Pigeon Forge Cabin with Amazing Mountain Views!

[Matthew Collins]

Investment Info:

Single-family residence other investment in Pigeon Forge.

Purchase price: $288,000
Cash invested: $35,000

Our cabin, "Tennessee Moonlight", is a beautiful getaway with amazing views of the Smoky Mountains. Located just minutes from the Pigeon Forge parkway, Dollywood, and a short drive to Gatlinburg, there are plenty of attractions nearby for everyone! The cabin has 1300+ sqft of space and is ideal for a family of 6 or 2 adult couples. We have a full kitchen, living room, game room, master bedroom with king bed, guest bedroom with queen bed, sleeper sofa, 2 decks with mountain views, and a hot tub.

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

I have a corporate background and was interested in real estate, but wasn't sure which strategy I wanted to pursue. Vacation rentals intrigued me as I live the Southeast, and drivable destinations are convenient for weekend stays. In addition, I have family in East Tennessee, so that gave me more of a comfort zone for my first deal. I'm very happy with the performance of my first investment in PF!

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

I found this property using different real estate websites (e.g. zillow, realtor, etc...).

How did you finance this deal?

I used a vacation home loan strategy as my permanent residence is not in Pigeon Forge, TN.

How did you add value to the deal?

I added new support/foundation to the deck that supports the hot tub. I also added new furniture in the living room and bedrooms.

What was the outcome?

The outcome has been great so far! The past owners used a "Professional Property Management Company" who estimated them ~37k in revenue in 2019 (they wouldn't release the docs to me). I was able to gross ~35k in the 4th qtr. of 2020! I'm very optimistic for 2021! Feel free to reach out to me if you have any questions about remote management or any other questions about the Pigeon Forge area!

Lessons learned? Challenges?

Lessons learned: I would move faster on my next deal. Due to my job it took a little extra time to get the cabin ready to OUR standards for short term rentals. Next purchase, if its needed, I'll take some time off work to get it STR ready quicker.

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

I worked with @Avery Carl, @Julie McCoy and, @Luke Carl at the Short Term Shop and definitely recommend their team!