All Forum Posts by: William Beck

@David Zall I'm not a property manager because it's hard work, but the #1 thing people need is someone they can rely on. If that's you, you can figure everything else out with some time and research. Figure out what it's going to cost you to run your business (electronics, licenses, cleaning supplies), get to know how SEO works on Airbnb/VRBO, figure out best practices for cleaning & turnover, figure out how you're going to do linens, ... There are a decent number of things to look into. Just letting someone know you're reliable and charge a decent rate and there should be interest. 

Chelan - yes. Cle Elum - yes. Glacier, maybe?

Also, Lake Wenatchee area. Gold Bar/Skyhomish. 

Packwood south of Ranier is interesting.

Good question. I am not a tax accounting expert but, maybe this article can help: 
https://www.accruit.com/blog/l...

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@Brock Thomas Just sent a direct message. Let me know if for whatever reason you didn't get it. 

@Zach Plackemeier I've spent 3 years answering that question. 

It's hard to say right now because of the inventory challenge right now nationwide. Properties that are 'deals' are hard to come by. Pigeon Forge cabins will always perform phenomenally, but everyone knows about it, so the prices to get one are literally $100,000 more than they were 2 years ago. Based on the cost to get something there now, I'd argue it's not the absolute best market to buy for cash flow because of the saturation of interested buyers. Also just getting your hands on one in Tennessee, get ready to make a remote offer same day sight unseen, hopefully you got a cash offer. If people are saying they are cash flowing, I absolutely believe it, but the question, "Well, when did you buy it?" If they've owned it for 6+ months, times have changed and it's a new world. That being said, I would love to own there, but it's not as sexy and Top Dog status as it was 2-3 years ago. Just my opinion. 

Also, Regarding the 'high crime' in Pigeon Forge, I'm guessing that's per capita. With a population of ~6,000 and then literally millions of travelers coming through the area annually...  that's not accurately representing true crime in the area.  

What's your budget? HMU if you have any other Q's

Where are you going to be managing? The first thing I'd do would be to jump on Airbnb or VRBO and do an analysis of total properties in the service area you plan to work in. 

If there are less than 20 in the area you're looking to do it, it's probably not a good idea. 

If it's 20-300, could be interesting. 

If it's 300+, BINGO

That would be my first step. Gotta have inventory to rent in order to have inventory to manage!

St. George, I believe there's something to do with zoning there. I would ask an expert agent in the area. Sorry I don't have a direct recommendation at the top of my mind. I worked with someone up in Leeds on their vacation rental and they got bullied my the town into ceasing the operations. 

Or, just using VRBO, you can put in St. George and see a massive cluster of options (pins for vacation rentals on the map) on the western side of town. I'm guessing that's the 'safe zone', but always check with someone who's in the know first. 

Boyne Falls. Charlevoix. Suttons Bay. Bellaire. Traverse City. Harbor Springs.... It's all good! Just make sure you know who's going to clean it and take care of it. 

People are definitely willing to help if you have questions. I haven't found a book that really nails it on all fronts quite yet. It may be because this is a mainstreaming industry with some ever-changing and new concepts. For example like regulations. I think the most important piece at the very beginning of your research is finding out the regulatory environment for where you want to purchase. That is the main hurdle for a vacation rental investment off the bat. But regulations are also constantly in flux so there's not like free database that you can find out the exact up to date regulations for every vacation rental market out there. AirDNA is decent for pure data, but they even put top cities to invest on their "top places to buy" list that have AWFUL regulatory environments. Just chat with someone who knows what's up and they can help guide you along the way! 

@John Spurlock That's awesome. Which communities? if you don't mind me asking.