Full Service Property Management Team

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Interested in an investment property? Not sure what  management option is best for you?

Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options

 

Here’s a word from our friends at Homes Not Alone:

Like the idea of a vacation home for your personal use or as an overnight rental investment property? Making the decision to rent your property overnight or keep it for your own use can be challenging at times.

Using a local Full Service Property Management Team such as Smoky Mountain Homes Not Alone might be just the answer for you!  A company such as this caters to an owner’s needs and special requests for the management of their vacation home.  Offering local full service with flexibility eliminates many worries when the owner is away. The property inspections are scheduled with owner’s desires and finances in mind. In addition, they accommodate the overnight rental market by managing everything from taking reservations and payments, to handling cleaning, maintenance, and guest issues. This allows an owner to be as free from commitment as they choose. Some of the pros and cons of using a Full Service Property Management Team for overnight rentals are listed below.

Pros: 

• Full Service:  A Full Service Property Management Team takes all reservations, communicates with guests before, during, and after their visit to the property. They schedule and manage trusted cleaners and handle any maintenance issues with trusted local contractors. They advertise and market your property on trusted websites and handle all payments.

• Flexible:  Owner can be involved with the property maintenance or the Full Service Property Management Team can handle everything and let the owner enjoy their property when they come for a visit. The purpose of the Full Service Property Management Team is to keep the property up to the owner’s standards and for the Management Team to receive all 5 star ratings and great reviews which enhances the owner’s bottom line- profit!!

• Location:  Homes Not Alone is located in Sevier County. We know trustworthy local contractors that will look out for the owner’s best interest. Being local also helps to answer any guest questions about local activities and allows them to plan the perfect vacation.

Cons:

• Management Fees: There is a management fee percentage that is based on the nightly rental amount. This fee is very competitive with the market; the personal care that goes into the property is very much worth it. The Full Service Property Management Team includes in their fees a cleaning inspector that makes sure the property is professionally cleaned to their standards, checks on the property between guests to be sure all maintenance issues are being addressed, and handles all guests issues promptly so the guests stay is minimally interrupted if at all.

• Hands On:  The Full Service Property Management Team does best when they handle everything so the quality stays consistent for the owner as well as the guests.

Full Service Property Management may not be for everyone. It is for the owner that wants an investment property to enjoy for themselves or strictly as an investment.  Full Service Property Management takes the stress away from owning an investment property or private vacation home.

 

 

DIY Property Management

Posted by Gatlin on

 

Interested in an investment property? Not sure what  management option is best for you?

Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options. 

 

The first part of our series will discuss managing your own rental.  Below are common benefits and obstacles that come with self-management. 

Pros

  • Income – You have the potential to keep more of the money that your property produces if you are not paying management fees.
  • Customer Service – You have the ability to provide the level of customer service that you expect your guest to receive and to make vacations truly memorable with personalization. 
  • Online Services – There are many online options that make booking your own rental property easier and involve no middle man.
  •        Control – You have complete control of who rents your property and all subcontractors you use. 

Cons

  • Proximity – You must be close enough to your property to handle all guest requests, cleaning, and maintenance or find a reliable source to handle those request.
  • Availability – You must be available to handle all guest requests or complaints twenty-four hours a day seven days a week or ensure the reliable source you hire is available.
  • Implementing a Marketing Strategy – You will have to implement and maintain your own marketing strategy. This includes listing your property for booking, building a website should you choose that option, and managing your own promotional cost.        
  • Collection of Rent and Entry into Property – You will be responsible for collecting rent and deposits. You will also be responsible for your guest accessing the property quickly and efficiently upon their arrival.

 

DIY property management presents many obstacles to overcome. However if helping others experience their vacation dreams is a passion of yours DIY management presents an exciting opportunity!

Tools for Real Estate Investment 101: Self-Directed IRA’s and Your Real Estate Investment Needs

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Real Estate Deals

As home prices continue their gradual trend of rising during 2013, there are various investment tools that can be utilized by potential buyers and/or sellers in considering whether or not to invest in real estate, especially here in the Great Smoky Mountain real estate market. Today, we will focus on one of these investment tools, which has gained popularity in recent years, namely that of the self-directed IRA (Individual Retirement Account).

A Self-directed Individual Retirement Account (IRA) is not your typical IRA since it allows the account owner to invest in a wider set of assets than those offered by custodians and trustees of traditional IRAs. This separates a Self-directed IRA from other types of IRAs since the account holder can decide what permissible investments to put his or her money into without having the custodian or trustee set a limit on what investments to pursue, hence the term “self-directed.” In other words, the account holder is limited only by the rules set by the Internal Revenue Service (IRS) and of course, his or her choice of investments. In addition, the custodian or trustee is also in charge of facilitating all other transactions that involve the Self-directed IRA.

Some potential advantages of using a Self-directed IRA include, but are not excluded to, the following:

1.) Having a Self-directed IRA allows an account holder to purchase properties anywhere that’s allowed by law. Almost every type of real estate is permissible such as residential and commercial property, real estate options, and the like.

