Nervous about Buying Smokey Mt Cabin

[April Birdsong]

This post is a reach out to community with a need of like-minded investors to encourage me or tell me to run. I have an accepted offer for a 1bed/1bath cabin in Seveirville. The cabin was built in 2019, has a mountain view and is currently a STR bringing in $60,000 gross the last 2 years and booked until the end of the year at $200/night. I live in GA and met the inspector yesterday. Everything looks solid. I need to cut schrubs for better mountain view and plan to upgrade outdoor area with barrel sauna and better firepit area. I also plan to upscale it a bit with tile shower inside and better furniture to make it more luxury/rustic instead of just rustic. This will be my 4th property purchase in my plan for 5 properties bought and paid off in 10 years in time for retirement. I have 2 LTR and 1 MTR/STR (this one is more MTR).All of these are located near me and I have been able to manage them close up. I have researched so many STR markets that are drivable from GA and somewhere I would like to go myself and settled on the Smokeys.

We settled on $455,000  purchase price.  I have been so excited but driving back home last night, I started questioning "Why is the investor selling?" "Is this a decent deal?, $455,000 for 775 sq ft?????? Crazy but mountain views come with a premium.  Managing long distance????"  I am the risk taker and also most of the time the positive energy person. I am not afraid of managing long distant and understand some of the issues I may run into.  I don't have anyone in my circle that is investing in properties especially long-distant STRs. I know we are in a questionable economy.  I also read the Smokey Update with bookings down from last year. 

I would so appreciate any input/opinions from those of you that are investors in the Smokeys.  I have included the Zillow link for your review. Thank you in advance to advising a jittery investor in GA. 

April 

https://www.zillow.com/homedetails/3571-Locust-Ridge-Rd-Sevi...

[Collin Hays]

I visited with April this morning. When analyzing a property in the Smokies for a buyer, my first question is always "who is your realtor?"  That's because realtors need to sell to make a commission, so therein lies an inherent conflict of interest. Realtors needing a commission tend to be overly optimistic on revenue potential.

There are four realtors on the Tennessee side of the Smokies that I trust:

John Carbone, Chris Kirkland, Lisa Hoyt, and Darlene Derosia.

Stick with one of these and you will be OK.