All Forum Posts by: Kathy Leach

@Zach Edelman I ended up doing a conventional loan with 10% down, 10yr arm with amortization over 30yrs, with the way rates have been I was happy to close at 6.75%.  This is definitely an area I need to better educate myself on before going into my next deal.  

 Excellent! Yes. Thanks, planning on it.  Looking forward to it!! 

Investment Info:

Other other investment.

In April I closed on my first investment property, STR cabin in Gatlinburg. What a process and experience it has been, learning as I go and so glad I finally took the leap!!!

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

It was a process to determine what strategy I wanted to pursue, "they" say not to make it personal...I may have made this first purchase a bit personal. Greater opportunity for cash flow with a STR, granted you have your high season and your low season so I was comfortable with the idea the first year I may just break even as I get established as a STR property and figuring it all out. Then the personal side I just love my cabin, although I have not stayed there since I closed on it.

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

Shout out to the Short Term Shop!! They were great to work with to help me find the property and provide guidance on creative ways to negotiate the best deal possible.

Lessons learned? Challenges?

Lessons Learned: Don't get attached (no regrets about my first purchase but next one will be with an adjusted mindset).

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

Yes. Short Term Shop, agent Ilias Irby!!

Hello Ya'll! I assume the next meetup at Twisted Track in Roanoke, VA will be June 29th if it is still going on the last Thursday of the month? Thanks!!

Thanks Mark for the detailed reply.  This helps provide some prospective that I am on the right path.  Will continue to do my homework, run the numbers, and factor in any risk to see what option would be best for my specific situation.  Appreciate it!

Hello. I am new to real estate investing planning to buy my first STR in 2023, I am saving for cash down payment but wondering if taking a loan from my 401k would be a way for me to make this purchase sooner if the right property came along? Or would using home equity loan or HELOC from my primary residence be the better way to come up with the additional cash needed? Thanks for any feedback. Trying to overcome fear as a newbie to investing and remove roadblocks to jump into this, I anticipate getting past the first purchase is the hardest part.