Out of State Short Term Rental

[Jeffrey Albaum]

Investment Info:

Single-family residence other investment in Townsend.

Purchase price: $552,000
Cash invested: $82,800

STR in the Smoky Mountains. Value add opportunity as the home has a detached garage that will eventually be built out into a massive game room. Home overlooks a golf course and is minutes from The Great Smoky National Park entrance!

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

I'm always looking to learn about different types of investments and have been looking for an STR for some time...this one checked all my boxes and has been so fun to learn about!

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

I found a property manager that I wanted to work with in the area first and he was able to recommend a reputable agent in the area. It was purchased off the MLS and negotiated down based on the home inspection.

How did you finance this deal?

I was going to use the 10% second home loan, but I wanted to sign with a management company and rent it out for more than the allowed number of days under that loan product, so I ended up going with a traditional investment property loan.

How did you add value to the deal?

The property had never been listed on AirBnb before, so we added aesthetics to the home and posted it. Down the line, the plan is to renovate the detached garage into a massive game room/home theater...a must for that region of the US.

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

Jenn Price was my agent and she is absolutely phenomenal!

Amanda Mize was the lender on the deal and worked tirelessly on my behalf. I cannot recommend them both enough!