Buying 1st Short Term Rental in The Great Smokey Mountains!

[Alan Bostick]

Hey guys! I am looking to buy my first STR in the Smokey Mountains in Tennessee this spring/ early summer, and am looking for some input from experienced owners in the area. I will be investing with an active equity partner with a price range of 400-600k. I have read and am currently re-reading the BP book on STRS.

Could you shout out some lenders that are familiar with lending on STRs? What are some of the terms I can expect being first time STR investor?

What kind of reserves are lenders looking for in a property 400-600k range? 

What average price for insurance are you experiencing right now? 

What are some mistakes you made while starting up your first STR?

Can you recommend companies to get furniture and commercial bedding that work well for you? (Is it traditional for cabins in the Smokey’s to be sold furnished?)

While this is not an all inclusive list of the questions I have, What questions have I not asked that I should be asking? (You don’t know until you know, you know?) 

I appreciate any and all information!