All Forum Posts by: Michael Craven

There’s no hard and fast rule- generally cash is better since you can close quickly and easily. Cash doesn’t have to be from your own pocket entirely, hard money and private money is an option.

However, it all comes down to the motivation of the seller. If you build good rapport and find someone who is not in a huge rush, you can definitely use traditional financing. Or even seller financing. 

I wouldn't be concerned about oversaturation in the Smoky mountains- it is an incredibly well-visited area every year and cabins are the go-to place to stay when visiting for the most part. There has been a lot of new build developments in the area, but they still only make up a fraction of the total number of cabins that are there. If you are worried about over-saturation still, then focus on getting one that stands out from the rest. For example, stunning views, proximity to attractions etc. But people are still making a killing in the area- maybe not like a couple of years ago but there is still good money and returns to be made!

I might be giving you a call soon :)

I typically only look for 3+ bedrooms in Blue Ridge because (like was mentioned from another person) revenue goes up but the work is generally the same. Of course, the purchase price also goes up so it's not always that straight forward. My 4 bed has been doing great and we tend to have a little lower occupancy than 1/2 bedrooms but have higher nightly rates. 

That's awesome, congrats! Blue Ridge is an awesome market. And that's a gorgeous cabin!

Hey @Kevin Phillips, Dayton is a solid rental market for both single-families and multi-families. The market, like many other places, is hot right now which can make finding great deals a little more challenging but definitely still doable. I've BRRRR'd a handful of SFHs in the Dayton area and so I'd be happy to connect, share resources, and provide any insights I can! Feel free to PM me.

That's awesome, congrats on this one!

That's awesome, congrats on crushing in this past year!

Hey @Joshua Smith, I am going to be using Ellsworth & Associates this year for my STRs and LTRs, I haven't used them before for tax prep but I am using them right now for their bookkeeping services. I've seen them recommended from other investors, so they may be worth looking into!

That's awesome congrats!