All Forum Posts by: Neil Doldo

Was that Bent Leg? If so they GROSSLY underpriced that to get a bidding war. Are you working with the short term shop? We've been hearing that the agents are having a hard time getting back to people. 500 Clients is crazy! I'm not sure how they could possibly manage that!

1 Vote

Quote from @Patrick Moore:

This post is exactly my situation now. I am really interested but as I am looking through bookings it seems very sparse and it scares me. This would be my first STR so I'm a little fearful. I was looking at 4 bedroom newer build stuff in the 800k range. Any advice on how any of our rentals have performed would be appreciated.

Hi Patrick,
Four bedrooms is definitely going to perform better than three. There are a TON of 3Br in the area, so a lot of competition. Two bedrooms actually perform really well too because they get higher occupancy.

We have two 4 bedrooms (in Morganton and Blue Ridge) that we purchased in the past year that both will gross over $125k. We got in just before things got crazy, but even at the $800k range you should be able to get 20% COC returns. It seems now that cabins with spectacular views rent the best, followed by being on water.

Best,
Neil

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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

2 Votes

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Quote from @Jon R.:

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

Hi Jon,
Michael is spot on with his analysis of the area. We own two, one in Morganton and one in Blue Ridge. I think think the size and amenities are going to be your most important. We've heard alot of people whose agents say you need to be within 15 minutes of the McDonalds in Blue Ridge. Ours with a Blue Ridge address is actually 28minutes to downtown, but its in the middle of the Aska area so there is a ton to do. Most renters will likely go into downtown one day to shop and have a bite--it's charming, but there isn't enough to do there that you absolutely have to be close. If you can get a house with a killer view I think that is what sells the most, second being on water. Our BR house is way more luxurious and has more activities, but our Morganton house has an amazing view and it books more.

As far as size, Michael is correct, 4 beds are more will do much better. There are a TON of 3br/3ba in the area, so having more beds helps differentiate you. Get as many heads in beds as you can!

Good luck, let me know if I can help in any way!

Best,
Neil

6 Votes

Quote from @Elaine Bell:

Quote from @Shahid Elahi:

@Hanan K.

Congratulations, awesome . I am also interested in STR in blue ridge and would love to follow and learn from experience.

If you don’t mind answering few questions for me

Did you use the realtor ?

Also are using the management company ?

Are you local or out of state investor .

I would really appreciate your response.

Thsnks

Hi! I am new to BP and forums. :) Just getting my feet wet as we research STR in BR and possibly the Gatlinburg area. I'm wondering about property managers--does anyone know of any that are NOT 25%? I was hoping around 10-15%? What is realistic? Ideally, I would love to take the operational side on some day, but I have young children at home and we are so busy.

You can do it, don't give your profits to someone else! Set up is the most time consuming part. Once you have all of your processes set, it takes very little time. We did two in four months--it was a bit of a roller coaster for a month or so with each, but they require very little of our time now. With prices the way they are now, i'm not sure there there is much room for profit if you use a property manager.

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All Forum Posts by: Neil Doldo

Neil Doldo has started 2 posts and replied 36 times.

Post: Blue Ridge experience?

Post: Blue Ridge STR investment

Post: Blue Ridge experience?

Post: Blue Ridge experience?

Post: Blue Ridge experience?

Post: Blue Ridge STR investment