Coronavirus (STR - give me piece of mind please friends?)

[Alan Ford]

So, let me preface this by saying that I think this whole thing is likely a bit overblown and I am by no means a doomsayer the world is ending etc. I currently own two STRs in Pigeon Forge area and @Avery_Carl helped me with finding a lot, developer etc and contacts for a purchase and construction loan to build a new property. Big four bedroom luxury cabin with view, outdoor living area, all the bells and whistles - paying about $750k total, includes everything to be turnkey. Appraisal likely in the 800K+ range. Single close construction loan, 20% down 3.5% Interest only during build with automatic conversion to 3.5% fixed 30 year loan when construction is done.

I won't go into all the details but my family thinks I am "insane", "stupid", Short-sighted" to invest in another property with what is going on in the world with this virus.

I should also add that I do plan to use this as a vacation home for myself as well - and if my STR empire dreams pan out - my eventual personal residence. The mortgage on this place is lower than my mortgage here in CA and the property taxes...forget about it!

What do you guys think? I am kind of thinking that if this thing gets so bad that people stop vacationing in East TN - the world has bigger problems than this...

I more than likely will ignore the family, but wanted to get your guys thoughts and help me with a gut check!