Gatlinburg, TN Cabin - Looking for a Partner

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Gatlinburg, TN Cabin - Looking for a Partner

Rental Property Investor · Knoxville, TN · Member since 2017 · 22 posts · 0 votes

About to close on June 16th, with a partner, on a chalet in Gatlinburg, TN. There is a lot of places we can add value/remodel and the place was already highly cash flowing.

If anyone has been looking to expand their STR portfolia, but needs 'boots on the ground' in a partner, please let me know.

Properties in this area have dipped in price, but are going to be on the rebound in a few months. The STRs that are done nicely are booked solid already for the summer. Looking to find a partner, fix up another cabin that is stuck in the 80s or 90s and kill it on the hospitality side.

If anyone is interested, just respond back or DM me.

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Ken Latchers

Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes

I will not use co-hosts or property managers or evolve type companies or "partners".

this is a complex business especially in this new world, and I don't need anyone screwing things up for me.

all of mine are within a block, although I have some long-term rentals in the south. And people are smart enough here to obtain and remote manage properties without someone skimming the profit out of it

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
6y
I dont want to split profits with someone else unless they were family.
Why would you want to? Lack of money or experience?
You can get around both.
Owner financing, save for down-payment, get owner to take back a 2nd for downpayment etc.
Read, study, get a mentor, take @Luke Carl and @Avery Carl out to lunch and their brains.
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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
6y
I didn't realize Gatlinburg prices had dipped any. What is your data source on that?
[email protected]806-672-7102
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Luther Epperhart
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Rental Property Investor · Knoxville, TN · Member since 2017 · 22 posts · 0 votes
6y
Originally posted by @John Underwood:
I dont want to split profits with someone else unless they were family.
Why would you want to? Lack of money or experience?
You can get around both.
Owner financing, save for down-payment, get owner to take back a 2nd for downpayment etc.
Read, study, get a mentor, take @Luke Carl and @Avery Carl out to lunch and their brains.

I am a bit overextended already, and while I have some cash stashed away, I am not all the way there on a full investment property down payment. I would love owner financing, but I am wondering if this is extremely hard to find in that area.

I am already AirBnBing my home and doing well on it. About to close on the chalet in Gatlinburg soon and just trying to keep the momentum going. I would be providing the rehabbing labor, and management for someone who can not be in the area.

Thanks for the names, have spoken to Avery before. Never talked to Luke Carl, but Avery is great at what she does. Highly recommended.

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Michael O'Brien
Saint Louis, MO · Member since 2017 · 30 posts · 8 votes
6y
I don’t think gatlinburg/ pigeon forge prices have dipped from what I’ve seen. Have any data on that?

I’ve started looking in that area as well but I’m from out of state.

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Julie McCoy
Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
6y
Originally posted by @Collin Hays:
I didn't realize Gatlinburg prices had dipped any. What is your data source on that?

They've moderated a bit, as buyer demand slowed during COVID pricing has softened accordingly. I don't expect it to last very long, but it's not all multiple offers in 24 hours for the time being (phew!).
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Luther Epperhart
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Rental Property Investor · Knoxville, TN · Member since 2017 · 22 posts · 0 votes
6y
@Michael and Collin - I might have spoken a bit too soon. All of last year I was looking for a cabin or chalet and could only find one's in the 220K and up range. This year, there has been a good handful that are listed below that or could be had below that with some negotiating. Prices might be stagnant, but there is a bit more inventory at lower price points. I will edit my original post.
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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
6y
The whole craze of STRs as a viable alternative investment for Joe Public has made finding good deals (at least my definition) in the Gatlinburg market exceedingly difficult. There was a time that you could find properties that would yield 18-20% without too much problem. That isn’t the case any more: Everyone who owns property knows what they’ve got and what it’s worth.
The potential arbitrage opportunity in gatlinburg is gone. It is unlikely I will buy more there as a result.

[email protected]806-672-7102
SMOKY MOUNTAIN FALLS INC.51 Review
Website View Page
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Luther Epperhart
OP
Rental Property Investor · Knoxville, TN · Member since 2017 · 22 posts · 0 votes
6y
Originally posted by @Collin Hays:
The whole craze of STRs as a viable alternative investment for Joe Public has made finding good deals (at least my definition) in the Gatlinburg market exceedingly difficult. There was a time that you could find properties that would yield 18-20% without too much problem. That isn’t the case any more: Everyone who owns property knows what they’ve got and what it’s worth.
The potential arbitrage opportunity in gatlinburg is gone. It is unlikely I will buy more there as a result.

I gotcha. Well, I am fairly confident that, if purchased at the right price, STRs will make money in this area. So yes, you are right. A lot are overpriced as a lot of people think an outdated 1BR is worth 275K. I am looking for those scared off by COVID-19, or just done with STRs in general or looking to get out for any number of reasons.

I think a lot of these slightly older cabins can be renovated, marketed in the right way, and still make a good amount of cash. It would be a lot of work in the first 6 months for sure, but that is what I enjoy doing.

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Ken Latchers
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
I will not use co-hosts or property managers or evolve type companies or "partners".
this is a complex business especially in this new world, and I don't need anyone screwing things up for me.
all of mine are within a block, although I have some long-term rentals in the south. And people are smart enough here to obtain and remote manage properties without someone skimming the profit out of it
2 Reply
Matt Tatum
Investor · Ooltewah, TN · Member since 2014 · 5 posts · 2 votes
6y
Luther, it sounds like we are in the same spot, in need of money partners. My first STR in the area is going great! Julie was awesome as my agent! Avery and Luke's systems are amazing and I'm ready to scale, except the money. So John, yes, I will share profits with any good partners. Happy to meet you all!
1 Reply
Luther Epperhart
OP
Rental Property Investor · Knoxville, TN · Member since 2017 · 22 posts · 0 votes
6y
Originally posted by @Matt Tatum:
Luther, it sounds like we are in the same spot, in need of money partners. My first STR in the area is going great! Julie was awesome as my agent! Avery and Luke's systems are amazing and I'm ready to scale, except the money. So John, yes, I will share profits with any good partners. Happy to meet you all!

@Ken - Yes I totally get you. I am not doing a partnership on my personal home which became an STR. I understand a lot of people are not into partnerships and I can completely understand why. In my retail businesses, it's only me. Too many moving parts for someone else to screw up.

For someone already in the area it might not be the best idea, but for someone that already has too much on their plate, or simply is low on cash because they are putting 3 kids through college, another $500-$1000 in their pocket every month, for doing nearly nothing is worth it

@Matt - Pleasure to meet you. Yes, I was also against partnerships like Ken, but to be honest, don't like to miss out on an opportunity. If a deal can be made with 2 people and not with 1, and the terms of business are straight-forward, and in a air-tight contract, I don't see why not. Would love to connect with you some time soon and maybe we can chat.
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