Pigeon Forge Pre-Construction Short Term Rental Cabin
Investment Info:
Other other investment.
Purchase price: $15,000
Cash invested: $500
Pre-Construction Lot/Cabin Package. Comes turn key and ready to hit the short term rental market
What made you interested in investing in this type of deal?
I am a Realtor and I work almost exclusively with investment properties in the Smoky Mountains of Tennessee, and my mentor and several family friends, who are also investors. I saw the value-add first hand of investing in lots and putting cabins on them. Being a Realtor really makes the whole process much easier.
How did you find this deal and how did you negotiate it?
I was given a lead that the owner of the lot was looking to sell so my business partner and I called him up and negotiated the terms of the sale and were able to write up our offer that day.
How did you finance this deal?
I used a loan from a family member to cover the purchase price.
How did you add value to the deal?
I will be meeting with my builder and getting an agreement to construct a cabin and will list that package concept and make a return on the lot as well as my commission off of the build.
What was the outcome?
This deal isn't done but I have virtually no risk so I should fare very well.
Lessons learned? Challenges?
Being on the purchasing side of a real estate deal for the first time is different from going through it on the agent side of things so this experience will help me better be able to walk the investors I will work with through the whole process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Being a Realtor I was able to do the whole transaction by myself so I guess I could recommend myself haha!
