Updated almost 3 years ago on . Most recent reply
FIRST STR Pigeon Forge
Investment Info:
Single-family residence buy & hold investment in Pigeon Forge.
Purchase price: $173,000
Cash invested: $40,000
Contributors:
Rhonda Blue
Adorable One bedroom Cabin just on the Pigeon Forge River. This is my first cabin and I am so excited to practice the BRRRR that I have seen my mom @Rhonda Blue do. WE bought it low and are going to do a few small upgrades in furniture and outdoor decking improvements. Going to rent it for at least 6 months and get quality rental number to hopefully then do cash out refinance and then do it all over again.!
What made you interested in investing in this type of deal?
I have seen my mom who owns 6 cabins do this a few times even out of state when we lived in Orange County Ca. I knew that I wanted to own my own and am so excited to finally get started.
How did you find this deal and how did you negotiate it?
I found it myself. I Property Manage and am a RE agent working in the area all the time for my clients. I actually sent this property out to clients first before purchasing it myself.
How did you finance this deal?
I used personal funds and fanny mae
How did you add value to the deal?
WE will repair deck area, update interiors.
What was the outcome?
I own it and plan to do a cash out refinance within 6 to 8 months.
Lessons learned? Challenges?
Will report back later. Also Do not be afraid of flood insurance. It's not that bad.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
WE used Debbie Hill with MIG. She is absolutely the leader for Smoky Mtn financing.
My MOM @Rhonda Blue was a huge help. She is always available to help other investors do exactly what she has proven works time and time again. I'm thrilled to be doing the same thing myself.
Most Popular Reply
@Ruth Blue hey! Here I am on a Saturday night looking through forums about RE in GB/PF/SVR like a total nerd! We are sooo close to getting into the market! But we are getting hung up on these ridiculous asking prices!!! Holy moly! $350k for a 2/2... $395k for a 3/3.... what are people thinking? Has the market really exploded that much? I may just need to stick with my apartment syndications haha. Hope all is going well with your BRRRR!