STR Financing in Gatlinburg Pigeon Forge Smoky Mtns
My wife and I are thinking of doing things a bit different than most. We want to get into a str cabin in the smoky mtns, but don’t have the funds to come up with the downpayment at the moment. We’re thinking that this time next year we could sell our home and live in a camper for a year, that would give us the money we need to put down on a cabin and start working our way into financial freedom instead of depending on my 9-5 job. We have two kids under 3 so we know it’d be tough for a year, but we think we can make it work to get us to where we want to be financially in the future. So could we potentially do a primary mortgage on a cabin as if we were purchasing it to live in it to take advantage of a lower down payment, then rent it out through Airbnb etc.? Or would we still have to do a vacation home loan (10% down) or investment loan (15% down)? Our biggest concern is that if we absolutely hate living in a camper we want to have an exit strategy to be able to get a home loan again so we can get back into a house (without having to sell the cabin.) Trying to tag @parkerborofsky but it’s not letting me. Welcome input from anyone though!