Episode 61: Mastering Vacation Rentals in the Great Smoky Mountains
Today with On The Edge Podcast we’re talking to Dave Homyak who is a top tier Real Estate Agent focused in the Great Smokey Mountains selling cabins. Dave is here to talk to us about making enough passive income so we can all reach our big goal…retirement! Join us today as we learn about the world of Real Estate in the Great Smokey Mountains.
1:30 – What motivated you to leave your normal job and start selling homes? What got you into Rental Arbitrage?
8:50 – What is “Cash on Cash?” Where do you make the most amount of money with the least amount of payment? Short term rentals can net 2 1/2 times what long term rentals pay, so how do you leverage this and start making additional income?
12:30 – Let’s talk about the Great Smokey Mountains and why they’re an attractive investment for you? What do rental properties cost in that area?
17:00 – Is now a good time to invest in that area? People are always saying we’re at the top of the market, things are going to go down. The news is saying that the virus of unspecified origin is going to have a negative effect on the airbnb market. Is any of this true?
22:30 – Scott and Dave discuss a real life example of the type of income Dave is seeing in the Great Smokey Mountains area.
30:30 – What do the risks of investing in that area look like? Is the market susceptible to global pandemics, or ebbs and flows in visitation?
36:30 – Let’s talk about the math of spending a little more to make a lot more in income. We use specific real world examples on how investing in your short-term rental home can result in larger returns.
40:00 – Dave discusses a really cool short-term rental market tool called AirDNA. This is a service that can let you know what the market in your area is like. What are other rental homes renting for, based on size, location, and a ton of other criteria.
51:30 – Where do you see the next big market emerging from? Do you see the market in the GSM shrinking? Are there any investment plans for the future?
1:02:30 – What is your favorite movie and why?
———— Quickly- I’m Scott Groves – Husband, Father, Loan Officer, Coach, Author, Podcaster, and Recent Blue Belt in Brazilian Jiu-Jitsu. This podcast is paid for and brought to you by…. by me, Scott Groves 🙂 New Full Episodes are released every THURSDAY at 10:00am and clips are released frequently throughout the week. SO MAKE SURE YOU SUBSCRIBE!!!
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