Purchased: Multifamily property with cabins for short-term rental

[Jessica Goldsmith]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000

A multi-family property in Sevierville. I rent out each unit on Airbnb, Vrbo, and other booking sites.

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

I personally love Airbnb experiences, and the cash flow looked really good.

How did you finance this deal?

I got a traditional 30-year bank loan

How did you add value to the deal?

Currently in the process of getting the interior re-painted, adding accent pieces, and get professional photos taken. With vacation rentals image is everything!

Lessons learned? Challenges?

Hire a guest contact or property manager for managing your short-term rental. I managed it by myself for the first year and regret not hiring someone sooner. It would've reduced my stress and anxiety for sure. Hiring someone diligent and hardworking is more important than where they are located. A short-term rental can be managed from afar if you have the right local contacts in place.