All Forum Posts by: John Carbone

What percent of deals are cash offers in this environment? If it’s companies and foreign money I assume those are all cash offers with no appraisals?

Hi, I am looking at getting a second home that I will be renting out. My question is how do people who do this report it on their taxes? Is it possible to do the 10% down and still classify it as an investment for federal tax purposes? 

 This seems a little contradictory. "find a used couch" "go to Ikea", then in the next paragraph "I'm running a classy operation". Putting stuff in from IKEA is not classy nor is it luxury that will command top dollar. 

What is considered a good GRM in the smokies now? Have to imagine that revenues have "peaked" for likely the next decade. Demand will remain strong, but price appreciation seems to have very little left in the tank. I think 30-40k a year per bedroom is probably the new normal though, even with a slowdown in the economy - there is simply too much currency floating around.

one thing to add, I've noticed a lot of bad information on a lot of properties in the area. Numerous cases I've seen square footage being overrepresented by anywhere from 300-500 square feet. Also, just at how crazy this is getting, I was informed a few weeks ago that a house was going to be listed for $1.1m in Gatlinburg (4 bedroom), and a week later when they went to market, the sellers changed their mind on price and listed it at $1.5m (waiting to see if it sells)

What local lenders are giving construction to close loans and what kind of terms?  Could I do 3-4 cabins on same property under the same loan?

Does anybody know of local lenders in Gatlinburg area that keep in-house interest only investment mortgages?

I was able to secure a piece of property in a desirable area from someone I know that is approved and zoned for an RV park. My initial plan is to immediately clear the land and create RV spots to rent out. Septic permit is pending, but county official believes 10-20 spots could be had. The spots alone are going for $30-$40 a night in nearby RV parks and everything is at capacity. I would like to purchase Park Model RV's and rent these out via AIRBNB with estimates being $100-$150 a night with 80% occupancy. I have an 800 credit score with low DTI ratios and 200k in W-2 income. What are my options for starting this up and obtaining financing? I could comfortably set up 3 park models with my own money and having it ready. The long long term is to eventually fill these all out with Park Model RV's when revenue starts to come in. If I am unable to secure financing I will probably still clear the land and live in a park model for the time being until I can eventually raise more capital. Can I get an SBA 7A loan for this as a startup?

Did you end up doing this? Any link to a cabin quadplex?

Curious if you found any information on this yet? 

Any update on the market post Labor Day yet?