Western NC Short Term Rental

[Scott Hall]

Hey Everyone, My wife and I are just starting our investment journey. We currently have one short-term rental in VA and we're on the hunt for our second. Our target area is western North Carolina. Specifically in the Boone, Blowing Rock and Banner Elk areas (Watauga County). Can some fellow property owners or mangers give me some information on the strength of the market? How are your properties performing and why?

Also, do you have a solid agent with short term rental experience that you can recommend? 

Thank you in advance, Scott and Sarah

[Derek Robinson]

@Scott Hall, thanks for the shout out @Gerald Pitts! I live in Asheville and know WNC pretty well. I have a short term rental that I'm actually considering selling. It's in Vilas which is 10 mins from downtown Boone. If you have any interest send me a message and I can go over details. Either way, I was a little worried about Boone as a STR market thinking it would be too seasonal. Boy was I wrong! Jan and Feb get a little slow, but still rented out some. Summer is booked solid when school is out. Otherwise, EVERY weekend all year stays booked and quite a few week days. People usually book very last minute. I think people from a few hours away think, "Oh, let's go to Boone this weekend". I've found that having a hot tub gives a nice competitive edge. My property manager has a STR there himself and I'd say his is in a better location and nicer in terms of age, but no hot tub. I'd estimate that I stay booked 85% of the year or more and he's more like 70%.

I got into STRs as a way to have vacation spots that also make money.  We've found ourselves not going to Boone as much and are also looking at international travel, so I'm thinking of taking my equity from Boone and doing other things (like private lending).  It's totally turn key and you could use my PM if you'd like, or self manage.  We also have an outstanding cleaning that keeps a great eye on things.