Is this a good time to invest in the Smokies?

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 Smokies in general, and frankly, no one ever knows the correct answer.  That is because the answer is different based on each individual deal.  You are looking for one deal, not a bunch of deals.  Whether overall prices are up, down, or sideways, your deal is the only one to be concerned about.

From a macro standpoint, 2021 was probably a terrible time to invest in the Smokies.  Prices were through the proverbial roof.  Yet I scored two of the best buys of my time investing in the Smokies, dating back to 2005.  In 2022, one of those properties generated in annual rents, 30 percent of the price I paid for it in 2021.  

The moral of the story is, don't worry about macro indicators.  They don't have any bearing on your deal.  Ignore all of the chatter and find a good buy.