I have been looking at the Gatlinburg TN market for one of my next purchases. I plan on remotely managing it. Has anyone done this, and if so how was your experience? My goal is to create cash flow to roll back in to more passive investments. Any input is appreciated!
New to Real Estate · Member since 2020 · 220 posts · 107 votes
5y
2019 thru mid 2020, a 2 bedroom cabin with a view was $250-325k, 3 bedroom roughly $300-425. Now 2 bedroom with view $650-850k, 3 bedroom $700-950k. I got stuck in paralysis by analysis and missed the ship. I was determined, so I’m building a 3 bedroom luxury pool cabin in Gatlinburg, but I’ll likely not build here again and buy an existing cabin on the emerald coast.
New to Real Estate · Member since 2020 · 220 posts · 107 votes
5y
Hate to be the bearer of bad news but in my opinion It’s too expensive to enter this market now. Make sure the numbers work, but if you bring a lot of cash to the table the numbers work better. Still possibly some deals to be had but it’s not easy. After my build I’m taking my remaining cash elsewhere.
Rental Property Investor · Augusta, GA · Member since 2020 · 3 posts · 1 vote
5y
I bought back in March and have done well. I put down roughly a 13% down payment and will end the year with about 60% COC. If I had the same down payment, would I buy there right now? Not sure, since prices have just gone up so much. I'm not saying you shouldn't look at this area, but compare it to at least one other market. Also depends on your budget. If you're going for 1-2 bed like everyone else, you'll have to submit offers with crazy appraisal gaps like mentioned above. If you can afford a 3-4BR+, you'll have less competition. Good luck!
New to Real Estate · Member since 2020 · 220 posts · 107 votes
5y
2019 thru mid 2020, a 2 bedroom cabin with a view was $250-325k, 3 bedroom roughly $300-425. Now 2 bedroom with view $650-850k, 3 bedroom $700-950k. I got stuck in paralysis by analysis and missed the ship. I was determined, so I’m building a 3 bedroom luxury pool cabin in Gatlinburg, but I’ll likely not build here again and buy an existing cabin on the emerald coast.