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Analyzing properties in Gatlinburg/Pigeon Forge.
I am currently working on a cash out refi on one of my rental properties, and I'm looking to use the money to get in to short term rentals. Everyone seems to have nothing but good things to say about Gatlinburg/Pigeon Forge market. But I have been using Luke Carl's enemy method researching properties on Airbnb and Vrbo and having a hard time finding deals that make sense. I don't know if I'm making a rookie mistake analyzing these properties or maybe there's just not any that will cash flow to be found on the MLS. Is anyone else running into this problem?
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#4 Short-Term & Vacation Rental Discussions Contributor
- Investor
- The worst town to live in, KS
Originally posted by @Thomas Ackley:
Paul said and that you can buy single family houses for under $100k there.
I never said that. I said under $10k here.
Any Hope for a deal with $250,000 cash.I might as well jump on the Bandwagon. What turned me me? When the Big Dog is buying, thats Big.....ruff ruff.
@Guy Mulanax
I have 2 Cabins In Gatlinburg and have been in the hunt for another but these past few months the prices have sky rocketed and good properties are getting sold as soon as they go up. You can still find some cash flowing deals but it may not be turnkey anymore. The turnkey ones are usually over priced as of right now with the inflation .
Originally posted by @Paul Sandhu:Originally posted by @Thomas Ackley:
Paul said and that you can buy single family houses for under $100k there.I never said that. I said under $10k here.
That was definitely a typo / editing error, Paul, and I apologize. What I meant to say was I know you can buy single family houses for under $100k.
@Guy Mulanax I currently have one cabin in Gatlinburg and close on a second next week. I compared like cabins to the one I am purchasing on AirBNB and VRBO. I look at nightly rates, occupancy and how property is managed. I also use AirDNA to compare my research. I have found that if the cabin is in great location, well maintained and managed properly I have out performed my projections. This has worked in both Gatlinburg market as well as coastal beach markets where I have owned vacation rentals. I have found that even with prices being inflated in the market I can still cash flow very well with the right property. Feel free to private message me and I can share some numbers.
Originally posted by @Guy Mulanax:I am currently working on a cash out refi on one of my rental properties, and I'm looking to use the money to get in to short term rentals. Everyone seems to have nothing but good things to say about Gatlinburg/Pigeon Forge market. But I have been using Luke Carl's enemy method researching properties on Airbnb and Vrbo and having a hard time finding deals that make sense. I don't know if I'm making a rookie mistake analyzing these properties or maybe there's just not any that will cash flow to be found on the MLS. Is anyone else running into this problem?
One of the issues that you might run into with the enemy method is incorporating seasonality. You are looking right now at the “low season” in the Smokies. Jan 1 - end of Feb have lower visitor volume than the rest of the year. Many owners try to lure guests with lower cost/night during this time. Try incorporating rates in April-September and you will likely see a pretty significant uptick.