All Forum Posts by: Matt Castle

If you want a broker, I'd recommend Josh Coon in Kingsport. DM me if you have specific questions. 

If you're looking for high ROI and low risk, the eastern TN market might be for you. In my opinion, it doesn't have the same degree of speculation -- yet -- that most other areas of TN have seen. Asking prices are high, but sellers in this market are generally more patient and willing to wait for a buyer who likes the property versus a fast sell < 2mo.

DM me if you have specific questions or concerns. 

First, just an obligatory precaution, I would make absolutely sure local ordinances allow short term rentals. Seeing lots of tourism-centric cities crack down on short term rentals and fining landlords obscene amounts. 

To answer your question, I would look for a property management firm that specializes in vacation rentals (i.e. beach condos, oceanfront homes, etc.). They will have the company policies, employees and contractors to help you manage the property. 

Such a PM will be pricey, but at least you will have someone local who can handle emergences in the middle of the night without having to lose sleep or possibly jump in the car to drive 5-6hrs. 

Thanks for all the tips. I will be going with a national brokerage firm. The difficult part for me will be lead generation, but hoping the national brand will generate a few to get me started plus what I locate on my own. 

Craig, 

As a Hokie alum from the 90s, the growth around Bburg/Cburg has been extraordinary. Last time I was there, I met several Class A & Class B 100+ unit managers and they were very positive on the market but their one concern was market saturation. 

As a small scale investor, I would argue the safest bet for the Mom & Pop investors like us is the standard single family rental property. The 3BR/2BA 1500sqft starter homes would be perfect investments b/c both young and old college educated professional families generally want to avoid apartment complexes in my experience. Nothing wrong with them, but they don't like to share their walls with others. 

I don't follow NRV & Roanoke as much as I used to, but Bburg/Cburg has an urban sprawl situation happening, so anything along the commuting corridors into VT would be a good starting point. 

Eastern TN is one of the hotter markets around with the economy heating up... Johnson City, Kingsport, and the suburbs surrounding them. Lots of room to grow vs the more mature markets. 

For all the experienced Real Estate agents out there... looking back on your careers, what is the one thing you wished you knew when you were just starting out? 

Unless you're an investor with serious capital, have previously lived there or perhaps vacationed in the Caribbean extensively, I wouldn't recommend it for risk management reasons. Property management failures, hurricane/flooding risk, etc., etc. 

Much of real estate investing is being able to sleep at night and I imagine that's very difficult to do if you're worrying about if your $X00,000 beach house still has a roof the day after a Cat 5 blew threw and a Cat 3 pending the following week.   

That said, if you had plenty of time, I would look at Puerto Rico if/when the economy improves. With the recent troubles, it could be a buy on the dip opportunity, American courts, several tax breaks if you do X number of things, etc., etc. Depopulation and municipal services are major issues though (PREPA, politics, etc). 

I'm trying to build a team of contractors and handymen for flipping in the Abingdon & Bristol VA market. Looking for everything from basic framing to electrical to finish carpentry.

Sounds like a non-renewal situation. Give the tenant the proper notice. For your own files, document why you're not renewing the lease in case tenant causes a fuss down the road. If you used contractors or handymen to do the repairs, ask them to write a few words or sign off on something you wrote documenting the repairs and saying the tenant caused the damages. Can't be too careful these days.