All Forum Posts by: Ruth Blue

@Collin Hays

Sounds like a deal for sure! 

@Cheryl Vargas - 

https://www.nytimes.com/2020/03/25/us/politics/virus-fineprint-stimulus-bill.html

This is all I see so far. Bizarre that it reads that there are special stips in the package that looks like it will benefit people for tax deductibles from 2017. UGH. 

@Brian Boyd

Thank you so much for sharing your story. My mom talks about doing something similar with paying off student loans, paying off all debts, then investing into Long term rentals and then pivoting to Short term but I know she wants to continue more into the multifamily like you have. I"m in Knoxville and have just bought my first STR and am excited to start my investment journey. I'm going to PM you. looking forward to connecting.

@Taylor Wagner

We after a year of trial and error have developed a system that works for us. WE have a spreadsheet that is shared with each partner. The first sheet is DAY TO DAY. I have programmed each STR cabin in a list that must be selected then super easy to #1. DATE #2. Cabin name #3 ISSUE #4. Resolution.

It is simple and it works to keep everyone on track. I have tried so many system that promote making it easy but the process of learning new systems and implementing them is always a job in and of itself. This works because it's simple.  

We have one designated person who does maintenance calls and we both check back to the list often to chat about resolutions. WE use shared google docs for all correspondence. 

Dropbox shared for pictures and videos. We have a cheat sheet list of each property, bed count, link we refer to often we keep in Google Keep. We also use Evernote to save filed pictures for each property to reference to when guests or owners have questions. 

Sounds like alot but honestly everyone needs to find what systems work for them. The key is finding something you will actually stick with and DO to stay organized. If its a job to do if your like me you wont do it! 

@Jonathan Conaghan

Wow That is definitely not something we ever thought possible. Closing the boarders to Vacationers. Crazy World

According to what we are reading if the simulus package gets approved we all should be able to qualify for some type of stimulus through the hotel/motel bail out. Fingers crossed. Definitely keep track of all your losses! 

@Collin Hays That totally sucks. What a great treasure lost. My oldest is a new one. 1989

We had a brush fire on Clabo Mtn a few months ago now and that was so so scary. WE had guests at 3 cabins on the Mtn. One thing I totally recommend is having a phone chain with everyone you can. Within 30 minutes everyone was contacted and being updated. Everyone was down from the MTN except for 2 guest of my MOM's @Rhonda Blue. We were in direct contact with the fire chief and sheriff. They cleared the fire from the road and rescued them from the cabin. Thankfully no Individuals or cabins were harmed but a few fences were destroyed. We were so Thankful for all the immediate responses from everyone. 

Guests were not phased. We had them stay at another cabin for the one night and they went back up to finish their 2 week honeymoon. RAVED about the experience. I'm still nervous. 

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 is my first cabin and I am so excited to practice the BRRRR that I have seen my mom @Rhonda Blue do. WE bought it low and are going to do a few small upgrades in furniture and outdoor decking improvements. Going to rent it for at least 6 months and get quality rental number to hopefully then do cash out refinance and then do it all over again.!

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

I have seen my mom who owns 6 cabins do this a few times even out of state when we lived in Orange County Ca.  I knew that I wanted to own my own and am so excited to finally get started. 

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

I found it myself. I Property Manage and am a RE agent working in the area all the time for my clients. I actually sent this property out to clients first before purchasing it myself. 

How did you finance this deal?

I used personal funds and fanny mae

How did you add value to the deal?

WE will repair deck area, update interiors.

What was the outcome?

I own it and plan to do a cash out refinance within 6 to 8 months.

Lessons learned? Challenges?

Will report back later. Also Do not be afraid of flood insurance. It's not that bad.

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

WE used Debbie Hill with MIG. She is absolutely the leader for Smoky Mtn financing.
My MOM @Rhonda Blue was a huge help. She is always available to help other investors do exactly what she has proven works time and time again. I'm thrilled to be doing the same thing myself. 

@Gary Dawson

If you have options that is awesome. Most areas out here only have access to Hughesnet for internet and Directv for television. Most cabins we manage really like Spectrum because they have better customer service. Be Aware though that certain area offer a business service for spectrum and I DO NOT recommend them. It is more expensive and the service is not consistent. 

@Diana J Adams

Not sure if this is available in your area but Here in Pigeon Forge/ Gatlinburg we have used the service TurnoverBNB. It is a marketplace where cleaners can advertise their services they offer and also you can offer up your property LOOKing for a service provider. We have a few cleaners who rave about it. Good Luck