All Forum Posts by: Vince L.

I was surprised to learn about this event. I thoroughly read the complaint and this looks like an isolated incident. This clearly does not equate to a “Ponzi” scheme where new money is being used to pay off old investors.

Throughout our investment experience with them for almost 10 years, they always lived up to their contractual obligations and provided what they committed for investors. For me, this could be another good stress test where they can give me assurance that they are capable of handling unforeseen, tough matters that investment managers will inevitably face in their operation.

Regardless, as an investor, I am going to keep an eye out for how the legal complaint will unfold down the path. From my past experience, I am confident that the company will handle this situation appropriately in such a way that they had done to my satisfaction in the past.

@Laura Bradford - You can cash flow everywhere from Okaloosa Island to Panama City Beach, but more people looking for cash flow land in the Destin/Miramar Beach areas.  Personally, I own in Destin and on Okaloosa Island (i.e. Fort Walton Beach), and both of my units perform very well.  It's easiest if you focus on an area you like and search there, but some of my clients prefer to cast a broad net and hope for the best as well.  Best of luck!

I own 2 1BR cabins that both grossed over 60k last year.  One net 27k and the other 17k after all expenses including mortgage.

I totally agree analysis paralysis will keep you from taking any action.  Make a move! 

@Vince L. Where did you get 50% ? Need a break down of that. Also 50k is pre covid. My 2 bedrooms are already at 40k for 2021 including future bookings but the small ones don’t book far in advance and October is the biggest month of the year and hasn’t even started booking yet.

60k is the new 50k and I’m willing to bet your expenses are way to high. Hell I’ve got a 120 year old apartment building that doesn’t come near 50% m

@julie McCoy has a 1 bed that does 65k and I think she’s actually selling it right now.

I’ve got a buddy that does 85k with a 2 bed but that is not realistic he’s not human.

Are you including a management fee? It's common knowledge that if you have a PM on STR you won't make much money if any.

I’ve bought two cabins this year. The make great money. Also bought 2 beach properties. Closing one next week.

The question is.... can you handle dealing with guests? Some people are made for it and thrive on it. Some people aren’t cut out for it.

I got it from this post:

Levi Trentham Real Estate Agent from Sevierville TNreplied over 1 year ago Question for those who have STR cabins in PF/Gatlinburg, is the 50% rule pretty close to what to expect in that market? If I'm doing this estimate right on a 2bed/2bath cabin at 260K, 10% down at 4% interest looking at a mortgage payment of around $1,400/mo. Gross revenue 50K, half that 25K, divide that by 12 months to get an average of $2,083 per month. $2,083-$1,400= $683/mo profit. Am I on the right track there? I'm just basing 50K gross from other posts I've read.

Does the 65K on the 1 bedroom include the cleaning fees, service fees and occupancy taxes and fees charged by airbnb?  A realtor told me that to include those fees is misleading.

I would love to get a cabin in TN but I'm trying to be patient so I don't overpay.  Trying to see if the market will stabilize.  You have a greater advantage than most since your wife is in the realty business

I'm not sure about handling guests.  I'm sure most guests are fine but there will be some who are difficult.  Do you worry about getting sued if a guest gets injured on one of your properties?  We live in a litigious society.  I just read a post on BiggerPockets and a guest claimed she fell down someone's stairs in a cabin. 

I was looking on your wife's website and considering Florida or Alabama but are there concerns along the shore of hurricanes and such?

@Jonathan Stone

Yes, thats the gross rent from one rental. That's why I love STR- each property produces so much more rent than a single family.