Updated over 2 years ago on . Most recent reply
Fun stuff to pass the time when you have $25k and a large-ish portfolio of STR
Investment Info:
Single-family residence buy & hold investment in Pigeon Forge.
Purchase price: $282,025
Cash invested: $99,405
This was previously a basic 2 bed / 2 bath house in Pigeon Forge, TN on the trolley line. Great spot, but not a cabin! When I purchased the house I put down 20%. In 2022, I did tongue and groove ceiling, new furniture, flooring and a deck on the back. In 2023, I transformed the property into Parton Paradise aka The Dolly House for $25,000.
What made you interested in investing in this type of deal?
Boredom
How did you find this deal and how did you negotiate it?
It was on market - basic crap house, not a cabin
How did you finance this deal?
Movement Mortgage 20% down conventional
How did you add value to the deal?
$25k - over the top pink theme and hand painted murals
What was the outcome?
It was recently completed and is just starting to trend. Guests headed to Nashville canceled that leg of their trip and stayed in the Smoky Mountains with us at Parton Paradise aka The Dolly House. It's resulted in direct bookings through my closely held property management company, Josh's Cabins.
Lessons learned? Challenges?
My budget had been $10k, um no that wasn't realistic.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with myself! I am an investor, I lead an agent team in the Smoky Mountains and I own Josh's Cabins, we are a full service property management company specializing in cabins in the Smoky Mountains.
