All Forum Posts by: Nancy Bender

Pretty much for the most part I take care of my STR's from afar, but so many issues had arisen with my properties that I hadn't realized. I only learned about them by spending time there these past few weeks.Had I known I could have dealt with most of them earlier. The cleaners and handyman are just not going to substitute for yourself as ultimately they don't own those properties. Yes, we are real estate investors, I am always looking for the next deal too, I have a commercial property with a 10 year lease I spend maybe an hour a year on. It is so easy to deal with. But with STR's we are also very much in the hospitality business. Our next deals also depend on how much we are profiting from our STR's. There will most likely be more profits if our guests are having very good guest experiences!

I would choose whichever one you can travel to easiest.I just bought my fourth in Pigeon Forge. I began my short term journey up there in August 2020. I am happy I am only three hours away by car as I am I really starting to understand that you truly can't just buy them, and hope you can take care of everything from afar. I just spent two of the past three weeks up there working on my first three, I am going back in another week to spend at least two weeks on my fourth. I bought that one sight unseen, and it needs ALOT of TLC. I have also learned how it is easy to be taken advantage of as the people who you contract with there are well aware you won't be around much. There is definitely some slacking because of that. I surprised my cleaners after they did deep cleans. They didn't expect me to come up and give the white glove treatment and weren't happy about it! You are making a major investment in real estate, and each STR you buy definitely needs tending to regularly. My best advice is wherever you go make it easier to be able to visit there regularly!

Hi Jillian,

It is not set to be finished until the beginning of April. My thoughts are trying self management at that time (with many disclaimers on my Airbnb listing that the main pool is off limits to my guests).

If it goes well I will keep it. I give it a year. If it gets too complicated self managing I will sell and look for another area that will work better for that. 

Sorry I don't have more to share!

@Shawn McCormick, when you say bigger home what kind of prices are you talking? And what are the best neighborhoods to self manage those types of homes?

As someone who is starting to look in the Kissimmee area, it worries me that you are not doing well in Windsor Hills as that is supposed to be one of the better rental areas. Do you have any insight as to why you don't think it is performing like you thought it would? Do you know what your cash on cash percentage is? 

Hi Ryan, thanks for your response. I am primarily looking for cashflow, not for personal usage. After doing some more research on Margaritaville, I decided I will probably sell it within a very short period of time of taking ownership. Where have you seen the best returns come from in the area? I haven't been down there to see anything yet. Championsgate seems to be a favorite as well as Reunion. My plan is to self manage and I do understand how important the themed homes are. With so much inventory done there I realize how important it is too be unique.

I would love to hear any other insights on Margaritaville in regards to being an investor. I have money down on a new townhouse build there, but I am concerned about the fact that you can't self manage and I have not heard the most positive things about the property management company.

Question for @John Underwood, I have also looked in the Myrtle Beach area intermittently. I mostly have been involved with STR's in Pigeon Forge, but also have one in Hilton Head. I agree on the beachfront house position. Which beach area do you feel gets the best returns? One of my issues living in SC also is that the tax rates are higher for an STR being a resident.

@JohnUnderwood

Hi John, I live in Greenville, SC and currently own STR's in Pigeon Forge and Hilton Head. I am curious about the lake area. Quite a few years ago I had a second home in Keowee Key but at the time wasn't paying attention to the STR world. How do you know what areas will even allow STR's in Keowee Key? And does it make more sense to just focus on Hartwell? If so, I have the same question. How do you know the best place to buy STR's in the Lake Hartwell area? I imagine there are many areas that don't allow STR's.

Thanks!