All Forum Posts by: Luke Carl

I have two vacation rental properties with a partner. Our agreement has a certain number of days per partner per year written in. Neither one of us ever hit that number. I don’t even know what the number is or care. I stay there occasionally but it’s only if I’m fixing things up and it takes me more than one day to get something done. Don’t vacation in your own vacation rentals you won’t enjoy yourself. Stay in them to make improvements. Then go on vacation elsewhere.

I didn’t read the replies if Julie McCoy replied she’s sways right. To the OP Kevin Lefeuvre the situation you’re describing is what I refer to as the “hotel syndrome” They’re rating you as if your property was a hotel because that’s all they’ve ever known. So if you’re not putting chocolate on the pillow and you don’t have a pond with ducks swimming in the lobby your property is not 5 Stars. For instance.... The Plaza Central Park is a “5 Star Hotel” that has 4 stars online. Lately I’ve been reading the “bad reviews” and actually listening to them. I got a couple comments that a hot tub was gross. In the past this would have made me mad and I would have said screw you get your own hot tub. The new me bought a new hot tub. How can I improve without criticism? Without improvement in life I’m bored.

Glenn Bates I assume this is a Gatlinburg/Pigeon Forge property? You should have come to us here first brother we could have made the whole process painless. Just be warned if you don’t self manage (I.e. put it with a local PM like fireside chalet or Cabins USA or Patriot, or even the national Evolve) You wont make money unless you paid cash. You’ll break even if it’s financed. If you’re lucky. And don’t forget to pay your sales and occupancy tax. Good luck!!!

I have 5 cabins in the market that I self manage. If you don’t self manage you won’t makr cash. It’s easy. I do it in 5 minutes per day from the John. 

Purchase prices have gone up significantly since the fires. As they have everywhere in the country. 

Occupancy rates remain constant. Which is constantly packed. We’re 90% year round. I’m sure the rest of our Gatlinburg/PigeonForge posse will chime in shortly. 

Good luck. 

We looked in to Destin as my wife grew up going there often. In fact she’s there right now. Her grandmother owns a house on the water. We looked at condos and houses. We could NOT make the numbers work. We’re in the Gatlinburg market and a 250k house grosses 45-50k per year with zero hoa and no financing BS. For us we decided Destin was clearly not with it. It was quite frankly a joke compared to pigeon forge. House, condo, or otherwise we could not make the numbers work. If you’re looking to break even on something you’ll use you might be ok. We were not looking to do that we wanted cash flow and that’s exactly what we got in pigeon forge where we now own 5.

call Wells Fargo and 20 small banks and find out who has the best deal. And call a credit union for fun.  Don’t over think 

There’s a Wii in one of ours. Because it was there when we bought it and no one has ever complained about it. We don’t advertise it. Come to think of it no one has ever even mentioned it. If I get one question about it it’s gone. I won’t know the answer so I can’t be of service. Besides I don’t want to waste my time.

Did you post this is 5 different forums? Lol everything you need to know has already been said. I can gross 45k on a 200k property in my market. Of course gross is a whole different thing in vacation rentals and Julie is right you should spend the first year swapping things out new appliances new furniture new everything. It’s about reviews! And it can be stressful. And can be fun.

@Gary Huber we spell it Smokys ;) 

Depends on your support system. Message me. 

I use the calculator on my phone. If it won’t gross 2.5% + pick a different market. I’m in the smokys.