All Forum Posts by: Robert R.

Nothing like a big city to keep their hand in your pocket every step of the way. Another reason we all need Bigger Pockets!

If it is not a pet friendly rental, I don't believe you have to honor this. When they inquire to rent they already know if it is pet friendly or not. So my belief is that they have the information up front. Also, make it about all your other renters. You cannot accept this out of respect for your future renters. 

I will be interested to see what you find out. 

I think it will be different in different areas. Many expenses vary. These can be deal breakers depending on local situation. 

Real Estate Taxes. Big variance depending where the property is located. 

Management fee. 40% charged where mine are. That is why we manage them ourselves. 

Hotel/Motel tax. We have them here at city, county, and state levels. It totals 12.75% and it can be passed along to the renters. It is customary I think in most areas. Cleaning fees can also be passed along. 

HOA costs. They can add up if not careful just like on a regular rental.

There are many more considerations but these seem to be the big ones. 

Great idea to ponder. However continue to challenge yourself on the questions. Vacation rental management can take a huge chunk of your income. Can you manage them yourself via vrbo. etc? If that is what it will take to accomplish the goal is it worth it? Another question is how will it effect your annual rent if you live in the properties during the prime season?

Owning our own vacation rentals and managing from afar for a couple years, these are the best questions I would ask myself. 

Hope this helps!

Good morning Maura,

 Very interesting scenario for you. We own 3 vacation rentals here in Gatlinburg Tn. When we purchased the first 2 we lived in Chicago, 600 miles away. I had a handyman type of guy who took care of emergencies and general maintenance. He lived in Knoxville 40 miles away. Was $25 per hour and for a couple years it worked out well. 

 Last year his rates went to $50 per hour. I asked why a 100 increase and the only explanation was I am still the cheapest guy around. He is not anymore.  Had we not moved here i would have been looking for another. He only worked on call. We live here and take care of most of our own situations now. I have had the same local person for pest control all along and he does a wonderful job. I pay $65 a month for each cabin for pest control but you can not go without here in the Smoky Mountains. 

 Cleaning/housekeeping we contract with a local cleaning company here. The going rate per clean here is $65. We pass that cost along to our vacation renters. 

Living 4 hours from your properties I am sure you can still do some monitoring. Living near them is the best. We do our own deep cleans now and can much better monitor what is going on with everything. 

Good evening everyone,

 We have a unique situation. We moved from Chicago to Gatlinburg Tennessee in October. We currently own our home free and clear. We paid cash. We also own 3 overnight vacation rental cabins in Gatlinburg of which 2 are free and clear. We live off the income from the cabins. 

I am looking for a lender who will give me a loan. Our credit ratings are 814 and 790. No lender seems to understand our situation. We are looking to lend off either the 2 paid for cabins or our own home. 

Any suggestions will be appreciated. 

Thank you

Good evening everyone,

 We have a unique situation. We moved from Chicago to Gatlinburg Tennessee in October. We currently own our home free and clear. We paid cash. We also own 3 overnight vacation rental cabins in Gatlinburg of which 2 are free and clear. We live off the income from the cabins. 

I am looking for a lender who will give me a loan. Our credit ratings are 814 and 790. No lender seems to understand our situation. We are looking to lend off either the 2 paid for cabins or our own home. 

Any suggestions will be appreciated. 

Thank you

The going rate here in Gatlinburg is $65 for a 1 bedroom place. We charge the vacationers and they expect that here. 

nice!

Congratulations!  

Very exciting!

Good numbers