Short-term Rental Long-term Wealth

[Mason Carter]

I have made it my goal for 2023 to invest my time into reading and learning as much as I can about real-estate investing, more importantly short-term vacation rental homes. My main focus area is in Blue Ridge, GA and there is so much to be learned. As an inspiring investor that hasn't gotten a property secured yet, the learning seems endless. I decided to pick up the book: Short-term Rental Long-term Wealth by Avery Carl, the owner of The Short Term Shop. This book has given me so much information on the ways in which to look for, analyze, and buy STR's. One thing that has stuck out with me is when Avery talks about finding properties that are regional for travelers, rather than far destinations. With what seems like the hottest city in the country just over an hour and a half away, Atlanta, the destination point of Blue Ridge, GA seems to fit well. My goal for this property is to be a relaxing place to unwind after a stressful week of work and enjoy the gracious mountain views that north Georgia has to offer. My biggest challenge as of right now is the market and interest rate levels. With such high housing prices and high interest rates, how is anyone supposed to find a property to purchase that isn't $100,000 or more over asking price LOL? I have been monitoring and keeping an eye on price drops throughout Blue Ridge, but it doesn't seem to do much cutting $25,000 dollars off a $800,000, three-bedroom, three-bath house that is 2,500 SqFt. With that being said I just wanted to post this discussion to get some input from people that are in the same predicament that I am when they are looking for houses to purchase as investments. What can we do? Is it a timing thing and we need to wait for the market to slow down? I feel like my location choice is very neutral and can have a lot of success but when will I start seeing the ability to purchase? Looking forward to hearing you all's input!