Successful Smoky Mountain Purchase & Refinance!
Investment Info:
Single-family residence buy & hold investment in Pigeon Forge.
Purchase price: $173,000
Cash invested: $40,000
Contributors:
Rhonda Blue
Adorable One bedroom Cabin just on the Pigeon Forge River. This was my first cabin investment and I was super excited to practice the BRRRR that I have seen my mom @Rhonda Blue do. WE bought it low & had the made many big changes, as well as a newly built deck. I am so glad this investment was made as we had a successful Cash-Out Refinance as well to keep the investment funds rolling.
What made you interested in investing in this type of deal?
We live in East TN & I'm always looking to grow my Portfolio! Now we spend some time looking at Mountains Cabins/Chalets & other EAST TN spots for cash-flowing Multi-family LT, Single Family LT & flips!
How did you find this deal and how did you negotiate it?
We found this deal within 24 hours & quickly made a connection with the Seller as well as an offer within the first hour.
How did you finance this deal?
20% Down Investment finance!
How did you add value to the deal?
We added a Full-size oven, additional electric work + lights & a full-size Washer/Dryer! We also upgraded to a King Bed for guests! We had a new Deck built in 2021 as well.
What was the outcome?
The outcome was spectacular! Easy cash-out refinance after 2 years & the cabin will continue to make good money.
Lessons learned? Challenges?
I think the biggest lesson was being prepared to jump when the right property came up & not being scared of flood insurance.
There is no point in being scared, you run your numbers & you can determine if it will work for you!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed Relator & I worked with Debbie Hill with MIG.
