All Forum Posts by: Luke Carl

@Paul Sandhu Yes you're probably right wouldn't hurt anything!! We are not in the Nashville market though and I would NOT suggest anyone getting in to VRs in Nashville you'll get nowhere. Permits are not available and you'll pay 500k for a house that would rent long term for $1800. The math doesn't work. 

My VRs are in the Smoky Mountains. Pigeon Forge. Gatlinburg. 

@Brandon Richardson  We looked very hard at Destin. Averys family has a large house there. We could not make the numbers work especially the way the structure the mortgages in these buildings. We ended up buying another cabin in the mountains which was totally the best move. We're lucky enough to have the family house should we want to take a trip to the beach. Which we never do but should. 

Also... Managing from 5 hours away is not a nightmare. I do it. With 5 properties. And I have a day job. It's very easy. Have a friend with 4 FL Condos he self manages and has for 8 years. He has a very demanding day job. It can be done. Easily. And with much better results than the front desk.  It's just not for everyone. 

@Paul Sandhu is my hero but this discussion is for beach/mountain/lake properties rented by the night. Lots of good input so far I'd still love to see more links to your websites. 

We have 5 vacation rentals in the same area (GSMNP) and 90% of our guests are first time users of Airbnb/VRBO (lets face it any other platform is worthless). The first timers are annoying and the people with 50 reviews are even more needy. 

I've been thinking about starting a website and/or facebook to direct people to our listings and spread the bug. 250+ 5 star reviews per year I can't help but think social media and/or a website would help with return customers and word of mouth bookings. 

Does anyone else have a website or facebook for your VRs? 

Would you be willing to share the links and your experiences as to whether it's worth it or not?

Thanks!

I have commercial policies with my HO3 provider.  I read through every last detail. It does everything Proper does minus theft and cost me $600 less per year. I figure if someone steals my refrigerator I'm not going to file a claim anyway I'm just going to go get a new refrigerator. 

Proper was started buy a guy who was working for CBIZ and decided to start his own company underwriting the exact same policy for a couple bucks less through LLOYD. Either way they're both 400-500 more per year than my local guy. It's great to have relationships! 

OP might have mentioned many of the same points I didn't read everything that was posted. 

Giant piles of dog hair even though we're not pet friendly. 

One time I left a Sig 1911 in my own cabin. Luckily wifey stayed behind a few days to show cabins so she was able to grab it and bring it home. 

@Paul Sandhu why didn't you buy the hotel? 

First review: 

"Bring your own bedding, firepits don’t work, jacuzzi not too warm, carpets are dirty/stained, loose tiles on deck & top of stairs so watch your step, got bug bites while asleep ..other than that it was a big place for families to hang out."

If this was my market I'd never get another booking. Anything less than 5 star everything and people will go with the guy next door instead of me. 

Bug bites while sleeping? Not good. Call the exterminator. Start there. Then get yourself some sheets. If your fire pits are not useable get rid of them. Replace the flooring. Fix the jacuzzi. Sounds like you need to get to work. Anything less than a 5 star review should ruin your day. 

Fix everything then reply to these reviews with the fact that all issues have been addressed. I wouldn't even click on a listing that had 4 stars and no superhost. Maybe your market isn't as competitive as mine, but if this were in my market you'd get swallowed. 

I looked at it once and found it pretty worthless. Just another way to get paralysis.  Find a property similar to what you're looking for and study the calendar. 

@Jon D.  (I didn't read everything)

More work. More money. Our goal is to gross as close to 3% per month as possible. If for no other reason than that's what it takes to make it worth our while. 

You will constantly deal with people who do not READ. To the point where you will question if they even have the ability to read. It's easy, but it is nothing like a LTR. It's like bartending. I bartended/owned a bar for many years and it is very similar. Everyone is walking in to your house expecting things from you, then they leave when their money is gone and come back when they have more money. Or they leave and take their money to the bar next door if you're a bad bartender. 

Happy to hop on a call with you anytime and run you through the entire process and answer questions. I'll talk your ear off for sure. Send me a PM. Very happy to help.