🌟 Embarking on Our Real Estate Adventure in Sevierville, Tennessee🌟
Ah, Sevierville, Tennessee, the place where the first real steps into the world of real estate began. As we pick up where we left off, you might remember that we had set our sights on this picturesque town as the location to FINALLY purchase our short-term rental property. Sevierville held a special place in our hearts, thanks to several family vacations we'd enjoyed in the past. We enjoyed the many beauties of the nature, the frequent bear sightings, and access to some of the most incredible National Park landscape in the world. We ate trout, danced in the rain, skinny dipped in a river, walked across a glass bridge, and so much more. It was this familiarity, and faith in all the area had to offer, that gave us the confidence to invest in this wonderful community.
In our previous blog, we discussed the initial stages of our journey -failed attempts, almost buying an RV, the research, financial strategies, Zillow listings, and finally setting our sights. We consumed endless supplies of books on every subject we could imagine. But we had no idea how much our world was about to change...
Creating Our 'To-Do' List
One day, amidst a flurry of information overload, we listened to a podcast that changed the trajectory of our real estate journey. The task was to generate a three-month checklist outlining the steps toward acquiring our initial rental property. A long list of events with a monumental final step of "CLOSE ON FIRST RENTAL."
Over the next several weeks we set time aside to discuss our list. We made sure each phase had realistic goals we could not ignore. We practiced it every day.
**Days 1-30: Research and Preparation Phase**
**Days 1-5:** Define goals and budget for closing costs. Research the market and identify potential locations.
**Days 6-25:** Analyze the financial aspects, including potential rental income, maintenance costs, and property management. Start to do market comparisons on houses in the area and watch a "favorites" list of homes for sale.
**Days 26-30:** Secure financing options and get pre-approved for a mortgage.
**Days 31-60: Property Search and Evaluation Phase**
**Days 31-40:** Start interviewing, and seeking real estate agent in the area who knows cabin rentals.
**Days 41-59:**Plan visit to area and start actively looking for properties that fit our criteria. Attend open houses, schedule viewings, and continue to evaluate the investment potential of each property. Conduct thorough property inspections, review any necessary documentation, and assess potential renovation or repair costs.
**Day 60:**
Have at least one bid on a house submitted!!!
**Days 61-90: Finalization and Closing Phase**
Day 90:
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DAY 90=Close On First Rental House!!!
The Role of BiggerPockets 🏠
BiggerPockets, the virtual mecca for real estate enthusiasts, became our digital sanctuary. We were like kids in a candy land, only instead of sweets, we were falling into the chocolate river of valuable insights, success stories, and everlasting-gobstoppers of expert advice. The forums offered us a wealth of information, making us feel like part of a community that shared our passion.
We spent countless hours browsing through discussions, listening to podcasts, playing with new tools, and learning about market trends. From seasoned investors to beginners like us, everyone was there, willing to share their knowledge. This sense of community and the sheer volume of data we found was overwhelming, to say the least.
Conclusion 🚀
The newfound knowledge and dedication were taking tangible form within our home. We could envision ourselves swaying on the deck of our soon-to-be cabin, gazing out at OUR mountains. Crafting our 'to-do' list and establishing a concrete timeline provided us with a clear path, and as the weeks rolled by, we found ourselves steadily making progress. However, when it came to securing financing and finding a quality realtor in the area, we hit a series of hurdles. One call to get good rates with a prominent bank resulted in an onslaught of relentless calls, each promising the best loan deals, leaving us feeling utterly overwhelmed. Our quest for a reliable realtor using various headhunter programs turned out to be disappointingly futile. Banks seemed unwilling to accommodate loans for investment properties, while realtors either disappeared without a trace or showcased a glaring lack of insight.
Nevertheless, our fortunes turned around when we sought assistance from the vibrant community of BiggerPockets. Help came pouring in swiftly, setting us on an unexpected trajectory. Stay tuned for the story of connecting with the remarkable 'Cabin Lady' Leslie Anne Morris, and, of course, the tale of her infamous burrito.
🏡🚀 #PeakOfJoyLodge #J.A.C.Rentals #ShortTermRentalJourney #RealEstateEducation #SeviervilleShortTermRentals
Jesse and Angie Ferguson
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