All Forum Posts by: Justin Beasley

@Ryan Van Duyne We always factor in 3-5% to be put back to cover ongoing maintenance/misc expenses.

@Peter Castrianni if the Smokies are out of budget for you then look towards North GA(Blue Ridge Area), or West NC over towards Asheville and surrounding towns.

I am not sure I understand why you need to cash out the equity in your home. I would keep that liability as low as possible or even pay it off. If you have great jobs, 3-5k left over at the end of every month, and good savings then look at the possibility of getting a 2nd home loan, or some other conventional option. 

Partner with a real estate agent that focuses on STRs and will help you make sure you are buying a property that will cash flow and you will be fine!

@Max Tierney Look at all the top vacation markets. Everything is expensive right now so do not look for STRs in a less populated area just because it is cheaper. It is cheaper for a reason.

Look East. Blue Ridge Mtns, Gatlinburg Area, and even over towards Asheville.

@Luke Carl Congrats to both of you on the book and the success! Look forward to reading it.

By far the best place to invest in TN is Sevier County. There is still money being made investing into a STR in Sevierville, Pigeon Forge, Gatlinburg, or Wears Valley. If you are comfortable spending 700K+ then you will find great deals compared to other markets.

@Peter Amendola Yes, an indoor pool is a huge draw right now. I would also suggest looking to add a swim spa. Typically cost between 20-25K to add and brings a substantial increase in revenue. Have heard reports of 50K+ a year in increased revenue just by adding a swim spa.

@Riaz Salehbhai are you looking for a good PM company or just an individual you can work with to inspect the property?

@Derek Levine Building a good and reliable team is definitely the hardest part. We are updating our team all the time. Even vendors who have been fast and reliable in the past are covered up with work and do not seem to be as willing to take time out of their schedules for small jobs right now.

Recently, we have found some creative ways to work with our best people. For our main contractor we allow him to bounce back and forth between his personal jobs and ours. Usually, he will work on ours when it is raining and save the sunny days to work on his jobs that are not under roof yet. This has worked well to this point. It does cause a slight delay but it allows us to continue working with people we trust and know will do the job. 

@Joseph Goode Great areas! Competitive price points. Look for 1 bedroom/2bathroom or 2/2 cabins.

1/2 cabins will often rent like a 2/2 but only be approved for a 1 bedroom septic. Closer to parkways the better. Get one with a view if you can.