There are well over 25,000 overnight accommodations for vacationers in the Smoky Mountain region of East Tennessee. There are hotels and motels, resorts, condos and time-shares, campgrounds, and of course...short-term rental properties like cabins and chalets.
It’s no secret: the short-term vacation rental marketplace is hyper-competitive!
Moving forward, what threats in this market will impact YOUR vacation property’s revenue potential?Read More
There are thousands of places you can invest your pre-tax (and Roth type) retirement savings – from bank CDs and mutual funds to stock/bond-managed portfolios and insurance company annuities. These accounts are typically managed by someone else; you can select the asset class but not the actual holdings, and you only get an annual or quarterly account statement. With trillions of dollars in these accounts, they are obviously popular, butRead More
Unfortunately, we live in a litigious society. Ads for lawyers bombard TV and radio for everything from auto accidents to medical malpractice, but one of the fastest growing areas of personal litigation is hospitality. Owning a short-term vacation rental property can be fun and rewarding; however, as with any business, many things - including taxes, maintenance, guest damages, and customer liability Read More
USING A 1031 EXCHANGE TO BUY A VACATION RENTAL PROPERTY
NOTE: an IRS 1031 Exchange is a complex transaction that may require a local, experienced, and competent attorney and accountant! This article is meant to provide a basic overview of a 1031 exchange and to illustrate a way to sell one property, defer any “gains taxes,” and use 100% of the sale proceeds to purchase anotherRead More
What do seasoned and inexperienced rental property owners have in common? Besides being fully dedicated to providing a memorable guest experience at clean and comfortable rentals, it’s not uncommon for homeowners to remain curious about property management companies…and skeptical about sharing commission. After all, it’s your home, so it may feel a bit odd letting some of that revenue go to someone else. However, when you choose aRead More
No matter the size, price, or quality, vacation rental properties are expected to have certain amenities nowadays. Who expects them? Well, your management company (or nosey neighbor) may offer suggestions, but guests come first in this category. When someone is searching for a place to call home on vacation, their eye may be caught by flashy and attractive amenities, like a private indoor pool or bubbly hot tub. However,Read More
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