All Forum Posts by: Daniel Feivor
Daniel Feivor has started 2 posts and replied 12 times.
Post: Cost Segregation Study in Gatlinburg
- Posts 12
- Votes 6
Quote from @Ken Boone:
I used Madison Specs too. They were around $3500 and they will back you in a tax audit.
Thanks for the ballpark figure. I'm trying to compare a few different quotes now, so this will be helpful to know. I'm anticipating this saving upwards of $50,000 on taxes, so that seems pretty worthwhile.
Post: Cost Segregation Study in Gatlinburg
- Posts 12
- Votes 6
Quote from @Andrew Steffens:
I have a client who lives in CO hired a company called Madison SPECS out of NJ do a cost seg for a property I manage in FL. If you cannot find one local, look them up.
Is there any benefit to using a local company over something remote? As long as the company can offer a competitive price, accurately assess everything, and offer audit support, I suppose it wouldn't matter, but I had assumed this was something local companies would typically deal with.
Post: Cost Segregation Study in Gatlinburg
- Posts 12
- Votes 6
Hi all,
We're looking for recommendations on who to use for a cost segregation study in the Gatlinburg/Sevierville area. Now that 100% bonus depreciation is back, we're looking to take advantage.
Thanks,
Post: ✅ STR Tax Loophole Passed & other real estate investor tax provisions
- Posts 12
- Votes 6
Any recommendations for best folks to do a cost seg study? I just closed this year on our first property in February this year, so the timing is great for us to take advantage of this. Property is in Gatlinburg area.
Thanks,
Quote from @Madeline Blom:
Hi! I’m an agent/investor here in the Smokies and would love to chat with you. I have impeccable reviews on Zillow. I own 4 in the Smokies. 2 on the NC side and 2 on the TN side. I’m a hustler and fight for my clients. You can also read about me on social media. 😊
Sent you a message, thanks.
Quote from @Josh Kelly:
Hi Daniel,
A friend of mine named Tim Hyer has a little business connecting investors with good STR agents. He analyzes transaction data by zip code, then screens for responsiveness, local knowledge, and comfortability working with short term rental investors. You're quite likely to get a solid agent through him.
Happy to connect you if that’d be helpful. Or you can Google him. Trusty Labs is the name of his business.
Sent you a message. Thanks.
Quote from @Joseph Lopez:
Hi Daniel,
I own properties in the Smokies and it's a gorgeous place to visit and awesome place to invest, even today. I'm going to recommend you listen to Avery Carl's episode on BP: Bigger Pockets Podcast 364 w/ Avery Carl and read her book Short-Term Rental Long- Term Wealth Book She personally has STR's in the Smokies and identifies that areas that make investing profitable in certain markets. The Smoky Mountains is one the preferred areas that meets and exceeds the prerequisites. For example, our mountain home has CCR's that stipulate "...Home can be owner occupied or rented for short term, but not long term..." that's how pro-STR they are in certain regions. Avery and her husband also are real estate agents that will assist you in selection of primary markets for STR's and also can assist you post-closing with a network of resources on her podcast and FB group. The Short Term Shop
That is only my recommendation, but I would still interview every agent that you can especially agent/investors that actually own STR's like Madeline Blom here on this thread. Work with people that are vested in the market that you involved in. Another example is our Property Manager also owns STR's and manages our properties as well as owns a cabin down the road from us.
Thanks for your thoughts -- I've actually already reached out to The Short Term shop, so I'm glad to hear you give them an endorsement. I'm reading the book now too and do find it to be quite helpful and insightful. I'll check out the pod too. Glad to hear that the regulations are so pro-STR. That's what I figured, but it's good to have peace of mind. I worry a little bit about competition and oversaturation, but I also feel like this area will probably continue to become a more desirable vacation destination over time, especially as the SE region of the US continues to develop, so as long as demand keeps increasing, everything should be hopefully hunky-dory, despite what seem to me to be over-inflated property values and a lot of competition. I feel like you could look at real estate from any point in the last 10 years and think that things look crazy and not pull the trigger, so I'm trying to avoid having analysis paralysis, as long as I know what I'm looking for and make sure that a deal makes sense on paper.
Post: Sevier county short term rental permit
- Posts 12
- Votes 6
Quote from @Collin Hays:
Quote from @Daniel Feivor:
Quote from @John Underwood:
Sevierville County has started a new requirement for STR permits outside the city limits too.
I'm looking to see if the application is posted online e yet. Has anyone seen it?
I found this blog post and am following this as well. Interested to know if anyone knows anything more about this new permitting process or if this is even true. I can't find much official information about this, but the blog post below shares a link to request more information.
Understanding the 2024 Short Term Rental Permit Program in Sevier County (gatlinburgrealestateforsale.com)
I'm looking at investing in a first property in the Smokies, and I'm trying to figure out how/if this would impact my decision at all, especially if we would close after March 31st.
