All Forum Posts by: Leslie Anne Morris

The market isn’t dictating fast scale now. 2019 it was, particularly in markets where price per sq ft hadn’t sky rocketed yet. I’ve had buyers partner up to get a property faster so it is a good idea if you find someone who shares your goals. If you can attend BP Con or other similar events as well as other meetups around your area you’d be off to a good start. There’s an app called Meet Up. 

We get guests in our cabins occasionally doing something similar. Not typically asking for a review, but wondering why the fireplace won’t work. It’s typically warm when they ask. I think they are mostly just excited because they’re from a warmer part of the country and don’t typically get to use an amenity like this. Plus it’s a cabin and they want that cozy vibe. It’s unfortunate you had a bad guest. Sorry you had to refund, but sounds like the right call. 

This is a great problem to have! Save it up, buy another one - then cost seg the new one to hopefully offset during that tax year. 

I have used Resort Cleaning and old school text method - especially in the case of cancels. Although you’d still want the place cleaned after someone checks out (so it’s ready for the next guest). 

You can estimate operating costs various ways. Talk to an existing investor, agent, property manager in your market. Some listings will also provide the current operating expenses. 

STR is a hospitality business and not providing housing like an LTR. Very different, even though both can be single family homes. A lot of investors underestimate the amount of operational time they'll put in - which is what makes a good PM worth it!

I noticed that myself recently and wondered what the hell was going on!

I don’t think the Smoky Mountains is a tough market. I bought two last year both over 20% cash on cash. You have to buy the cabin that most people are looking to rent and run your underwriting conservatively. Now especially is a good time because we’ve seen other investors fall out. This has created more opportunity for those who are still investing. 

I’ve hosted Make a Wish, it was an Airbnb booking.