All Forum Posts by: Jon R.

Quote from @Account Closed:

Hi Jon! I just recently bought my first rental in Cherry Log and had it listed by end of December 2021. I've found the area to be incredibly over-saturated with rentals, really driving down nightly rates and occupancy. My average is around $160-170/night for a 3/2 lake view, which is low compared to other markets I'm in. I'm in a few facebook groups with cabin owners in blue ridge and my neighborhood, and many are saying their bookings are way down year over year (some with no bookings at all), apparently due to the increase in short termrentals available.

That being said, if you do buy something, I'd make sure it has some features that will set your cabin apart. I think having some kind of a view is crucial. Or maybe there's less competition with larger cabins? Most in my neighborhood are 3 bed max. It does seems like many of the top listings are still doing very well, so if you can differentiate yourself, get good reviews, and price your cabin right, I think Blue Ridge can be a good market.

In regard to renters, we've had a couple large groups come up from Atlanta and throw parties, but the majority of guests have been great - families, couples, small groups of friends.

There are cleaners in the area, but I'm not sure on the quality. I'm in the process of looking to change cleaners and am struggling to get responses from others. I've had a couple recommended ones tell me they're unable to find reliable staff, so they aren't taking on new cabins right now. I haven't had an issue finding good handymen.

Hope this info helps! Best of luck! 

 Hi Sophy, Thanks for the input, and congrats on closing in Cherry Log. Great area! After some back/forth, I decided to step away from the BR market (sorry, I'll update my post. Regardless, your input will help others!).  Ultimately I just couldn't get numbers I felt comfortable with, especially with pricing/rates and in 2022...As mentioned above, I think it's a great area. I just couldn't make it work.

Wishing you all the best with your BR adventure! I'm sure your cabin is wonderful!

Quote from @January Johnson:

@Jon R., I'm an agent for the STS, and it's true, we do have a lot of clients assigned to us individually, but not all of them are looking in each market at the same level or with the same focus/intensity.  Being "assigned" clients is not the same as working with the most active, engaged clients, like yourself, who come through STS.  So far, we are managing the workload pretty well, and we are bringing on new agents all the time.  Don't worry!  We are here to offer great service to you!

Hi January - I can certainly appreciate that. My agent has been very helpful and has provided great insight to the BR market! 

Yep that's the one, and figured as much. And yes, through the short term shop. Kicking myself for not getting in sooner but live and learn!

Quote from @Neil Doldo:

What types of properties were you offering on? There’s definitely still some things out there that will cash flow well. I wish we were in position to do another 1-2 now but need to wait to file taxes. My wife is working with a few people on deals now— It seems that the turn key properties are a feeding frenzy, but there are some that either don’t come furnished or need just a minor amount of work that everyone is passing over. If you ever think about BR again let us know, we’d be glad to help

Mostly turnkey and one that needed some work. I ended up offering on another 4 bdr turn-key property, and to your point, it was a feeding frenzy. 18 offers in 24 hours, with nearly half of them going $100K over ask. That's not to say all properties go 100K over ask but if it's nice, you're definitely going to pay. I would be curious to know what impact the STS has had on the market. My agent has 500 clients apparently!

Thanks, Neil! I have since put in a few offers and ended up backing out of one. At this point I have pretty much thrown in the towel on BR. Don’t get me wrong, I would love to own a property there but the margin is looking extremely thin now. That said I will certainly keep your input in mind if I end up changing my tune. Much appreciated! 

Thanks, Michael. I really appreciate the quick, detailed response! I'll start looking for bigger properties and follow up directly with you if that's okay. And for OH too :)  

Hi all,

Hoping to connect with those of you who have STR cabins in Blue Ridge, GA. New investors or long-timers. I have an agent and a lender so I'm good there. I'm just hoping to connect with investors who have taken the leap of faith in BR. (Long time home owner but this would be my first rental so I'm on the edge of the diving board, looking down into that deep dark pool.)

Some examples of what I'm looking to connect on in no particular order.

•  -Your experience with 2bdr vs 3 vs 4 from a revenue perspective. I have airdna data but just from 2020/21. I thought this catered to smaller groups/cabins but the data doesn't seem to mesh with that storyline. 
• - Your experience in Elijay vs Cherry Log vs. BR vs. Morganton, and pockets within.
• - Your experience with your properties which do or don't have acreage / views / streams / ponds
• - Your experience with access to good labor (cleaning & handyfolks)
• - Your experience with the renters. I assume there are always the crazies, but hoping this area is at least a little more low-key
• - And I'm sure there are a ton I simply don't yet know to ask!

Ultimately would like to make connections so thank you SO much for your time and willingness to lend a hand to a new investor who is staring down into that water, wondering if this is the right leap...

Much appreciated,

Jon

Originally posted by @Michael Hyun:

@Jon R. right across the street from Joe Michell k-8. It was a 3b3a home - I offered 960 and it appraised for 995! Not sure how often that happens but I got lucky.

 Likely up to 1.05M now, 1.1M  in the spring, and 980 5 years from now. Pure conjecture of course but that is a really busy area during the school year with Granada High right around the corner as well. Prices are out of control right now, just something to consider. Good luck.

@Michael Hyun - Which neighborhood in Livermore? 

Loved the book. Thanks! Curious if the markets you service all tend to have about the same amount of tenant drama? I know anything can happen anywhere. Just curious if some markets tend to bring out more uncaged bird owners than others.