I am considering purchasing a rental cabin in the Gatlinburg, TN area. Does anyone have any experience in this niche? I am a newbie in real estate investing and am learning as much as I can! I welcome all advice. Thank you in advance.
Talk to @Avery Carl she’s an agent and investor with multiple properties in that area.
Welcome @Brenda Mize ! Start by searching the forums here for GATLINBURG and you will find lots of advice or peruse the SHORT TERM RENTAL (STR) forum. There are at least a dozen or two of us on here and offering all we know, and much of it has already been posted.
@Chuck Kramer is correct, there's quite a few of us on the board - him, myself, @Lucas Carl and Avery Carl among them. It's a great market (Gatlinburg, Pigeon Forge, Sevierville). I just closed on my third cabin. Love it! Do some searching in the forums, you'll learn a ton - and when you have specific questions, just ask, we'll be happy to answer. :)
@Brenda Mize We’re here to help! Let us know what you need :)
Glad i found this thread. We are thinking of investing in the area as well. we are actually headed down in an hour or so. we found a property on mls. it is 2b/2b 1500 SQ ft about a mile off the strip. just got informed it was recently remediated (?) due to drug manufacture. this may be a deal breaker for my wife. @Lucas Carl / @avery carl - is this required to be declared if the property is used for a rental?
@randymorris I am very interested in what you find out about this cabin. I will check with Alamo Home Inspections (a local home inspector that specializes in log cabins) to see what he advises. By manufactured drugs I’m assuming you mean methamphetamen production?
@Rodney Morris LOL I would not even look at this property. Not to mention a mile off the strip probably means it’s zoned R1 which does not allow over night rentals.
I’d suggest PMing me and get me on the phone before you waste any more time :)
Rockstars know Rockstars.
I close on my 2nd cabin in 2 weeks. Talk to @Avery Carl she's my agent and has been very helpful.
FYI not all cabins close to town are R1. One of mine is .5 miles from the Parkway but it's a good idea to check every time.
Don't even consider buying a meth house. There are too many to choose from to need to do that. Plus, if someone was cooking meth there then it wasn't setup as an overnight rental.
@Rodney Morris I would not bother with the meth house. There are plenty of available properties that won't require that kind of remediation! I'd also make sure that you're looking at something that will be attractive to renters. There aren't very many (with some exceptions) short-term-rentable properties that are being used for long term rentals that would be affordable for the meth-cooking crowd. I can take a look at it if you want.
As far as R-1, not everything close to downtown is zone R-1 one, but it's definitely something to pay close attention to when you are looking right off the strip in Pigeon Forge or Gatlinburg.
thanks for the advice didn't realize there was that much left on the market there. @lucas Carl & @Avery Carl I'll be getting in touch thank you
I have been on BP for a few years now and started with LTR in AL and UT. 1031 exchanged UT property into 4 Smoky Mountain Vacation Rental Cabins THANKS to @Avery Carl which has now allowed my family to move back to East TN from Orange County CA and couldn't be happier.