Updated over 2 years ago on . Most recent reply
Wanting to own cabins in Gatlinburg Tn
My wife and I are looking to launch our real estate business. In planning out our long-overdue honeymoon, it occurred to us that we hadn't considered short-term rentals as a starting point. I have an aquatence that I've lost touch with over the years who purchased two cabins in Gatlinburg, Tennessee that he rents out through a property management company. I'm hesitant to reach out to him for fear of his extremely competitive nature. So any advice or connections here would be wonderful.
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Gatlinburg has been pretty popular. I've helped many out of state investors buy out state during the STR - short term rental craze (prior to 4/13/2022 when Fannie Mae increased costs to obtain financing on second homes).
I kept getting folks ask to buy in TN. First it was Clarksville, TN for long term rentals ( LTR) then they decided ("they," - out of state investors from WA, OR, CA) to move to STR rentals in Gatlinburg as an active income source.
The pro of the decision is that rates are great in that area however it might be more saturated since its the “talk of the town,” along with all the other touristy places like the Pocano’s in PA or Palm Springs/Coachella, CA, / etc.
However, from a high level approach you'll want a high income activity or active income machine (for some this is a tech job, an actual business, or STR they operate) and then the passive income sources. Funneling funds from active to passive over time till the passive can support you entirely 1x,2x,and if lucky 3x (financial freedom).