All Forum Posts by: Leslie Anne Morris

It isn’t difficult if you qualify and have the down payment to get a construction loan and build. Is now the best time? It’s better than when lumber was a lot higher. If it makes sense in your market then go for it. But I’ve held a piece of land for over 2 years. Started building over a year ago and we’ve just barely got the house seat cut. 

I prefer turnkey. You’re right. It cuts down on the time to get to cash flow. 

Quote from @John Carbone:

Quote from @Nathan W.:

The May data just posted and the GSMNP is currently on trend to have the second highest annual visitor count ever. 

https://irma.nps.gov/Stats/SSR...

That doesn't mean those visitors are staying in cabins though. It could just mean that more people are taking day trips or staying 2 nights vs 4. The vacation rental market is being affected, I'm just pointing out the data. 

Thanks for the data. I do look and track this. I have a hard time believing that there were 50 percent more visitors in may than in March. Hotels in may were empty, with offerings below $50 a night and March was the total opposite except for the first week. I also go to the park 3-4 times a week for a few hours, and in March it was unbearable with crowds. In may, it was a virtual ghost town. 

we need to get dollywood visits where we can see a much better representation of visitors (paid visitors) @Leslie Anne Morris  any luck on that?

Sorry no. I don’t have any connections there. It was a great idea but it hasn’t converted. I’ll second March being busy and May being slow. June started to book in June. July is almost fully booked now. I’ve had to drop rates 5-15% depending on location. In a strange turn of events I’ve had 5+ inquiries for 2024. Our calendar isn’t open yet. 

We see scammers way more often on VRBO. On Airbnb we mostly just get ‘travel bloggers.’ Report them! Don’t have the address to your property anywhere public. That’s about all you can do. Of course if someone knows your property is sitting empty and they are smart enough to figure out public records then that is a whole other issue. More reason to use professional management I guess - so that your name isn’t readily available. 

We see scammers way more often on VRBO. On Airbnb we mostly just get ‘travel bloggers.’ Report them! Don’t have the address to your property anywhere public. That’s about all you can do. Of course if someone knows your property is sitting empty and they are smart enough to figure out public records then that is a whole other issue. More reason to use professional management I guess - so that your name isn’t readily available. 

There’s a Facebook group called Property Management Discussion. 

I met the CEO at a conference in London. This is all surmised based on their data and analytics tools. Some markers I’ve never heard of, but others near that area may say it’s a no brainer. It all depends on your perspective and honestly where you’re located in the United States. Well known vacation markets tend to be the safest bet. 

Quote from @Kyler J Sloan:

@Leslie Anne Morris I did factor it in, but am going to get more exact numbers from my lender soon.

Another thought: many of the improvements I make will likewise improve my other property. For instance, they share the same driveway up to a point, and I would be using a HomeStyle loan to pave the driveway, add square footage, among other things. Also, they would share the same internet bill (not much, but 100 a month saved); driveway maintenance would be almost the same for both properties, etc. I also have subdivided a parcel on the very top of the mountain to build on as soon as I pay off the private money. So, I will have 3 inter-connected cabins. Each will have different primer amenities: one a home theater; one a pool; one a gym. All will have hot tubs of course, and each will have different games in their game rooms, and so on.

There is a lot of potential long-term, although I am not certain that it exceeds the opportunity cost of investing in 2-3 smaller properties within the same span of time. 

Go for it!

Is the ROI of 20% including the debt service on the down payment sources? That has the likelihood to kill your deal. I like your reasoning about owning the hill side. Sometimes it isn't just about underwriting.

William Kittrell

865-546-0500