Smokeys OUCHIE "This must hurt" How low can it go?

Question

https://www.redfin.com/TN/Sevierville/3825-Glenview-Way-3786...

Add additional costs for realtor fees, concessions, and possible reduced price plus all those upgrades. 200k loss in 2 years. Ouch! How many more are out there and counting.

Another 9 months and I can start kicking tires to buy...Patience is a virtue. It is frustrating at times to be waiting though.

John Underwood · Answer

Ouch.

I wonder what the rent roll looks like with the current PM?

Maybe if they had self managed they could have made the numbers work?

Chris Seveney · Answer

Sold for $925k ouch - this one is not going to end well for the owner.

Similar to interest rates getting hiked - many of these STR places prices were out of control and it was not hard for those who have been in real estate for a lengthy period of time to see this (and Boise and Austin) happening

those who bought at peak are gonna be in for some unfortunate times.

Brian Kragerud · Answer

Very well, thought so...thanks for the reply.

Michael Baum · Answer

I remember that place. It is a pretty cool cabin IMHO.

It got moved to the classifieds @Brian Kragerud because you put a link to a property to buy in there.

Brian Kragerud · Answer

Not sure why this was placed under the Classified Forum as my intention for to be listed on the STR Forum where I spend all my time

Thanks John for your reply and hint of a possible solution to a disaster for this person. In REI, if a person can hold on the future will rescue a bad purchase.

Just as well, didn't really want to stir up a slew of responses anyway. I am sure there are deals all over the US in every city where people are experiencing the same results. This opens the doors for us who are waiting patiently for the right timing to get in to STR.

I see your in SC, I have done extensive RE analysis in Smokey's and NMB, thinking to buy cabin then a beach house to get started and then perfect the process to add some Co-hosting to expand cash-flow and scale portfolio into more STR.

Kindly welcome your thoughts on these markets best to get started in the REI STR business? Can add in some BRRRR and flips in the plan.

Smokeys OUCHIE "This must hurt" How low can it go?

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