Short Term Rental in the Smoky Mountains

[Erin Helle]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $405,000
Cash invested: $60,000

This is a short term rental in the Smoky Mountains!

What made you interested in investing in this type of deal?

We were looking for a place our family could make memories, but also make money!

How did you find this deal and how did you negotiate it?

Using a Realtor who knows the market well! We offered above asking price but asked the seller to cover all of our closing costs so we were minimum out of pocket. We really began the negotiations after we had the property inspected. The seller made all the repairs and we walked into a turn key property that was furnished and ready for it's first guest a week later!

How did you finance this deal?

A vacation home loan

How did you add value to the deal?

Furnished it, got great pictures, started getting guests and asking for reviews then slowly increased the nightly rate.

What was the outcome?

A cash flowing vacation home!

Lessons learned? Challenges?

It is expensive and time consuming to furnish an entire house! Particularly on a limited timeline and during COVID!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

LeighAnn Cate was our Realtor! I have tons of connections in the area so just reach out if you need a vendor or a contractor.