn’t significantly increase cash flow to 1031 exchange it, then I’d work on a way to keep the one you have and leverage for the new one.