All Forum Posts by: John Carbone
John Carbone has started 38 posts and replied 1080 times.
Post: Smoky Mountain Slow Down?
- Rental Property Investor
- Gatlinburg
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Quote from @Nathan W.:
I always watch this data. We don't have numbers for April yet but overall traffic has been decent.
Good info to have, I didn’t know they updated monthly. February and March traffic was pretty solid so seeing those numbers makes sense. April and may will be interesting to see.
Post: Smoky Mountain Slow Down?
- Rental Property Investor
- Gatlinburg
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Quote from @Andres Murillo:
Many people in the smokies have been saying for the last several years that the smokies have no off-season except 8-10 weeks in January-early March.
Post: Housing-market bottom raises hopes that US can avoid recession
- Rental Property Investor
- Gatlinburg
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Quote from @Carlos Ptriawan:
when there's formal recession,usually stock market already hitting 52 week new high, just saying.
Sometimes we need to shutdown those TV and twitter.
Employment is also usually the last to drop. Historically the impact on the economy from rising rates happens 18-24 months after the first rate hike. 3rd and 4th quarter will be interesting
Post: Smoky Mountain Slow Down?
- Rental Property Investor
- Gatlinburg
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The last few years the traffic was non stop especially on weekends, even in April and May. My cabins were still booked this weekend, but it’s perplexing to not see people out doing attractions on the roads.
Post: Smoky Mountain Slow Down?
- Rental Property Investor
- Gatlinburg
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The last 3 weekends the traffic on the parkway from Sevierville through gatlinburg has been pretty much a ghost town on weekend evenings which ordinarily are jammed traffic. The last few years it was wall to wall this time of year. Went to the Alamo steakhouse last night and walked right in. It’s starting to look and feel ominous, I know summer will pick back up around here but this is starting to seem like it might be a 7 month season here now.
Post: How to figure out what a STR property is worth??
- Rental Property Investor
- Gatlinburg
- Posts 1,091
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Quote from @Zach Edelman:
All comes down to the sales comps that the appraiser uses. I would think though that in markets with a lot of STRs, such as Dollywood, appraisers at this point know to use sales comps for STRs that are other STRs.
So then it does matter what the rental numbers are.
Post: How to figure out what a STR property is worth??
- Rental Property Investor
- Gatlinburg
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Quote from @Zach Edelman:
Value based on sales comps, not based on what the income (STR) that the value generates is. This is how residential assets are securitized in the MBS market, and how they are lent on as well. As a result, you may find yourself with some lending difficulty if a seller is charging too hefty of a premium based on the STR income of the property they're selling.
How is the value determined let's say a like kind home that sells for 1m zoned for allowing str, and a block away in a subdivision that prohibits short term rentals, will the home still have a 1mil value and be comped against others even though the market wouldn't pay close to 1m. If that's the case, then there are some SEVERELY overpriced homes in sevier county that banks could be on the hook for if there is 0 calculation of STR revenue
There is a property right now across from dollywood that has dropped the asking price in half after it was determined no zoning for str
Post: How to figure out what a STR property is worth??
- Rental Property Investor
- Gatlinburg
- Posts 1,091
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Quote from @John Underwood:
It's only worth what comparable sales say they are worth. It being a STR has no bearing on its worth.
Post: recommended masterminds for someone starting out
- Rental Property Investor
- Gatlinburg
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Quote from @Carlos Ptriawan:
Quote from @Abi Horton:
Quote from @Eliott Elias:
Go out in the field and network on your own first. Join the mastermind when you have a good reason to.
Thank you for your message. I work full time from home and I am in the process of buying my first property, that I will be moving into, in a new state. I would love an in person mastermind in Columbus, OH but I feel like I could get access to better groups in different locations if I were to find a group online.
I will be networking and meeting new people, but I would like to surround myself with likeminded people because I want to learn and grow. If I can join a mastermind it will massively increase my confidence in this space and accelerate my learning, more than just hoping I will meet the right people organically in a new city.
Your biggest mastermind should be @Remington Lyman since you are in the area. It's funny you're already located in the most famous CF location nationwide and still need brainstorming how good really investing in Columbus would be.
Why is Columbus the best CF area?
Post: Another Furniture Store Going Out of Business
- Rental Property Investor
- Gatlinburg
- Posts 1,091
- Votes 957
Quote from @Tayo Black:
Just saw that H&H Furniture is closing, for anyone located near one and needs furniture for their rentals: https://www.the-sun.com/money/...
There’s also a ton of stuff on Facebook marketplace from people who are getting rid of their short term rentals. I got a 10 month old hot tub for $1500 that previous owner paid 6k for