All Forum Posts by: Luke Carl

I was in this same spot a couple years ago. Ended up with more cabins in Pigeon Forge Gatlinburg. If you’re looking for cash they can’t be beat. If you’re looking for somewhere to visit for free then a condo in PCB will probably break even. But why not buy another cabin and let it pay for your vacations in any destination you want to go. 

@John D. Makes a great point although that gross sounds decent to me for that PP but I need more info. If it’s worth 500k it’ll appraise for 500k are you paying cash for the entire purchase or willing to make up the difference?

@Bob Mueller Jr. @Bob Mueller Jr. Woah! Your head is spinning. I actually read this on the forum and was surprised to see my name mentioned usually I’d see that pop up in my email first so thanks for that!!! Occupancy rates seem normal to me but its not my market. Questions: What is the GROSS number past couple years. Are you financing and how much down. Do you have time to get me on the phone real quick before I go to bed with a newborn.

Spam Nation

Hello! The resident Gatlinburg Pigeon Forge expert here. Condos aren’t my thing I do cabins they make more money but it’s damn near the same thing. Feel free to shoot me your number or ask for mine and get me on the phone for an hour I’ll teach you how it’s done.  

Originally posted by @Tara Wright:

@Lucas Carl dang that’s a great offer Lucas!

I love helping folks set up their new vacation rental because I didn't have anyone to help me and I wish I had.  

I feel your pain! STR are not for everyone for the exact reason you listed. Dealing with PEOPLE on a day to day basis can be very stressful and it is unfortunate when the bad seeds come along... and they do come along. I self manage 5 vacation rentals remotely. I enjoy it and the returns are fantastic! But for now I'm sticking with the 5 and have moved back into the LTR space.

I've never tried to rent a furnished LTR but I would imagine that would come with many of the downsides of a STR so I think I'd also get rid of the furnishings.

Criagslist is not what it used to be. Items will sit there for long periods of time to the point where I generally find it's more cost efficient to give them away free or even pay someone to haul them off just to get it over with. The FREE section on Craigslist is still popping. Other than that I don't have much luck with furniture or appliances. Throw your stuff on there for a day or two for a reasonable price and see if you get any action. Also try the Next Door app. Use TAKL to pay someone to haul stuff off. 

Good luck! 

@Daniel D Ryan. Hello! Time for the ol’ one hour phone call with yours truly. PM me for my number I’ll teach you everything you need to know. Happy to do it :)

Originally posted by @Waylen Herdman:

@Lucas Carl 

I'm assuming you're based in Nashville and self manage from there. That's impressive... I work for a STR property management company here in Nashville. The amount of times I have to make last minute trips to Nashville because of broken A/C units or my favorite, cobwebs on the porch that the guests don't feel comfortable knocking them down is mind boggling. What do you do if you receive a message at midnight expressing that the A/C went out it and is too hot and muggy for them to sleep? Do you send someone out ASAP or give them a partial refund?

If an AC goes out in the middle of the night I call my middle of the night AC guy and get it fixed within the hour and my or may not offer a refund depending on the situation and that particular guest. Are they throwing a fit or are they happy I had it fixed so quick? Either way I'll give them something. 

I have properties in Nashville and Chattanooga on top of my PF Gatlinburg properties. I do not do short term in these markets and have no interest in it. Self managing a VR is not for everyone. I find, for me, it's not worth it financially to not self manage. There's too many moving parts. With a property manager you're likely to make the same net income as a decent SFH LTR in a different market so why not just go after the SFH LTR? I use the heavy cash flow to support my business as a whole and contribute to down payments on LTRs. If I were to get a 6th VR I'd feel I'd need a 20th VR and I'd need to start hiring lots of folks to avoid using a PM. And that's just not the direction I see things going for me right now. 

The beauty of real estate is that there are unlimited options as to how you run your business and one of these options is going to work for the unlimited number of different types of investors!  I should also note my business model changes over time with each property I purchase and could change as soon as tomorrow. Constant evolution and education is the key! 

You said you're working FOR a PM. Which means it is probably your JOB to run to nashville and get paid to do these jobs or oversee them. I pay people to do things like that for me. Just as the owner of the properties you're helping out is paying you. Only my people work for me directly. And it gets easier to find people to work for you the more properties you own.

Again.... it's not for everyone. No one asks me questions about my LTRs because there are thousands of people that are better at it and have more of them than I do. Everyone wants to know how I'm making it in VRS. 

You said you're in Nahsville. Purchase prices are way higher in Nashville than they are in the Pigeon Forge Gatlinburg Wears Valley market. 

I have been thinking of buying a property in Clarksville and marketing it more as a corporate or military rental and if that didn't pan out I would LTR individual rooms to APSU students. Would you think this is a solid idea or more of a "wouldn't touch it with a ten-foot pole?"

I looked heavily into the Clarksville market. It wasn't for me. But that doesn't mean it can't be for you!!! It sounds like you're on the young side or just starting out. Keep saving up your pennies for a down payment and read one non fiction book per week and you'll be very wealthy. 

I have 5 cabins that I self manage in the Gatlinburg Pigeon Forge market and there's zero maintenance that I have to handle. The lawn guy comes every two weeks and does the lawn and I never think about it (if there even is a lawn which most of them don't have because they're on a mountain). If a toilet flapper breaks my handyman fixes it within an hour. When you're managing a vacation rental from afar the maintenance is really no different than a condo. Only I don't have an HOA or neighbors to deal with. Most folks in our market want to stay in a cabin in the woods. And full disclosure you couldn't pay me to stay in a condo but that's personal preference and I completely understand your views are not the same and can respect that.

There are plenty of condos that rent well!! We're 85% occupied on this side of the hill year round and the returns are very nice. And there are little to no restrictions. That paired with the fact that we get 13 million tourist per year makes this area the best option for vacation rentals in the country (that's my opinion) 

Although I must point out, if you're not willing to self manage the returns will be similar or less than a LTR. Self managing will put your  numbers very high but not everyone has the guts or the patience. Including myself - but I do it anyway lol. 

Happy to to hop on a phone call and teach you everything I know. One hour on the phone with me = 80 hours on the phone with VRBO