Investment Info:
Condo buy & hold investment.
Purchase price: $275,000
Cash invested: $60,000
Sale price: $417,000
Knotty Alpine Cove in Gatlinburg, TN was our first BRRRR to STR. My husband and I renovated and designed the condo ourselves, traveling back and forth from Cincinnati to Gatlinburg over the course of about 4 months.
What made you interested in investing in this type of deal?
We love Gatlinburg, we love renovations and design, and had the time and skillset, in order to complete an investment project ourselves.
How did you find this deal and how did you negotiate it?
We worked with an agent in the area who was familiar. It was an "as is" property, so we came with our best offer for the investment (2021/2022 was a wild time of over asking deals!) and we were able to secure the property for under asking.
How did you finance this deal?
DSCR with 20% down, and our own cash to fund the rehab.
How did you add value to the deal?
We updated everything, from the floors to the ceilings.
What was the outcome?
We had 85%+ occupancy and higher than average nightly rates, and our financials supported our sale price of $417,000 in October of 2023- the highest selling condo in the entire complex.
Lessons learned? Challenges?
Would have used OPM had I known about HML at the time! Have learned so much since then.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agents: Shannon and Dani McRoberts in Gatlinburg/Pigeon Forge/Sevierville
Lenders: Visio
Brokers: Jeremy Magrum
Title: Smoky Mountain Title
