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Updated over 6 years ago on . Most recent reply

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19
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3
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What to do next?????

Posted

I have a property with a main house (3 bed/3bath) a  pool house with 2 & 2 with a refurbished small barn (beautiful) with 2 bed and 1.5 bath and private gated entry 4 miles outside Knoxville with an inground pool. Knoxville Airbnb's are unbelievably hot and no other listing this close to town compares. They are apt. with community pools. 

For the pool house the est. for income a month is a little over 3 K. Airbnb is also launching Swimply which rents pools on an hourly tate that seems to start at $75.00. I have down payment but cant get a loan even with good credit due to my current income without my house selling first. I took 6 years off to care for my Mom with ALZ and feel like Im starting all over again. 

This property has massive potential but is also in a class above most in the neighborhood so FHA loan shot down. A coat of paint on the pool house interior and then work on the rest would set this up to be a very profitable venture. Hitting brick walls though

Most Popular Reply

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9
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2
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Peter Laurina
  • Knoxville, TN
2
Votes |
9
Posts
Peter Laurina
  • Knoxville, TN
Replied

Go negotiate the best deal you can, get it under contract, but leave yourself an solid out.  Something like "contingent on investment partner's approval" or try to put a 20-30 day inspection contingency.  Then hit the pavement and start trying to find investors.  If the deal is good enough  and you are motivated people will want in on it.  If you ask around and can't find anyone, then maybe it's a blessing in disguise and the reason other investors haven't tried to buy it?

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