All Forum Posts by: Jeff Piscioniere

Josh Stack are you looking for money or are you looking for occupancy??? You don’t sound very convinced of the amazing potential of the TN side of The Smokies even after Lucas Carl detailed explanation and with all due respect, you sound ignorant of the market conditions. I also own and self manage a very successful vacation rental in Gatlinburg and agree with and back up what Lucas has explained. Again, do your research and if you have no interest in profiting by all means hire a property management company. If on the other hand you want to watch the money roll in, self manage on the various booking sites like Airbnb where you can literally manage while sitting on the John!

Jeff Howard you asked about concern about people trashing your home. I manage a VR cabin in Gatlinburg, TN from over 700 miles away. The easiest thing in the world for me to do would be to lower my prices for a few open days I have in a month just to be greedy.....but I don’t. As the saying goes, you get what you pay for. Lower your prices just to get done in one you otherwise wouldn’t have and yes, the scum of the earth will book your home. My point, remain vacant vs dropping prices just to get warm bodies in! Good luck!

Dev Paul based on what multiple people have said on your post, you need to take a serious look in the mirror and ask yourself why it’s even rational to consider investing in “If it moves we tax it and if we don’t tax it yet we probably eventually will” People’s Republic of California! California has a horrible fiscal situation and anything may become a target. Your profile says you’re from Jersey City, NJ. See, you escaped from one high tax unaffordable hell hole. I live in the People’s Republic of Connecticut and easily self manage a vacation rental in Gatlinburg, TN. Reward yourself and make a great decision for your future and don’t just get lazy thinking on convenience now when that may have consequences for the future. One day in the future when Jerry Brown or some future out of their mind tax and spend politician puts a confiscatory limitation on what you can do with your private property and do you think you’ll be able to sell that easily or will it be worth as much?!?! As @Lucas Carl stated, this is not a business you sit back and log in to see how your mutual funds are doing. It takes some upfront work to assemble a team on the ground. After that it’s very very rewarding. Do you research and make sure to actually APPLY your stated future goals. Good luck!

Kennith Osborne you can add your taxes to your listing. In fact Airbnb just started not only taking taxes out but submitting them to TN on your behalf. Either way it’s not difficult to submit taxes on your own. I understand you want to be as hands off as possible but it’s not worth giving up 30+% because of a couple checks you have to write and mail and logging on to TN state site to submit. It’s worth every penny than paying a property manager all that money.

Kennith Osborne the market is not even remotely in decline in fact it’s doing awesome. May I make a suggestion.....unless you want to continue to work and/or wait even longer to buy your second property, forget the property management idea. 30-40% of your profits poof into thin air and I’ve talked to plenty of people who basically say their rental company/property management suck! It’s almost child’s play to manage it yourself on Airbnb, TripAdvisor, and vrbo. Get yourself a really good cleaning crew and they are your eyes and ears on the ground. You’ll need a couple handymen in your contact list and a few others like plumber, electrician, and HVAC. You just come back and ask us and we’ll hook you up with the proven professionals. Gatlinburg is a 12month vacation destination. You will not be disappointed. Any questions let me know Kenneth. Good luck to you!!! Jeff

Thank you Rick Santasiere and Filipe Pereira. We met with an attorney and are currently working together in putting our operating agreement together. Will keep everyone updated Thanks!

I agree completely Andrew A. ! No doubt an attorney will put all final touches on it.

Andrew A. And Brian Schmelzlen thank you. That helps out much! I actually came across a website that with a few questions answered spits out a generic operating agreement that’s a good baseline to use. I will take your concepts and attempt to intermix them in. If you know of anywhere where a rough draft might be found let me know. Otherwise these were great examples! Thank you.

Thanks Brian Schmelzlen ! What do you mean by determining what amount to pay out if someone leaves? Wouldn’t it just be their 33%?

Hello everyone! Myself and 2 partners are getting close to purchasing our first property together and we will first need to form our LLC. It's pretty simple, 3 ways equally. We would like some input on the types of terms and parameters to include in the operating agreement. We are planning on discussing this with an attorney but would love some feedback from the real estate investment community. We are 3 guys in our early to mid 40's with very similar life situations: married, several kids, middle to upper middle class incomes doing real estate investment on the side starting with what might be a single family rental progressing to multi-family and hopefully eventually apartment complexes. Additionally, what types of fees might we expect to incur from an attorney to complete this process? We are in the state of Connecticut.

Thank you in advance!

Jeff