Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Collin Hays

Collin Hays has started 119 posts and replied 2499 times.

Post: Just when I thought I had heard everything...

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

My manager awakens me this a.m. with an "extreme emergency."  It seems that a guest was, for some unknown reason, attempting to move a slate pool table.  In the process of doing so, the pool table supposedly fell on one of the guest's fingers, it severed the finger, and they were off to the hospital.  How horrific.  My manager was in a panic.  

I said "let's talk to the guest a bit more and go and actually survey the scene before we go drawing any conclusions."  I talked to the guest, trying to get more info. on what happened, and I couldn't get her nailed down as to whether a portion of the finger had actually been severed.  "just the tip, less than an inch.  they will probably just give her a tetanus shot."  

Hmm.  Is that what they do when you sever a limb?  "My manager is going by the cabin...is the pool table still broken?"  "No", she replies, "they set it back up."   Hmmm.  So we have a medical emergency with a severed limb, and folks are worried about setting the pool table back up?  

She told me "the kids are afraid to go down into the game room because of the pool table."  I told her "I'll get someone by to check on the pool table and fix it if necessary." 

This all sounds incredibly bizarre, with a lot of missing information.

Post: What are your skillsets that separate you from your competition?

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

I am honest and try to talk people out of being my client.  Local, family-run business that isn't trying to squeeze every dime from our guests and clients.  We give our clients a free 6 month test drive just to figure out if they like us.  ;)

Post: We had a guest squatter in our vacation rental!

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

Haha!  This CAN happen!  We have a couple of very slow months in the Smokies - Jan and Feb - and one of our housekeepers decided to move into one of our cabins for a few days with her family!  But what do you know, we had a booking for that cabin and the guests showed up with our housekeeper and her family there!  We called the police and they were all arrested.  Hated to do that, but you can't mess around with this nonsense.  

Post: STR Compliance Companies Popping Up

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

One more vendor to give your hard-earned money to!

Post: Market Saturation in Smokies?

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532
Originally posted by @Alan Ford:

@Collin H. Yes, please do... and umm, if you get any leads on hot properties there... lemme know ...so uhh...I can stay away from them too!!

Sarcasm over - I personally am enjoying having someone else buy me property, put net profit in my pocket every month, and to top it all off... both my properties are worth a combined $200k more than I paid for them....two year ago lol. By the way - I don’t even self manage and still raking it in.

Yeah... Smokies suck... lol.

 We are in an unprecedented, perfect storm for both price appreciation and rental income in the Smokies.  There is no way it can reasonably continue at this pace, but we will enjoy it while it lasts!

Post: Are the Smokies Too Hot?

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532
Originally posted by @Mike Anderson:

@Collin Hays I came in here looking for info on buying an STR in the smokies, and I might end up renting your cabin for the weekend instead! Gorgeous place!

Thank you!  Renting is a lot less hassle than owning for sure!   ;)

Post: Can we get a refund due to COVID next week?

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532
Originally posted by @Karl McGarvey:

We are only giving refunds if there is an amenity that we offer (beach/pool) that is forced closed due to local ordinance. That being said, I took the risk on a few cancellations last week and ended up rebooking for 40% more... so there is something to be said for opening yourself up to a last minute booking in a place with a lot of travel going on.

 So if an amenity you offer - hot tub, pool, pool table, cable tv, etc, is out of commission, you offer a refund?  That might add up to a lot of refunds!  We will often offer some consideration, but certainly not a refund.  Stuff just happens.  My homeowners are not insurers.

Post: Can we get a refund due to COVID next week?

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

Dear Sir.  "Our governor Cuomo has forbid us to travel to TN next week due to COVID.  Can we get a refund?"

Answer:  "Not only no, but hell no.  Number one, my homeowners are not going to be held financially liable for your governor's whims and decrees.  Take the matter up with him.  Number two, COVID has been a known threat now for many months.  You knew the risks when you made the reservation.  Number three, if you were concerned about the risks, you could have purchased trip cancellation insurance from any of about 6 insurers by doing a simple google search.

So no, we aren't giving you a refund."  

Post: Financing for a short term rental condo on a resort

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

Big banks aren't much into local lending, unless you want to buy a car or need a vacation loan.  Going to Wells Fargo for an investment loan is like going to Dollar General to buy your kids' Christmas presents - not much to offer, it's not what they do.

Post: STR property management

Collin Hays
#2 Short-Term & Vacation Rental Discussions Contributor
Posted
  • Property Manager
  • Gatlinburg, TN
  • Posts 2,535
  • Votes 3,532

I wouldn't use a property manager for that sort of thing.  I am a PM and I don't know squat about furnishings and layouts.  Find a trusty decorator there locally that you can slip $200 to give you some ideas.