All Forum Posts by: Venkateswaran Venkatasubramanian

 This is great point. I fully concur, my intent is to start now, form my team and continue to look until I understand the market more deeply and identify a good deal. 

 Sure thing Matt. Thanks for your comment.

Hi Dylan, Thank you for getting in touch. I am interested in collaborating with you in the future. In the short term, I would appreciate your guidance regarding the appropriate areas to invest in and the correct price range that would result in a profitable venture for large cabins. Can I send you a DM ?

 Thanks for reaching out Leslie, I'd love to chat with you to chat further. Sending you DM.

 

Eric, thank you for your reply. I am highly intrigued by any contemporary cabins that may be available. I would appreciate it if you could inform me about the ones you mentioned. I have sent you a direct message. Additionally, thank you for providing the link to the STR2 on Zillow. It appears that prices have reached an all-time high. Considering the current interest rates, I am curious about the appropriate price point that would ensure a feasible investment. Moreover, I am hoping to make a purchase that has room for appreciation, and not acquire something that is at the pinnacle of the market with significant risks involved. So curious to hear your thoughts. I did see bunch of 5b+ available in zillow for several weeks/months which also includes bunch of new construction ones. So I was hoping there is room for striking some good deals.

 

I am an investor who lives outside of Gatlinburg and I am keen to invest in the short-term rental (STR) market, specifically in luxury turnkey properties. New constructions are preferable as they should be easier for us to manage and stand out much better despite growing inventory/current competition. I have come to this forum in the hope of connecting with knowledgeable individuals and building my local team, consisting of a real estate agent and property management personnel. My primary areas of interest are:

• 1. Locating the Best Property: I am looking for properties that are strategically located for easy access to key places and have stunning views. Accessible roads are also a priority. 

• 2. Understanding Current Market Trends: I would like guidance on determining the right price that will ensure profitability and cash flow for 2023.

• 3. Managing the Property: I am interested in learning about the best property management practices and any potential issues that may arise when managing an STR property in Gatlinburg. (For tax purposes we will manage the property in first year)

Our goal is to acquire a cabin that has all the desirable amenities, including at least five bedrooms, and we have allocated a budget of approximately 1.5 million dollars to make this investment possible. For the amazing folks in this forum, I greatly appreciate any insights you've around my above 3 points. I'm linking 3 airbnbs that I would love to emulate here for folks in the forum to understand what I'm talking about STR1, STR2, STR3

If you are an experienced real estate agent who owns and operates short-term rentals in the neighborhood, please do not hesitate to contact me. I believe we may be a good match and would be interested in discussing a potential partnership. In addition, I am seeking collaboration with exceptional property managers on this forum. My aim is to gain insight into the prevailing market trends and to explore potential partnerships beyond the first year. Initially, my plan is to self-manage the property to ensure we materially participate and claim tax benefits.

Little context about us : My wife and I work in the technology industry in Seattle and have a good income. We have already diversified into real estate by owning two long-term rental properties. At first, we plan to manage the STR property ourselves but may consider hiring a property management company in the future depending on how it goes. We are both very busy and do not see ourselves managing the property in the long term. I have been researching and learning about the STR market in Gatlinburg for the past 1-2 years by consuming information from various sources including this forum.

@Mike D'Arrigo Thanks for honest and great feedback, I was initially paying too much attention to the caprate and cash flow. Appreciate the suggestion for looking into midwest markets. What are the sources you consider to decide which market is best for long term returns and equity growth

Great points Samuel. Makes sense to plan for these issues. Thanks for sharing your insights.

@Nicholas L. Great points. I jumped at CT because it had best cashflow numbers and agree that it is too far and likely making trips to CT is something I'd rather not have to do. I'm certainly open to looking at markets 2-3 hours away and though i have cash reserve I'm certainly nervous like you said about making costly mistakes.

Thanks a lot everyone for taking the time to respond to me. This is the kind of insights that is not easily available and this is why I love this fabulous community. 

@Drew Sygit - Fantastic insights esp on the aspect of neighborhood and the entire dynamics that revolves around it. I realized that many agents don't take these factor into account (I assume genuine ignorance or that they just don't care and just want to get their commission by landing something soon). The post you linked gave a great perspective of the flipside and I'm glad I reached out to this community.  

@Samuel Eddinger Can you elaborate on this, "In Hartford proper, most underwriting does not have high enough vacancy and bad debt." Did you mean to say "has high vacancy and bad debt". 

So the learning for me is do not put in an offer before having a property manager reviewing the place and is happy with the condition (I'm not looking at BRRR projects so beyond inspection, property manager is a key stakeholder in the equation).

@William Collins Can you please share details on any virtual meet ups that you'd recommend?

@Nickolas Graham I'd love to chat more with you, do you have checklist of things that you consider when looking at a potential multifamily property. I assume you're looking at your local market and not OOS. 

Thanks again folks! Your unbiased opinions, genuine perspective and willingness to share your wisdom is what has made this community very special.