Knowing the market and understanding the shortage in supply.

Which may be useful to anyone interested in opening a business that distributes school supplies....i guess. 

Some owners pool a lot of assets under a large policy, so their premium may be much lower than yours, or vice versa.Additionally, with the supply/demand dynamics favoring sellers currently, you will see properties selling for what they can generate, not what they are generating.  

Our's came unfurnished, but we were able to negotiate a 15K furniture concession from the sellers at a local furniture store there in Pigeon Forge.

Offer Options:Offer 1:$60k Cash purchaseFlood insurability contingencyContingent acceptable results of roof inspection at buyer's costClose in 30 daysOffer 2:$90k purchase$10k down $80k + buyers closing costs in seller finance at 5% 20 year terms with 10 year balloon No prepay penalty (~$545/month)Flood insurability contingencyContingent acceptable results of roof inspection at buyer's costClose in 30 daysOffer 3:$90k purchaseContingent on 80% personal loan (i.e. appraisal)Inspection contingencyFlood insurability contingencyContingent acceptable results of roof inspection at buyer's costClose in 60 daysMonthly Cash Flow AnalysisScheduled Rent2,100.00Laundry (Est)0.00Other0.00Vacancy %(168.00)8%Vacancy LossTotal Income1,932.00Accounting(25.00)Legal(20.83)AdvertisingBusiness ExpensesElectricityEviction (20.83)2 unitsGarbage (64.71)Gas/fuelGroundskeepingCurrently tenantsInsurance (dwelling)(33.00)Turnover Cost(187.50)1 turnover/ year at $1500Insurance (liability)0.00Flood Insurance(166.67)Licenses(18.33)Management(42.67)6% + 1 turnoverOffice Supplies and postage(10.00)Pest ControlPool UpkeepProperty Taxes(244.33)Repair and Maintenance + Cap Ex(225.00)-2700Snow RemovalHOA FeesTelephoneWater and Sewer(95.83)Cash Investment48,000.0020%Property Purchase Price90,000.00Total Financed69,300.0080k to seller loanLoan 1 DescpriptionPersonal LoanLoan AmountCash DownInterest Rate3.50%Points0.00%Points Cost$0.00Closing Costs-$2,700.003.00%TermAverage Monthly Interest in first yearMonthly Payment-$402.00No escrow included.Total Monthly Expenses-$1,556.71Cash Flow$375.29Cash on Cash9.38%Cap Rate25.76%

Hello,I need some guidance on how to handle first month rent, security deposit, and cleaning fee.To explain, I am currently living in my condo with all of my furniture and I have it up for rent and I have someone who is very interested in renting my condo.

About a week for repairs.  2 or 3 Saturdays going to estate auctions for furniture and appliances. 

Often when parents charge their children rent they return the money to the adult child when they leave for them to buy  furniture, or have an emergency fund, etc. 

Another option would be an STR by the month, assuming you don't have much furniture to move/store. 

Demand is outstripping supply substantially.