From "Critter Corner" to "Take Me Away" to $42K Annual Income!
While most owners place their properties with a vacation rental property company, a few choose to go it alone. Please note that managing your own property is definitely a lot of work and not for everyone! Among this smaller group, a few owners really stand out and Mike and Angela Weems are certainly at the very top of that list. We have written about their cabin before and again but it's time for another update. Here is a condensed version of their history owning rental property here in the Smokies:
No strangers to property management (they own several leased homes in Middle Tennessee), Mike and Angela asked me in early 2011 to help them find a great vacation rental property in Gatlinburg. I explained very early on that the truly great vacation rental properties are almost never for sale, because the owners are very happy with them and can't even imagine selling their jewels. Instead, we have to find properties with great potential and then make them into winners. It is important to understand what can and can't be changed and then concentrate on properties that already have the right features so that you can make the necessary changes. Here is my summary on this:
Must Have Characteristics
- Very Rentable Location - Must be within 10-15 minutes driving time max of one of our area's major attractions (Dollywood, the Great Smoky Mountains National Park, Tanger Five Oaks Shopping District, the center of Pigeon Forge)
- A Very Good View or the absolute potential for one or Complete Seclusion. Having both is truly magic!
- A vacation home feel (steeply pitched roof with lots of wood, stone, and glass materials)
- A good neighborhood with surroundings that are positive (not a lot of dilapidated trailers, etc.)
Sample Features that Can be Fixed
- Exterior stain
- Furniture & Interior Accents
- The Property Name (Not sure that "Critter Corner" was the best choice...