Gatlinburg new investor looking for Luxury 5+bed Cabins for STR

[Venkateswaran Venkatasubramanian]

I am an investor who lives outside of Gatlinburg and I am keen to invest in the short-term rental (STR) market, specifically in luxury turnkey properties. New constructions are preferable as they should be easier for us to manage and stand out much better despite growing inventory/current competition. I have come to this forum in the hope of connecting with knowledgeable individuals and building my local team, consisting of a real estate agent and property management personnel. My primary areas of interest are:

• 1. Locating the Best Property: I am looking for properties that are strategically located for easy access to key places and have stunning views. Accessible roads are also a priority. 

• 2. Understanding Current Market Trends: I would like guidance on determining the right price that will ensure profitability and cash flow for 2023.

• 3. Managing the Property: I am interested in learning about the best property management practices and any potential issues that may arise when managing an STR property in Gatlinburg. (For tax purposes we will manage the property in first year)

Our goal is to acquire a cabin that has all the desirable amenities, including at least five bedrooms, and we have allocated a budget of approximately 1.5 million dollars to make this investment possible. For the amazing folks in this forum, I greatly appreciate any insights you've around my above 3 points. I'm linking 3 airbnbs that I would love to emulate here for folks in the forum to understand what I'm talking about STR1, STR2, STR3

If you are an experienced real estate agent who owns and operates short-term rentals in the neighborhood, please do not hesitate to contact me. I believe we may be a good match and would be interested in discussing a potential partnership. In addition, I am seeking collaboration with exceptional property managers on this forum. My aim is to gain insight into the prevailing market trends and to explore potential partnerships beyond the first year. Initially, my plan is to self-manage the property to ensure we materially participate and claim tax benefits.

Little context about us : My wife and I work in the technology industry in Seattle and have a good income. We have already diversified into real estate by owning two long-term rental properties. At first, we plan to manage the STR property ourselves but may consider hiring a property management company in the future depending on how it goes. We are both very busy and do not see ourselves managing the property in the long term. I have been researching and learning about the STR market in Gatlinburg for the past 1-2 years by consuming information from various sources including this forum.