Updated over 2 years ago on . Most recent reply
Seeking my first STR in the Pigeon Forge/Gatlinburg/Wears Valley market
First post! I'm selling my only investment property and looking to move about 500k into a STR in the Smokies. I'm in the process of listing and am having difficulty finding a realtor who can identify the best cash flowing properties for my budget. I like the Smokies for the year-round draw and the likelihood that Short Term Rentals will be allowed to continue to thrive there along with the strong infrastructure of cleaners and handymen, as I will be self-managing from out of state. I understand most realtors only give attention when you are ready to buy but I only have a 45 day window to find my property with a 1031 exchange and a budget of 1.5M. Given cashflow is my main goal what type or specific property should I zero in on?
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First off you definitely want to find a good Realtor who understands what a good investment looks like and is able to help walk you thru the numbers but you really want to have a good understanding of what a good deal looks like to you. I would recommend spending some time analyzing properties. I have a spreadsheet I use to plug all my numbers into.
Regarding what to look for in terms of cash flow, you'll want to look for an existing cabin... you can do a reverse 1031 exchange for builds but it can get a bit more complicated. I personally would recommend you look more towards new construction and maybe something a little more modern and unique than your standard log cabin. But there are plenty of average-looking cabins that perform really well.