All Forum Posts by: Doreen M ODonovan

Gatlinburg requires a permit but you don’t have to post it. You do have to get and and I had to do some repairs to pass. 

I would love some tips. Keep in mind I closed in July. Just six months earlier and I might be seeing those numbers too. 

Our Sedona house is just about ready to rent. My calculations project a 6.34% CAP Rate and 8.39% ROI. The HOA restricts to a 30-day minimum rental. Buying a Short Term Rental would have yielded a better return but the market was so cutthroat this spring I backed down to the 30-day rental. The STR we bought in 20219 in Tennessee is on schedule to make a 13.8% CAP rate and 23.52% ROI. I wish I would have bought more of them. Can't reproduce that now.

I would consider staying in the rental. That is a great price. Take the cash and buy somewhere out of state where you can actually cash flow. I just bought a 30 day rental in Sedona. 

Moved on to a different property that I found coverage for. This one and the prior one are in Sedona, AZ.

Found out my Realtor friend does not do commercial properties. 

@Robert Williams as for getting her on board, you'll have to use your basic negotiation techniques. What's in it for her? But you have to get her on board. The process never goes smoothly and she needs to be committed to that end goal. My husband and most everyone else I know thought I was insane for buying and STR. But he was fully on board by the time it came to review the options I picked out.  It's worked out great and I wish I would've bought 10 of them in 2019. The ROI isn't as good as it was then, but today it is probably better than it will be a year from now.  We're in escrow for a second one now. 

Do you have a realtor or would you like a referral? She is a realtor and invests in larger properties.

I found one carrier that would cover the house with the coverage I wanted,  in Sedona but we backed out of the deal. I didn’t want to deal with a nonrenewal in the future. 

I am hoping you were able to find coverage by now. Can you share what you found? I am running into the same problem.