"You need to be more positive!"
Sunday, August 27
“You need to be more positive!” A frequent BP poster texted me after one of my recent blog entries and told me “You need to be more positive…you aren’t ever going to get any business like that.” He may be right. I have been investing in the Smokies since 2005, and admittedly, I have been beari...
The patient isn't dead, but he's in a coma
Tuesday, August 22
In 2005, I bought my very first vacation rental in the Smokies. Yes, VRBO was a thing even back then. I thought I made a good deal. $240,000 for a 3-bedroom cabin right on Cosby Creek. In comes the financial crisis of 2008, and things went very south, very quickly. My cabin was now, at least...
Penny Wise, Pound Foolish
Monday, May 29
Did you know that almost every pre-owned cabin in the Smokies is a fixer upper? Most owners contemplate selling for a while, and usually neglect the cabin before they finally pull the trigger. The buyer, assured that it is "turn-key", finds out that the cabin needs a whole bunch of work before ...
But I thought this was turnkey - what's with all the delay?
Friday, February 17
We took on a homeowner client in January who bought a cabin that was represented as "turnkey, ready to rent!" Well, it was, after about $10,000 of work. We found a lot of risk management issues, old furniture, electrical problems, and a \significant drainage issue that needed attention. 45 day...
"I have no bookings for February"
Friday, February 10
This week, I was contacted by an investor that purchased an exquisite home in Gatlinburg, in the Chalet Village area, last June. It isn't a "cabin", but it certainly checks a lot of boxes and has an amazing view. Yet not a single booking in February. "My realtor projected $170,000 a year." I...
Is this a good time to invest in the Smokies?
Friday, February 03
I get this question at least once a week from someone. But the question is impossible to answer. It's like asking "Is today a good day to ride around in a convertible?" when you are John F. Kennedy. In other words, the question is purely a macro one. It is asking about STR investments in the...