All Forum Posts by: Joshua Strickland

If you want to get a quote from a property management company then you can put the info in on Vacasa’s website. Granted they will want to set up a call with you to discuss management, but they will give you their projected numbers which is typically low in my experience. However it is a data point.

Panhandle getaways is another larger property management company in that area that might give you some projections. Once again they will want you to list with them, but they probably have better market knowledge than a company as large as Vacasa. Once again another data point.

Either way I find their numbers to be lower than what you can do self managing if that’s your thing.

Once you have the first under your belt you won’t find the need to gather nearly as much info for the next.

They will need to get additional insurance and register it as a STR with the county. Mine are in Pigeon Forge so I just call Sevier County and they get you the info to set up the business license. I believe there may be an additional step inside the city limits of Gatlinburg. Check out proper, cbiz, foremost, or I use a local insurance co. that goes through openly insurance which is less expensive.

Can’t believe I’m saying this, but this actually might be a situation to engage a local property manager if they want to be more hands off, but the income will be lower due to their commission. If they are up for a fun new adventure then self manage.

@Keleisha Carter Movement Mortgage in Knoxville. All are in my personal name. Haven't did the LLC thing yet, but hope so soon!

I struggled with searching for my WHY as well. Best I can come up with is:

1. Having my first child later this year and I want to spend every waking moment with it.

2. I want to have F*** You money so no one can tell me what to do and when to do it. Whether it’s a lender, a friend, a family member, or the government. Don’t like how I live my life, no skin off my back. If I want to fly a rocket ship into space like Jeff Bezos, so be it. Invest in Dogecoin like Elon Musk, no worries.

@BRAD THOMAS Luke and Alex are correct. CoC is the more used metric for STR. With that said I wouldn't do anything under a 20% CoC. And that is with conservative underwriting numbers.

Full disclosure… I’m not a lender or have a ton of knowledge of that world, but with that said…..

I’ve did 3 types of loans. First was a 10% second home loan, then a private money loan from a family member which I cash out refi’d, then a 15% second home loan on a condo(which I had to call 20+ lenders to find and was more headache than what it is worth.) I’m closing on the sale for one of my cabins in a week and am doing my first 1031 exchange to get that under my belt.

Investment and portfolio loans tend to be easier and less headache in my opinion. Especially from some of the national companies that I’ve been quoted from like Visio, Host Financial, but I’ve never actually closed on with them yet so it is TBD.

All depends on your situation. If you have a low DTI then a second home loan most likely has the best rates and down payment, but once your DTI gets higher lenders have questions and will request every financial document that you've ever been a part of. Maybe best to go with investment or portfolio loans at that point to forgo some of those issues.

StayFi.com

I just set it up in one of mine so I’m still new to it, but seems like it will do the job.

@Xumin(Cassie) Ma I like both areas income wise with a slight nod to the Smokies due to the added difficulty of financing condos in Florida.

Yes they are overpriced, but yes you can still make great returns. It’s never too late. You just may need to put more cash down in order to cash flow. (Not that you need to right now.) 
It all cash flows if you pay cash!

Pigeon Forge, Gatlinburg, Sevierville are the super hot spots.

Also look at Bryson City, Asheville, Whittier.