2.) Purchasing property can also be done without paying all the required capital. For example, account holders can participate in a limited liability company (LLC) that directly invests in real estate.

3.) Many account holders have already taken advantage of the current buyers’ market where property prices are low and foreclosure rates are high. They can attest to how they’ve benefited from their diversified portfolio within their Self-directed IRA.

4.) Usually, real estate investments purchased within a Self-directed IRA are intended as long-term investments. This means that once an account holder buys a property, they will hold onto it until its value appreciates and is ready to be sold. In other words, the “buy-low, sell-high” concept is well suited for this type of IRA.

5.) Selling an IRA-owned home lets the owner avoid paying capital gains tax if the proceeds are rolled back into the IRA. This especially applies to those who rehab properties in rundown condition and flip them for quick profit.

However, there are limitations as to what a Self-directed IRA can do, including, but not excluded to, the following:

1.) The Self-directed IRA cannot purchase real estate from a “disqualified person” either directly or indirectly. It also prohibits a “disqualified person” from using a property purchased within a Self-directed IRA. A “disqualified person” includes, but is not excluded to: Your spouse, your lineal ascendants/descendants and their spouses, plan fiduciaries (including advisors, custodians, and administrators), an entity (i.e., estate, corporation, etc.) where you own at least 50% of the voting stock, directly or indirectly, and anyone providing services to the plan.

2.) The purchased property cannot be used by the account holder – not even for a night. Only qualified people may use it and this does not include one’s relatives. Unless the account holder is 59 and a half years old and retired, then living in the investment property is deemed illegal.

3.) Account holders and family members cannot buy or sell property directly from their IRA. Likewise, it is also forbidden to buy or sell directly from the companies or enterprises that they own.

4.) Borrowing or lending money from the IRA is not allowed, and the IRA cannot be used to lend money to family members or as collateral for any type of loan.

5.) IRA funds and personal accounts cannot be combined or co-mingled.

6.) Those involved in the servicing of the Self-directed IRA account are not allowed to participate in any transaction that involves the account.

With a Self-directed IRA, you will have to find a reliable custodian or trustee to open an account and comply with the IRS requirements, and set up the account with a bank or other financial institution. When an investment property has been selected, the account holder would then authorize the custodian to pay a deposit from the Self-directed IRA by signing an authorization form. After which, the account holder must complete the necessary documents and forward them to the custodian or trustee. The closing agent will then coordinate the remainder of the transaction and release any additional funds required.

Finally, Self-directed IRA’s, like any other investment in real estate, do involve a lot of risk. First, it is recommended that one invests only 25 percent at the most if you are not inclined to be a “risk taker.” With the prices of properties at their current levels, you can probably find one that you may like. Second, keep in mind that the Self-directed IRA is making the investment — not you or anyone else. You can’t simply take the cash flow that you earn from your investment property since the custodian or trustee is in charge of it through your IRA. Third, be sure to leave enough funds in your Self-directed IRA to cover unexpected expenses related to your property, such as tenant turnover, maintenance and repairs. This will put you in a safe position should you incur any “additional” costs. Finally, please always seek the advice of qualified real estate investment professionals that can help you find the properties that would be best suited for your overall retirement goals. Like anything else, always ask questions, and make sure to get as much as information as you can before using this investment tool, or any other investment tool, before deciding to act on it.

With this basic knowledge and understanding of a potentially powerful investment tool for real estate, why not see what the Great Smoky Mountains real market can offer you today? Please feel free to browse our available properties, and let one of our buyer specialists help realize your home ownership dreams today! Come and see what the Great Smoky Mountains can offer you today!

Here Are A Few of My Featured Listings:

Nice Ranch-Style Home in Sevierville! Beautiful, well-maintained, 1,300+ sq ft, 3 BD/2 BA ranch-style home located in Sevierville, is walking distance to the nearby Pigeon River, along with being mins. to Dollywood, Pigeon Forge, and downtown Sevierville! Type: Single Family Home Location: Sevierville,TN Price: $159,900 Get more information >
Beautiful Private Cabin w/City View Beautiful, private 4 Bedroom/3 Bathroom cabin located just below Ober Gatlinburg w/a 20-mile view! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $195,000 Get more information >
Great Views & Privacy This three level cabin has consistently produced right at $30k a year in rental income every year since 2007! Located on a private lot it features a great view and a lot of windows and deck space for enjoying the scenery Type: Single Family Home Location: Pigeon Forge Price: $279,900 Get more information >


The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

Great Smoky Mountains Real Estate

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Smoky Mountain Vista View
Smoky Mountain Vista View

There are many different types of investment properties in the Great Smoky Mountains. 

Whatever real estate you are looking for, whether it is estates, large acreage, cabins, chalets, or development property, there are plenty of Smoky Mountain real estate options. 

The Smoky Mountain real estate agent to assit you in your real estate investment search is Jason White.  Jason provides a great in-depth knowledge about the towns of Pigeon Forge, Gatlinburg, and Seiverville, and the resort and investment properties in those areas. 

The Jason White real estate team is sure to make sure you have the information and options that you seek in Great Smoky Mountain real estate market.