All Forum Posts by: Torey Chumbley

@Lauren C. I am a newbie and looking in the same area. I found a group of 4-1 bd in Sevierville that I might make an offer on today. Check out this data report from the Short term shop https://www.biggerpockets.com/... It should give you a baseline of what you can expect to make. 

@Melissa Bovee

Mashvisor is offering a 7 day free trial right now. Sounds like it has enough of the features I need to be worth trying out for test drive. 

@Melissa Bovee

Thanks Melissa! Mashvisor does seem to be a cheaper option and a little more user friendly too. I also like that they include the MLS listings for the area I am searching in

@Luke Carl

I have written your enemy method down in detail just a few days ago, but I haven't used it yet. In all honesty, I am looking for a way to quickly sort out properties before I do a deep dive. Do you use the full method when first sorting properties or do you skip some steps at first to bring the cream to the top? BTW, I plan to invest in the smoky mountains area. My first call with Julie McCoy is set up for this Tuesday. What do you feel are most important criteria for investing in this area? 

Torrance 

Which or these platforms do you use to research properties? Both have nice features, but wondering what the majority of you use and why? I have decided on the area where I want to invest and I have several properties that I need to do a detailed analysis on. This will be one of the tools I will use. 

Thanks in advance for your help!

Torrance

@Erik Stenbakken, I agree, gross is not net. Being a small business owner I am very familiar with the "it's not what you make, it's what you keep" phrase. I will be very careful to include all the expenses. Expenses are easier to calculate, potential income is much more difficult. Pigeon Forge is an area I have thought about. Have you been happy with your investment there? 

@Erik Stenbakken, good advice! Can we trust anything we get from AirDNA or is most of the other info accurate?  

@Ryan Moyer, Excellent response, you have given me lots to think about! I have been obsessed with the idea of owning STRs and have spent many hours researching and learning everything I could, but since this is such a niche, not much info is available. In my case, I am looking to replace a good portion of my income after selling the business that I have owned for 32 years. The numbers on AirDNA look too good to be true and before this post and thanks to you and others here I have learned of other smart methods to check numbers. Like any investor, I don't want to waste money. Can I ask where you invest? 

Great advice guys, thank you! 

One more question. I am currently just using the free version of AirDND and confused about their pricing. What is the best/cheapest way to get access to several markets at once?   

I am new to the STR game and looking into buying my first one. I have been doing a ton of research and have used some of the free tools on airdna to help me decide where to invest. I found a property in North Lake Tahoe that looks good but I am not sure if I should trust the numbers I get from airdna. The cabin is a 3/2 that should sleep 8-10. It is listed on the MLS for 699,000. According to Airdna it should rent for 473 per night with 40% occupancy for over 68,000 per year. If these numbers are close to true, this looks like a good investment. What do you all think? Do you trust their numbers, or do you use another source to estimate your ROI?