Short Term Rental in the Smokies

[Mike Anderson]

Investment Info:

Single-family residence buy & hold investment in Sevierville.

Purchase price: $364,000
Cash invested: $45,000

We bought this 3 bedroom 2 bathroom cabin as a short term rental property. It has exceeded all expectations and we are currently working towards getting our next one.

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

We love the area, and the mountains. The return on investment in the short term rental/vacation home market is amazing.

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

I worked with a realtor who specializes in STR properties.

How did you finance this deal?

Regular mortgage, second home loan.

How did you add value to the deal?

My good looks and humor.

What was the outcome?

It's been booked pretty solid, and has so far been a great investment.

Lessons learned? Challenges?

I should of done this 10 years ago. We did have to do more work than expected, mostly deferred maintenance but i really think we are setup for long term success now.

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

Yes.