All Forum Posts by: William Eric

I'm working w USBank to secure financing to search for a cabin in the smokies. I asked about the 10% down for a second home and he said he doesn't do that?

What banks are people using to get financing with 10% down?

Awesome yeah, getting ready to do this. getting financials in order 

Hello BP,

Do any of you have experience with owning Chalets as STR in comparison to Cabins? I hear in general the suggestion is to buy a cabin because that's "what people go there for", is there a significant challenge getting Chalets rented?

Any insight is appreciated. 

I'm looking at a R2 lot which technically allows for more than one building, if we decide to build 2 cabins we would build at the same time, but overall in terms of renting/cleaning it seems like 1 big cabin is the way to go. 

I'm aware building is expensive but with almost zero inventory it seems like an option worth exploring. There's literally no inventory!

Looking to build in Gatlinburg. Trying to decide a cabin with 4 bedrooms vs 2 with 2 bedrooms? 

Any people with experience with both types of investments that could share their thoughts on this?

Thanks!

It's a tough market, in general only a few very old established neighborhoods don't allow STR, you can use the GIS website to check zoning.

Buying land is equally challenging due to all the permits, some areas allow a building every 2 acres or 5 acres and in most areas outside of city proper you need to bring utilities. Still a pretty hot market, hard to get in but will keep an eye on it.

I'm looking to invest in STR in Gatlinburg, I am open to turn key or land to build close to town. I found some options but I'm concerned about STR restrictions. I see some houses listed in airbnb in areas where my realtor says there are str restrictions.

Are people listing their rentals even with str restriccions? How are you all navigating zoning questions?

I'm looking at a large investment property around 700k. I'd like to be able to act quickly in this competitive market so I am thinking using a hard loan to buy the property and then convert to a traditional mortgage. Anyone with experience? Am I wrong to think that a private loan will help me secure the property vs waiting a month or more for a mortgage? 

Anyone has experience with homelending?