Young Couple Needing advice for cabins and living nearby Gatlinburg (Knoxville: for sale, renters)

[akwurts]

Hello, I'm new here. I am 20 and my fiance is 22. We are getting married in April and then want to move back to TN soon afterwards. I have moved about 16 times so I really one want to move one more time and then stay forever. I've lived in Hermitage, Clarksville, LaVergne and Smyrna, Lawrenceburg, and many other places in KY and GA. Currently we live in Lexington, KY. So after I post this, I will be grazing the forums to see who I can help with my experiences of where I've lived!

We have ALWAYS loved Gatlinburg, its our favorite vacation spot. We arent really beach people, to say the least! So we thought, what's a good way to make extra money? We want to start a family in the next 5 years and want to have the luxury of not struggling from check to check with kids. So, we are interested in buying a cabin in Gatlinburg. If we purchase one for between 120k-150k, we should be able to manage it (with its rental income) and have our own house bills. Now, we don't want to live IN Gatlinburg, but dont want to live TOO far away either. We don't really like traffic (or interstates, really).

HE wants to find a house outside of city limits so he can shoot in our backyard, but I have NO idea how to find that. All I care about is more house for your $, school zones and if theres a walmart, target, mcds, wendys, etc within 15 minutes, and preferably not having to take the interstate to get to places like that. I've looked at some houses online in the Chattanooga area and Im LOVING the prices for the really nice houses! Who knows though, it could be a bad area, Ive never actually visited Hixson, TN or Harrison, TN where they were located. So I need suggestions. Is there a city like this in the Knoxville area? It doesn't have to be in the city, we prefer outskirts of cities. My main concern is the prices of homes, I love the low cost of living that I was finding in Chattanooga.

Here's an example of our dream house that I found last night, look at that price!! awesome!! http://www.zillow.com/homedetails/6503-Basil-Ln-Harrison-TN-37341/41403625_zpid/

and this!!
http://www.zillow.com/homedetails/6568-Grazing-Ln-Birchwood-TN-37308/55216159_zpid/

So basically my question is, what cities do you think would suit a young couple who plan to have kids in the next 5 years? THANKS!!

[BirdieBelle]

So are you talking about buying a separate rental cabin?? Where will you live?

What are your jobs, and how will you pay for the cabin? How much have you figured that you can actually afford?

[southernnaturelover]

You'd need to be able to afford the cabin mortgage assuming you won't recieve a dime of rental income. Any rental income you get should be considered gravy money.

I'm also considering a rental cabin purchase within the next year, but I'm also realistic and know it may not rent all that well. I think for many cabin owners they're grateful if they break even. Just go to the cabin rental websites and look at the calendars for most cabins, some go an entire month without a single occupancy.

[Barking Spider]

You will not be able to own a cabin in Gatlinburg and live close by in Chattanooga. Its also very difficult to get from Chattanooga to Gatlinburg without going on the interstate, or hitting traffic.

Like others have said, rentals are not the money maker they were in the heyday.

You better do your research about gun laws and shooting in your yard.

[hiknapster]

This is one of many threads on the subject. It is a MUST read.

https://www.city-data.com/forum/knoxv...roperties.html

But your post begs the questions: What about jobs? What do you do, where will you work? You'll have to find an area where you can work first, then make sure it is in a good school zone.

And as Barking Spider said, the Chattanooga area is not close to Gatlinburg. In fact, it's about three hours away.

Frankly, not only is renting out a cabin a very bad gamble, you are going to have your work cut out for you finding your FIRST place to live. I think you've jumped the gun quite a bit. It's nice to dream but, as the king told Alice, you have to begin at the beginning!

[MrsMopar]

The responses here are spot on.

As far as the rental business goes...you can make money but unless you can afford to either get funded with a mortgage, or have the cash on hand to buy it outright, you won't make a dime. The mortgage industry right now is being really strict; and unless you have the capital to back a loan, you won't get one to use as an investment.

There are too many to list here for sale; however, any cabin being sold as a rental should be able to offer you a rental income history. The best (and probably only, in this market) way to get one is through an agent or Realtor®. You would not only have to pay your monthly mortgage (if you finance it) but any HOA fee's and rental service provider fee's (cleaning, rental company bookings) and then there's tax.

Suggest this: You need to get a Realto® to represent you to purchase and you must must MUST have either a proof of funds letter, or pre-qualified letter, from your bank/loan company. If you just want to move here, I suggest you look for a short term or month by month rental, such as an apt. or mobile. Save your money and have your agent watch for homes in your price range.
Living here is lovely but it comes with just as many con's as pro's. I live in Sevier County and I wouldn't think of living in Gatlinburg simply because it's always crowded and a hassle to get around. In the winter time, it's a real joy, being on the roads with not only ice/snow, but every tourist who thinks they know how to drive in the snow in the flatlands...and then they realize mountains, hills, one lane roads and sharp curves with no guardrail aren't your friend.

We rented prior to buying here, once we moved here. I highly recommend that direction, insomuch that you can find the area you really desire to live in. We chose Sevierville. I don't regret that decision one bit. Good luck and if I can help in any way, just give me a hollar. :-)

[southernnaturelover]

Suggest this: You need to get a Realto® to represent you to purchase and you must must MUST have either a proof of funds letter, or pre-qualified letter, from your bank/loan company.

^ Yes. I was told I couldn't even look at cabins until I was pre-approved. I went through the whole process that took about 4 hours, and after the approval the realtor calls me back and says "sorry, but that cabin is occupied by renters and I can't show it". Really? They couldn't have found out that info first?