All Forum Posts by: Mike Anderson

 You and I are living the same life, we close first few days on one in Wears Valley then we are moving to PCB to grab one too and see how things go from there. Our cabin needs a little bit of work as well and our plan is roughly the same. Worse places to be working in Oct than the smokies though!

My debate is do i open the account for the rentals under an LLC, or under my personal name. I recognize there is no liability protection with that, however i'm not sure if there are tax advantages of doing it that way. Plus you start building credit for the LLC so down the road if you grow it might help you be able to get loans under the business name. I need to get with my accountant but he was out last week. Curious how others handle that part of it.

@Blake Dailey Interesting, you always kind of hear about how it needs to be on the beach or have a beach view, but didn't realize off the beach did well enough to justify the look. I'll have to investigate that. 

We are working with Avery too, i also have a partner that we would like to go half on a cabin with. I was always curious how that gets structured. My goal is to wind up with one im in half on and 1 that is just under my name by the end of the year. The paperwork and legal splitting on the joint one has raised some questions. 

I've thought about that, but then the monthly rate goes up, and i like to keep my expenses low, but it would help me scale quicker. 

Still in it, it's been a bit of a slow roll as its our primary residence, the last big project master bath remodel kicks off next week. I got about 250k in equity in this thing now. I need to get that money out, but my wife wants to stay here for what seems like forever now! My dog is down to sell and move! We'll see how that plays out once this master bath is done!

Best I could tell was the bank foreclosed on the home owner, but then never took ownership via some paperwork process. I think the deal was they were trying to avoid paying the county and state tax because it wasn't in their name technically. Then you get the bank and county/state together and the level of efficiency drops to somewhere around -387% because of how amazing these sort of organizations are run so next thing you know it's 3 months later. We were about to walk away as we needed a place to live. Suddenly it all got fixed magically and we closed. 

It was 3 months for me when i bought my current primary residence. It was a foreclosure and i have no idea what the bank was doing the entire tire. You guys all got me beat it seems, maybe i didnt have it so bad!

I won't be down there in August. I'll probably be down there in Sept or Oct. I'd love a link or email list of something so i can try to plan around it. 

I preface what I'm about to say as I am new as well but ive been spending every day learning and reading while I work with Avery's team picking up my first rental. So with that said here is my advice:

1) If you look at Airdna for banner elk you will see that the number 1 listed amenity is Air Conditioning. I took a snap of the amenities for you to see. What basically everyone says is if your competition has it, you need it too. 

2) Most of the reading i've done and recommendations from folks is to use a dynamic pricing tool. Pricelabs seems to be the most popular. I'm pretty convinced at this point that this is the right path for multiple reasons to include that the price changes that it does to adjust will also help you raise in the rankings because of a change to your listing.

With that said we really like the Western North Carolina side of the smokies too, we have discussed leaving Atlanta for there as our permanent residence. It doesn't seem that side of the smokies does as good from an investment standpoint as Seveirville area, but the question is can you make enough to cover expenses and I just don't know. Right now we want the best investment possible. I'm no expert but I hope this helps a little. I know there are a few folks around that do more in WNC but they have been hard to get a conversation with.