All Forum Posts by: Jonathan Stevens

@Justin Farrell

Congrats! This is my first property but will not be the last haha. I plan to start looking at other types of investments down there as well. Definitely interested in camp grounds but making glamping sites available.

Let's connect to keep in touch.

@Connor Cushman

Yes!! That was definitely an issue and delayed the whole process for me by about a month. But I think I found someone worth keeping. Time will tell.

@Jason Regan

Hey Jason, sure thing. I can put you in touch with my agent down here and my lender. Both of which made the process much smoother.

I ended up finding the property on Zillow and made an offer the first day it was listed. In this market, all of the STRs are moving fast. So I made my offer stronger by offering to pay a 20k appraisal gap. Luckily it appraised higher than what I offered. I used a 10% 2nd home mortgage to finance. Any rehab, I'm paying for out of pocket.

If you want to reach out, please do so.

@Lien Vuong sorry just saw you replied. The FB group is "owners of vacation rental properties in the smoky mountains. Cabin chalet"

Yes it kind of rolls off the tongue haha but I'm getting lots of great info on the area.

I recently just purchased my first property in Sevierville, TN near Dollywood and we are currently doing some rehab and updates before we list on Airbnb and VRBO. Looking to see if there are any other out of state or in state investors in that market currently on here and wanting to connect. Just reach out. Thanks! 

 My wife and I just got back after meeting with our contractors and actually hired someone to stage it for us. She and her husband started this as a service to out of market investors as they currently own 5 rentals in the area as well. They came highly recommended from facebook groups that I joined. We plan to go back down before we list to "test it out" to make sure it is how we would want it. After we get this one down, we plan to purchase more either with our own capital or leveraging partnerships with people who want to invest but do not have the contacts or time to do so. 

My wife is the kind of person that has to see it to believe it where I have always been the person who has the vision first. How I got my wife on board was going to a local REI meetup and hearing success stories from others who were doing it. After that I was able to start my path to my first property. Even when I had my offer accepted my wife was still skeptical until she actually went to see the property. Now she is fully on board with my vision.

Investment Info:

Single-family residence buy & hold investment in Sevierville.

Purchase price: $420,000
Cash invested: $50,000

This is my very first purchase. I leveraged equity out of my primary residence from Massachusetts where I live to buy this property 1,000 miles away. Using this property as an STR in the Smoky Mountains of Tennessee. Currently working on furnishing and doing some updates while learning all about this market along the way. Excited to get this listed on all of the major sites. Also started an Instagram account to keep track of progress @hiddencreekTN .

What made you interested in investing in this type of deal?

I have always loved the Smoky Mountains and the short term rental market is huge in this area. I figured this could be the first property that I can use to leverage more deals in the future.

How did you find this deal and how did you negotiate it?

I found this on the MLS. In this hot market I had to make my offer more attractive so I offered $20k for an appraisal gap. Luckily the home appraised for more then my offer price.

How did you finance this deal?

10% down using a second vacation home loan

How did you add value to the deal?

Landscaping and updating the interior.

Lessons learned? Challenges?

Finding a contractor in this market is quite challenging. Finding a team you can trust to help analyze a property for you while you live so far away is key.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with Tomara Kim from ExpRealty

@Daniella Lamis currently under contract to purchase my first STR in the smokies.

I am actively looking at investing in MA/RI.