Pleasant Acres Smoky Mtn. Retreat

[Kelsey Ardoin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $620,000
Cash invested: $82,000

Self-managed STR cabin on 6 acres 15 min west of Pigeon Forge, TN

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

High ROI, enabling us to scale more quickly than with SFH LTR's.

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

I was a client of the Short Term Shop before I was an agent with the STS. I purchased with a STS agent licensed in TN. I bought at the height of the market, but this house was poorly marketed -- bad pictures and listed in wrong MLS by out-of-area agent -- so it was only on secondary websites like Realtor.com but not in the MLS where everyone was looking. Offered $20k under ask and negotiated down another $6k for roof repairs.

How did you finance this deal?

Conventional 10% down second home loan (plus a bit extra DP to keep it under the jumbo loan limits)

How did you add value to the deal?

We've taken it from a grandma cabin to a gorgeous, private retreat by refurnishing, redecorating, and renovating the house.

Lessons learned? Challenges?

"Fully furnished" isn't necessarily a good thing.

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

The Short Term Shop