All Forum Posts by: Luke Carl

The short answer to the OP is this.... 

Smoky Mountain Gatlinburg Wears Valley Pigeon Forge Log Cabin

2-3 Beds
PP: 250-300k (and rising every day)
Gross: 45K/Year 
Net: 25K/Year-Improvements 

3-4 Beds
PP: 350-550K
Gross: 65K
Net: 45K/Year-Improvements

Zero to 1 beds are harder to find but do put up big NET numbers. 

5-6 Beds probably gross around 100k? Total guess my cabins are small. 

I say "Beds" because "Beds" aren't always in a "Bedroom" in this market.

These numbers are LOOSE estimates and based off of self management and a cash purchase with no mortgage. And yes... Net means your Cleaners/Handymen/Occ/Sales Tax/Electric/Water have been paid.

Gross means Every dollar that comes through the door before ANYONE is paid. I hate to beat that dead horse 

Keep in mind one person may manage better or differently than the next therefore the net number is difficult to determine because it will fluctuate greatly depending on the property condition, management, and many other factors. 

Those numbers sound right @Julie McCoy & @Avery Carl?? 

I have a few "pre-fire" properties that do much better than that. Our numbers in general are higher than what I've posted here. 

We LOVE the market and love our cabins and love our guests. So many engagements and honeymoons and hiking memories for us. This business is certainly not for everyone. But we enjoy it very much. 

Ok, it wasn't so short. 

Yours truly, 

Thunder Crapper

I have purchased 5 cabins from Avery. I also live with her. There is no chance you’ll find an agent with more knowledge than her. She bought her first investment property at 26. She has an MBA and reads 3 books per week. She has run 3 marathons and one ultra marathon. She’s amazing. 

My cabins gross 2.5-3% of purchase price every month. I self manage 5 from a distance with a day job and LTRs in different markets that’s I also self manage. I’m in 3 different markets. I also read a lot of books. I have run 21 full marathons and 2 ultra marathons. I don’t watch TV, I’m 37, a sagittarius, and happily married to one of the top 5 agents in the state of Tennessee; which neither of us are originally from. 

I also eat lightning and crap thunder. 

Oh, and Julie rules big time. 

TLDR 

We go through phases. Sometimes the table is set but it depends on how the previous guest left the dishes. Also if it’s a honeymoon or anniversary we’ll let our cleaners know and they’ll shape two towels like swans kissing on the bed. I’m also in a market that is nothing but vacation rentals.

Hit me on PM and I’ll give you my number. I have 5 that I manage remotely with a day job as well as LTRs. Happy to teach you my system.

I make it very clear they are not to ask. NO LATE CHECK OUT NO EARLY CHECK IN Occasionally I’m asked for early check in and I can usually make it happen. My properties are never empty so the cleaning crew needs the 5 hours to get it ready

Condo Apartment AirBnB. Three words that don’t belong together and never will. Find yourself a 3/1 that’ll cash flow and start there. Real Estate is not a get rich quick game. If you want big returns and you’re ok with working a bit... buy a cabin in Gatlinburg Pigeon Forge I have 5 of them they all gross 2.5% of purchase price per month. Easy to self manage remotely.

Michael Greenberg sorry buddy my iPhone got me in trouble there lol. I’m saying I’m stopping at 5 long distance self managed VRs for now and I’m focused back on LTRs. If I were to focus my business only on VRs and continue to scale with a goal of let’s say 100 units, I’d most certainly build a website. But with my dinky 5 VRs (which gross over 200k per year thanks to my iPhone and Gatlinburg Pigeon Forge) I’m happy using AirBnB and VRBO and I even have past guests book through the sites. Keeps my systems easy.

I nearly always agree with Julie McCoy who has become a close friend thanks to BP but I have no interest in a “website” I do have a url that links directly to my AirBnB profile but that’s as far as I’ll go for now. If I were interested in scaling to more than the 5 STRs I have I’d go for it. But I’m over it. 5 is enough for me I’m back to LTRs.

Welcome to the party! 

Why not just have your iPhone manage it