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Old 08-20-2012, 12:59 PM
 
159 posts, read 334,548 times
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what are you good areas to buy a second vacation home in the eastern TN area? I want to be around a lake and maybe something I could rent out while not using it.

it's either going to be TN or Florida most likely for me to buy a second home in.
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Old 08-20-2012, 03:18 PM
 
Location: Knoxville
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I think the vacation home rental boom has come and gone. It might come back someday.
Most of the 2nd home inspections I've done on a lake were on the LaFollette side of Norris Lake. But most of them were true 2nd homes, I don't think they tried to rent them out.
I would suggest you contact some Realtors in lake areas and discuss your plans with them.
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Old 08-20-2012, 05:06 PM
 
Location: Knoxville
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Rental properties are on the way back up, and several good managing companies, which usually allow you to net about 50%, so not to bad to have and if marketed right, it will pay the payments and allow you to use at your leisure.
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Old 08-20-2012, 05:51 PM
 
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Originally Posted by downthrust View Post
what are you good areas to buy a second vacation home in the eastern TN area? I want to be around a lake and maybe something I could rent out while not using it.

it's either going to be TN or Florida most likely for me to buy a second home in.
I have a couple of friends here in East TN that own second homes at the beach and rent them out when they aren't there. They do quite well!
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Old 08-21-2012, 06:15 AM
 
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What beach are you speaking of?
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Old 08-21-2012, 09:29 AM
Status: "We've all searched for light in the dead of night" (set 2 days ago)
 
Location: Florida
11,453 posts, read 7,538,778 times
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Quote:
Originally Posted by Beretta View Post
I have a couple of friends here in East TN that own second homes at the beach and rent them out when they aren't there. They do quite well!
I do ... and would recommend this to anyone who has the right type property in mind. Upon looking at any possible second home/investment property ask for the gross receipts. My second home in TN is a "investment" property at this time and that status will change upon my retirement.

Ideal earnings would be 8% after all is said and done which includes managing fees, taxes, insurance, HOA/POA, maintenance and carrying costs. Investment properties make money second homes rarely do.

... just sayin'
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Old 08-22-2012, 05:39 AM
 
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Originally Posted by downthrust View Post
What beach are you speaking of?
Hilton Head Island (HHI)
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Old 08-22-2012, 07:04 AM
 
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Well that's south Carolina..I'm taking tn.
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Old 08-22-2012, 08:15 PM
 
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Well that's south Carolina..I'm taking tn.
Right. There's no coastline in TN. What I am saying is that the people that I know that have second homes have them elsewhere. There have been so many people that have lost their behinds on second/vacation homes it isn't funny. Over the last 4 years you could pick up vacation cabins around here for pennies on the dollar. Please do visit and buy, we need the sales. There are as many situations as there are people so there are some situations I am sure that do quite well. I would like to hear of those also.
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Old 08-23-2012, 01:30 PM
 
Location: The Conterminous United States
22,583 posts, read 52,039,616 times
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Quote:
Originally Posted by Beretta View Post
Right. There's no coastline in TN. What I am saying is that the people that I know that have second homes have them elsewhere. There have been so many people that have lost their behinds on second/vacation homes it isn't funny. Over the last 4 years you could pick up vacation cabins around here for pennies on the dollar. Please do visit and buy, we need the sales. There are as many situations as there are people so there are some situations I am sure that do quite well. I would like to hear of those also.
I've never heard of one. Well, specifically regarding the Smoky Mountains area and rentals. You might make enough to cover some expenses. Or lose a lot of money.

Anyone telling you different is trying to feed off you. Beware.
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