Looking to invest in STR property in either West NC, or East Ten.

[Angie Poonka]

Hello BP family! 

My husband & I are looking to invest in a SFH in either West NC or East Tennessee, our goal is to buy near the Smokey mountains and run a STR until we move into it years from now.

Would love any insight on personal experiences in the 2 markets, if one is more favorable then the other etc. I am a huge fan of Air DNA as we already run an air bnb in San Diego. East Tennessee does do better then west NC but I'm finding better properties acreage and price wise in NC.  Acreage is a deal breaker as we will eventually turn it into a homestead of us. 

Also, looking for advice, insight on running a STR from the other side of the country. I'm picking up Avery Carl's guide to short term rental etc.

Also looking for potential agents, property manager leads etc. in those areas as that will affect our budget and will help in assessing the deals.

thank you!! 

[Mitch Davidson]

Hi @Angie Poonka. I would look at places that are in the 15-45 minute window from Asheville. Therein you can find the best of both worlds, meaning infrastructure for STR, and great STR demand, but also a great place to live. @Ryan Howell and I have many friends that are making amazing money in locations inside that window, and even a touch beyond it. If you look at average nightly rents on AirDNA (not the most reliable source, but still telling), you'll see places like Black Mountain and Lake Lure doing amazing. And there are other markets you can do great in as well, despite the average nightly rates being lower. Meaning, if you comb through average listings, for example in Asheville proper where most of our listings are bedrooms of a primary residence, you might see that there's a reason to not shy away from the market due only to the average nightly rate. @JD Martin is correct about the towns you listed, although I know someone who's doing very well in Pisgah Forest, as it's still near enough to Asheville, Brevard, tons of great mountain biking options, the airport, etc. But those other places are not for the faint of heart. Cherokee for example has more going on now with the casino expansion, but it's super hard to get work done if you're not going to be there to babysit, provide materials, and help. I'm setting up a cabin near there myself right now. There's a great amount of lousy listings to compete with, which is encouraging, but that's partly a product of it being very hard to get properties improved, decorated, cleaned, etc. Anyways. I'd recommend talking more with @Ryan Howell. I'm happy to chat as well, but he has a more informed perspective.