All Forum Posts by: Ivan Solovyev

Hello 👋,

We're working on a STR project in Sevierville and having a hard time finding a reliable contractor.

The biggest issue we're running into is poor communication or even a lack of thereof. We've worked to a limited extent with one contractor, and spoken with two more. Yet all of them ghosted us when it came down to drafting a proposal and scope of work.

Does anyone have advice or could kindly refer me to a contractor in a Sevierville / Knoxville area who could help us with building some decks and simple structures.

Thank you and all the best,

Ivan

@David Hughes depends on what your strategy is. I your are planning build and sell then view definitely help to increase the price, but if you are looking to do overnight rental then view doesn't really matter. I own a cabin without any view and its doing well. I would be concerned about the road though. It is important to have easy access to the cabin. I have friends who own cabins with steep roads that are not paved and sometimes guests cannot access cabin which results in lost income. 

Share your experience with building in Gatlinburg :) Really interested to know if it is worth it instead of buying. 

@Joshua Young There is no restrictions on doing Airbnb/VRBO. 

@Luke Carl That is an existing hotel (Ramada Inn). Couple years ago half of the rooms were sold and owners either use them for themselves or rent them out on Airbnb/VRBO, they also have a separate HOA company from the hotel. Current owner been doing pretty well and got $21K in revenue last year, he provided with numbers from Airbnb/VRBO, even though he has terrible listing pictures and very bad reviews (4.3/5.0). Selling price is $69K. HOA covers all the bills (Internet/Electricity/Water etc.) for $395 a month. Check in goes through the hotel's front desk. My idea was to finance it with 10% down, but many lenders I've talked to won't do it, because its less than 500sqft.

I know its sounds strange to buy a hotel room, but it is popular in Florida, not the first time I've seen it. 

 Haven't got it

First of all its hotel, not a motel. Second, numbers are great on that particular property and third it has all of the amenities that you need to stay long-term. In Florida, there is a lot of apart hotels available and people airbnbing them. HOA covers all the expenses.

 Hi Matt,

Can you share some info with me as well? would really appreciate it.

Thanks,

Ivan

Hi All,

I am looking to finance AirBnb deal. The issue I am having that I am looking to buy room in the existing hotel and most likely bank won't finance that deal. Does anyone has any recommendation on how such type of deal can be approached from the financing perspective? It's in Florida if that matters. 

@Paul Sandhu Thanks Paul!

Hi All.

Does anyone have a good recommendation for cleanning services in Gatlinburg/Pigeon Forge area? Would greatly appreciate any help or advice.