Gatlinburg Condo purchase using a 1031 Exchange

[Lauren Griffin]

Investment Info:

Other buy & hold investment in Gatlinburg.

Purchase price: $93,000

I purchased this one using a 1031 exchange. I bought 4 units on a Monday, and then Friday I sold one (bank did a deed release on the one townhouse so I don't owe anything on the condo in Gburg) and with the funds from that, I purchased the condo using a 1031 exchange. I bought the townhouse for $60k, sold for $82,500 in 4 days and added the difference to purchase the condo. The purchaser of the townhouse owned the condo in Gatlinburg.

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

Gatlinburg is a booming area and I have always been interested in investing here. It was the perfect opportunity.

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

The purchaser of the townhouse I was selling owned the condo in Gburg.

How did you finance this deal?

1031 Exchange

How did you add value to the deal?

We had to remodel the unit, it was in bad shape. We painted, replaced and leveled out flooring, remodeled and updated the kitchen and bathrooms.

What was the outcome?

I have it on Airbnb and VRBO and it is doing really well.

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

Just me :) and an awesome title company that was able to pull off the paperwork for a 1031 exchange in 4 days!