All Forum Posts by: Avery Carl

Get the Schlage that @Jon Crosby just mentioned.  We got the Kwikset for our 5 in the Smoky Mountains (hey neighbor!), because they are advertised to be wifi compatible, but when we called to hook them up with Z-Wave, we were told that the option was not available yet, and we had already installed all 5 and couldn't return them.  So they hold 20 codes, but I can't change them with wifi, which was the whole point. 

I would have started earlier.

Welcome Alex!  I am here in Nashville too, let me know how I can help!

I have 5 vacation rentals in the Smoky Mountain area of Tennessee.  Can get a turn key property that comes fully furnished for 200-250k, and we are grossing 2 1/2-3% of purchase price per month in the slow months, and closer to 4% in the busy season, (May-October).  I'm happy to chat with you about our experience so far there, it's been pretty great, and you don't have to worry about hurricanes. ;)

If you want to invest here, just keep at it and make sure that your numbers work.  Yes, the market is going nuts here, yes a correction is coming.  But are there still deals where the numbers work?  Yes, they are just few and far between.  Choose your investment based on cash-flow and don't bank on appreciation and just keep plugging away until you find something (or shift your focus to a different market if that's easier).  But don't wait to invest until the next downturn, because it could be tomorrow or it could not happen for 15 years.

To echo @Michael Greenberg I think it's pretty location specific.  I use both Airbnb and VRBO and I get 95% of my business from Airbnb.  And the guests that I do get from VRBO are usually much needier and require a lot of handholding.  i.e. sending a ton of messages pre-booking to ask questions that are clearly stated in the listing.  

I also know other people who get 95% of their business from VRBO and have no complaints.  I recommend posting your listings on both and just going with the flow of wherever your business comes from!

Also, not sure if you are interested in self-managing, but it's pretty standard for the vacation rental management companies in the area to take 40% of your gross.  I don't know which one you may be considering going with but it's definitely something to consider when structuring your profit split with your partner.  I know Evolve takes less but I have bought 2 deals in the past year from owners who weren't profiting with Evolve and didn't want to pay a higher split to a management company.  Just food for thought!

Hi John!  @Luke Carl and I have 5 properties in that area, and we have put together partnerships with a colleague on a couple of them, so if you PM either Luke or myself we can tell you how we did that and what the ins and outs are.

I also have my license and specialize mainly in clients interested in self-management, a lot of agents in the Smokies don't understand the concept of self-management and work for or have agreements with the property management companies.  If you want to connect I'm happy to chat about how we have structured our partnerships or any other questions you may have!

I do not agree with the guy who said you are "thinking too hard."  You have put together a very well thought out and intelligent plan, you've got the capital to get started, and you have the value-add of cash to present to a seasoned investor if you found one.  As long as you have done your research on the areas and types of properties where you can get deals and cash flow, you should be ok with or without a partner.  Why not go ahead and start making offers, and while you're doing that set up some coffees with seasoned investors as well, to see if there's a fit.  It doesn't have to be a situation where you won't make money too.  There are plenty of investors out there who have all their cash tied up in other properties at the moment who would love to go in on a property with you.  Just don't get stuck doing nothing because you're trying to decide on partner or no partner.  The hardest part of real estate investing is making that first jump.  So go get em!

@Carrie Carlton ok so "the powers that be" is banning people for 3 years. No matter where that comes from, be it codes or airbnb, it's not something I would want to happen to my property that I specifically invested in for STR purposes. Apologies for misspeaking.