We Bought a Cabin in Gatlinburg

Our family bought a cabin in Gatlinburg. This sounds like something only wealthy people do to show off, but the reality is that this is something we are using to get to retirement more quickly. It is a must for what our goals are for our family long-term. It’s not a glamorous place. It’s a simple cabin that makes financial sense.

Here are the numbers:
• $820K Purchase Price
• Gross Rental Income for 2021 is $118K
• Mortgage is 15-Year Fixed at 2.25%
• Monthly Gross Rental Income is $9,833
• Monthly Expenses are $3,146
• Net Rent is $6,686/Month = $80,232/Year

Our plan is to redo the floors, the kitchen, the bathrooms, and the decor. We will spend $50K to make it nicer, and raise the rents in 2022. The ultimate goal is to get it to $150K minimum in gross rental income with these updates.

Bottom Line: Let us know if you want to do something similar. We have been helping quite a few families do the same thing in the Gatlinburg/Pigeon Forge area. Call or message us today if you want to talk about this as an option for yourself and your family ((615) 738-1550).