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10-08-2015 01:08 PM
Hi all, My husband and I are are thinking of purchasing a cabin in the Smokeys that we would use but also use as rental property. Does anyone have experience in this area? We went last week and looked but didn't find exactly what we were looking for. We have a list of critieria and don't want to settle.
TIA Teddy
10-08-2015 01:15 PM
We have no experience in this area, but we have been getting flyers in the mail for years about property that is for sale. We are always tempted. That is the most beautiful part of the country in my opinion. You didn't say how far you are from the area. If you are a long drive from there, be realistic about how often you would use it and how hard it would be to maintain as a rental. Good luck!
10-08-2015 01:57 PM
Thanks Puppy Lips:-) We are 200 miles away and go twice a yr. We too love the area and thought it might make sense to have something there we can use and also use as an investment. The buget keeps increasing though in order to get everything on our "wish list"
Good view, good parking (some driveways are steep and room for 1 car) an area to walk the dogs (doesn't have to be huge but some places didn't have anywhere to take them)
Turnkey, don't want to have to do any remodeling.
A home away from home that is similiar to our current home.....the search continues:-)
10-08-2015 03:09 PM
Hello! I'm guessing that you'll have a property manager overseeing/handling the rental cabin, if you decide to purchase a cabin?. ............(In my case, I'm thinking, it would be less expensive for me to rent a place twice a year, and enjoy it. 200 miles away is a long distance away, to own and rent out property.) If the cabin is to be used by you and your family/good friends only, it's better, IMO. Well, wishing you good luck, and I'm sure the other posters here will have much better information and many positive thoughts.
10-08-2015 03:23 PM
Thanks ROMARY 1, We're looking at all the options. Some people do VRBO (Vacation Rental By Owner) We're paying cash for the home so no mortgage and that takes some pressure off the worrying if it's rented...
It will be under the category of "Luxury" cabin also. My husband is more interested than I am. I look at all the problems that could come up and even if you do have a management co there are so many unforeseen issues.
Also the question we both ask is "if the rental is doing so well why are your sellin??" Some are saying 50K gross income.
It will have to be THE perfect cabin before I will get out the checkbook!!!!!
10-08-2015 03:33 PM
Hello, again! Well, 50K a year income with no mortgage......not bad at all. Hummmm, just take your time and find 'the right one'. You might want to check out Yelp and other sites for reviews re: the rental property managers in that area. I'm sure that there are plenty who have been doing a good job, managing and taking care of rentals in-between occupants. Lots of good luck, and keep us posted!
10-08-2015 06:21 PM
I assume you and DH are also talking to others who have gone the rental route. There are lots of issues to consider and some of them have nothing to do with ordinary ownership.
There is also money to be made but I have no idea about the possibilities in the area you're considering, so I'll just suggest you continue to proceed with caution as you've been doing. Even a property with no mortgage has expenses - and the more often you rent it, the more those expenses rise along with the rent you collect. It's not all gravy.
Love the Smokeys. Wish you well.
10-08-2015 06:24 PM
It is amazing what you can get for a nice vacation rental in popular areas. We had a property that we rented during the winter only during baseball spring training. I was shocked!
If if I were going to deal with a rental property now, I would want to pay someone to rent, manage, and deal with things like housekeeping in between renters. I'm sure those services are available in the mountains just as they are here in FL at the beach. Otherwise it can be a bit much. Some people will run you crazy nitpicking every little thing and you will spend all your spare time dealing with the property.
10-08-2015 07:00 PM
We've stayed in the Smokies twice, and both times rented a cabin directly from Outrageous Cabins. They are what I would definitely consider high-end, luxury cabins.
10-08-2015 08:27 PM
Another factor. Even without a mortgage payment you will still have other expenses. Property taxes, insurance premiums to cover the structure itself plus liability coverage; repairs/replacement/maintenance of a/c, appliances, paint, plumbing, etc.; utilities (year-round electricity and/or gas, water, garbage/trash pick-up), pest control, lawn care; management fees. All of these (and miscellaneous) on-going expenses have to be paid whether the cabin is rented or vacant.
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