All Forum Posts by: Tobey Porter

I'm pretty new to this, but here's my opinion.  I completely understand wanting to get out of the 9-5 nonsense and making a better life.

That being said, I'd be VERY scared to go into business with some who has admittedly screwed me.  Especially since when you look at it, you're the only one who really stands to lose something.  He may lose the time he puts into working, but you're the one losing money.

Not paying him until the profits are seen seems like one way to minimize this.  But what happens if he never even finishes the first house you guys invest on?  Then you're out thousands

Again, I'm new here, but my thought is if you can't trust the guy, you're risking a lot.

We would only use it 1 or 2 weeks a year. We pay property management in the area with our long term rentals but know that fees are different for vacation properties. 

Its difficult to run the numbers on the vacation property. 2 long term rentals would net us in the area of $1000/mth.

@Chris Mason In Ohio. Had a bank offer us 20% down on a 3-unit. Came with a higher rate though. We chose to go 25% w/the lower rate but the option was there. 

It's lender-based. I had banks offer me different percentages on the same property. You can find 20%; just try different lenders. 

Hello BP - I'm interested in opinions on Buy & Holds vs. Vacation Rentals. We recently our first 2 buy & holds. We're going to do a HELOC on our primary residence to fund the down payment on this next purchase.

The money from the HELOC could potentially fund 2 buy & holds in the area we are starting. It could also fund a pretty nice vacation home in Sarasota, which we could also use for family vacations.

Thanks in advance for any thoughts/advice. 

@Jeff Graves I've heard property management differs a bit on vacation rentals versus buy & holds, which is where our limited experience lies.  I've also heard some of the bigger rental sites, VRBO, HomeAway, charge outlandish fees which really cut into profits.  Just curious your thoughts on using these sites and management on vacation rentals.

Hi @Monika Haebich 

We would probably only be using the property once, maybe twice a year.  We have 4 kids, 2 of which will be in school next year and my wife works as well so our vacation time is pretty limited.

I've found several online I like based on what we're looking for.  I'm curious about property management because I've heard it differs a little on vacation rentals.

@Jeff Graves The Gatlinburg/Pigeon Forge area. We're looking at purchasing somethin we can not only rent out but can use for our family vacations. We've narrowed it to to that area in TN and Sarasota. 

@Robert R. I know this is an old post but I'm to pick someone's brain on vacation rentals in the Gatlingurg/Pigeon Forge area. 

Hello all,

New to BP & investing. We recently closed on your first 2 but & hold properties and are looking forward to our next venture. 

I'm curious about the vacation rental market in the PF/Gatlinburg area. We'd love to have something we can not only rent out but use for our own vacations.

I would love any thoughts/suggestions from anyone with experience in this market.