Sevier County is making a major effort to claw more income from vacation rentals. Permitting is merely their tool to account for every vacation rental, so they know to tax it at twice the amount of a non-vacation rental. When you figure 13.5% sales tax that the taxing authorities are already receiving from your vacation rental, plus the newly-doubled property tax, it is simply stunning how much they are actually making off of vacation rentals.
Look for more cash grabs in the future. They will keep doing it until a vacation rental is no longer a viable investment in the area, and then it will all backfire.
It seems like you have a lot of insights into the local market there. Do you think the situation is making investments in this area untenable, or at risk of being untenable in the future? I'm a potential first time investor and was drawn initially to this area, but I need to look more closely at the tax situation it sounds like based on what you are saying. Do you have a resource that clearly lays out the regulations and taxes involved with STR property in Sevier county, along with any pending changes?
Quote from @Josh Kelly:
Hi Daniel,
A friend of mine named Tim Hyer has a little business connecting investors with good STR agents. He analyzes transaction data by zip code, then screens for responsiveness, local knowledge, and comfortability working with short term rental investors. You're quite likely to get a solid agent through him.
Happy to connect you if that’d be helpful. Or you can Google him. Trusty Labs is the name of his business.
Post: Ultimate Cincinnati, Ohio neighborhood guide in 2024
- Posts 12
- Votes 6
Quote from @Shaan Puri:
Hey everyone,
I've been diving deep into Cincinnati, scouting out some MTR/LTR opportunities. With the number of neighborhoods out there, it's easy to get swamped, right?
I decided to create a guide to help us out. Pulled together info from the latest BiggerPocket posts (2021 - 2023) and a bunch of other places.
Oh, and a heads-up - I got some help from ChatGPT on this, so if you spot any gaps or something that doesn't quite add up, give me a shout. We all know AI isn't perfect.
Eager to hear what y'all think
Evanston
- Close to Interstate I-71, part of East Side neighborhoods.
- Known for a higher likelihood of appreciation with less cash flow.
- Interest in large 5-bedroom homes needing renovation.
Norwood
- "The gem of the highlands."
- Near Rookwood, Oakley, and downtown.
- Experiencing new developments.
- Close to I-71, favored for value appreciation.
- Grade: B Class
Madisonville
- Between Mariemont and Oakley.
- Growth in residential and commercial sectors.
- Changing landscape with more developments.
- Part of East Side, known for appreciation potential.
- Grade: Later-Stage Gentrification
Pleasant Ridge
- Arts district, diverse community.
- Traditional feel with gaslight streets.
- Smaller, often rented single-family homes.
- Part of East Side, appreciated for potential value increase.
- Grade: Not specified
Deer Park
- Along I-71, quick access to Cincinnati.
- Business development including new breweries.
- Part of East Side, chosen for appreciation potential.
- Grade: Later-Stage Gentrification
Madeira
- Close to I-71, part of East Side's desirable neighborhoods.
- Balance of appreciating property values and quality living.
- Grade: Not specified
Kenwood
- Proximity to I-71, part of East Side's investment areas.
- Known for property appreciation potential and quality living.
- Grade: Not specified
Camp Washington
- 19th-century architecture, near downtown and uptown.
- Arts community presence, major apartment redevelopments.
- Attracts white-collar Millennial and Gen Z renters.
- Investment returns vary by specific location.
- Expected significant growth in the next five years.
- Grade: Not specified
Downtown Neighborhoods (Business District, Pendleton, OTR, Mt. Adams)
- High-end investment areas, suitable for short-term rentals.
- Cash flow covers expenses, lower CoC return.
- Grade: Not specified for individual neighborhoods
Over-The-Rhine (OTR)
- Revitalized, much safer than before.
- LGBT+ friendly, entertainment district.
- Median home prices at $304,900.
- Attracts young individuals.
- Grade: A Class
Hyde Park
- Affluent area, homes over $1,000,000.
- Hyde Park Square with over 150 shops.
- Safe, preferred by older families and retirees.
- Grade: A Class
Mount Lookout
- Favored by young professionals.
- Small homes, townhomes, and apartments.
- Mount Lookout Tavern, a local hangout.
- Green spaces, safe suburb.
- Grade: Not specified
Mount Adams
- City views, small homes, slim streets.
- Median home values around $465,000.
- European-style architecture.
- Suited for young professionals.
- Grade: A Class
Indian Hill
- Wealthiest Cincinnati suburb.
- Mansions on large lots, homes range $1,000,000 to $4,000,000.
- Ideal for raising older children.
- Grade: Not specified
West Chester
- Family-friendly and affordable.
- Homes range $200,000-$300,000.
- EnterTRAINment Junction and many parks.
- Excellent schools.
- Grade: Not specified
Downtown Cincinnati
- Urban living, apartments and townhomes $100,000-$250,000.
- Rent around $1,150 per month.
- Artsy and trendy, mixed professional population.
- Higher crime rates than other neighborhoods.
- Grade: Not specified
West Side Neighborhoods (College Hill, Westwood)
- C,D class areas, higher cash flow.
- Affordable 3-4 bedroom homes between $100k-$150k.
- Up and coming areas with investor interest.
- Grade: C/D Class