Taking the long view of investing in vacation rentals
Tuesday, November 30
I probably get asked once per week why I invest in vacation rentals. Folks will say “well you can just put $100,000 into XYZ Mutual fund and earn an easy 12 percent.” I don’t normally argue against such people, as I like for investors to do what they feel comfortable with, and what works for the...
The cost of deferred maintenance
Friday, November 19
Heads up. I'm put out today. We have a homeowner client with an amazing property. Unfortunately, he wants to weigh in on any expenditure on the property that exceeds $100. Well, we knew of several issues late last spring that needed addressing. Neither of the fireplaces worked – both needed new...
What makes the Smokies a year-round destination?
Monday, November 15
While the word is getting out that the Smoky Mountains are a year-round destination, I get a lot of questions as to “why” this is. Why are the Smokies more year-round than, say, Breckenridge Colorado? First, consider that vacation experiences are highly individual. As an example, going to th...
Wait, this isn't automated?
Thursday, November 11
STRs are easy! Just get some good software and it pretty much takes care of everything. Well yes, software does wonders with minding and managing a vacation rental. But current software does not remove a snake cornered in the fireplace. What do guests contact homeowners or property managers ...
COVER YOUR ASSETS - A WORD OF CAUTION ABOUT INSURANCE
Tuesday, November 02
Insuring a home – especially a vacation home – should be a piece of cake, right? I mean you insure it for what you paid for it and go on down the road. Allow me to tell you how this attitude proved disastrous for me: In 2010, I bought a 1,100 square foot cabin in Gatlinburg for $210,000. I pu...
This cabin will do $60,000 a year
Wednesday, October 27
“This cabin will do $60,000 per year.” Proclaims the selling realtor of a home purchased by one of our homeowner clients. So it was difficult for us to break the news to the excited new owner that the cabin would probably do no better than $40,000 in a good year. In fact, they fired us on the...