All Forum Posts by: James Rowe

@Lucas Carl thanks for the info, just trying to have a rough idea of what kind of cash I’ll need to get going. I don’t have much capital laying around and I’ll most likely be working with a partner so I’d like to have a good ball park figure of what is needed to get off the ground. I know a lot will be dependent on the deal. I’m trying to learn what is commonly needed upfront for most cabins in general, aside from lending costs.

I'm working on my expenses spreadsheet for purchasing my first STR cabin near Gatlinburg. I currently have:

1. $175 Smart lock keypad for remote management of door lock on Amazon

2. Furnishings that may not already be present

3. Utilities start-up fees

4. Initial cleaning fee if needed (may do it myself if possible)

5. Initial maintenance costs to get the place ready to rent (if not ready to go already)

6. Listing/marketing upfront fees (not sure if there are any)?

I don’t know what I don’t know here so please feel free to help me out or tell me if I’m way off track. How much are you guys seeing these things cost? What would you plan for?

Also looking to get started in this market. Trying to decide if I should get in fast with cheaper properties or work on finding partners to go bigger. If any of you who have already started could do it again what type of property would you start with in this market? On the podcast @Avery Carl said she would want to start with larger occupancy properties if I remember correctly? Does any one property type seem to be a better way to start out? 

My wife and I are considering renting out a room in our house to my sister-in-law. I’m wanting to get a contract written up and would like to know if anyone has any templates or recommendations. We want her to pay some rent, do some house work and cooking, and occasionally babysit our 1 year old son as part of the deal. The room is small but she has stayed there many times and enjoys being there. Any thoughts or advice?? Thanks!

I was just looking into this myself today. Like Alina said, you can take advantage of a loan from your 401k if it allows for it. This is a fee free way to use the funds without them being taxed. Also, the interest rate that they will charge for the loan is probably comparable to what you would make if you left the funds in your 401k. It all goes back into your fund. Make sure you look at the fine print to make sure that you are OK with the terms that will be applied if your position is terminated or if you leave the job. I'm sure the rules change from fund to fund so yours may work slightly different. Worth looking into though!