Thinking about buying a cabin...Anyone have experience?

[PRenee]

WHen I meant living there I meant in TN not in the cabin ;-) We are in Colorado until May 2012.

[drmrofam]

Thanks for all the replies. I am still just casually looking and researching.
PRenee, any recommendations on realtors or cabin rental management companies? What should I look for in a management company?

I am hoping to find a good deal on a place, and I am willing to wait for the right property. Looking is half the fun, haha.

[ss20ts]

I vacation in the Smokies and have found it easy as pie to pick a rental cabin. There's usually over 100 available for me to choose from and I have dogs! Last year I rented the cabin on a Wednesday and was on vacation on Friday! I still chose from over 30 cabins for that week long rental.

One of my friends owns a cabin in Maggie Valley. They used to rent it out before they moved in permanently. The things people stole was unbelievable. They stole all of the dishes, towels, bedding, furniture, part of a hutch! How do you steal a hutch? She says she'd never rent it out ever again.

We both know a couple who own several houses who used to rent them out at the drop of a hat. No not more. They can't sell them either. They're looking for 2008 prices and are as high as the mountains! They have jacked up their rental rates and the homes now sit vacant for extended periods of time.

I would say not to do this as a rental. Do it as your own vacation home. Maybe it will be your retirement home one day.

You also have to ask yourself if you want someone to sleep in your bed. Possibly have sex or do god only knows what in your bed and then sleep there. Personally, I couldn't do that. I'd want a new mattress and sheets every time I went to my home!

[gatlinhkr]

We have had our rental cabin for about 5 years and we bought it to stay in when we came to the mountains. We are now on our 3rd Management Rental company. The first one was great until the owner died and his kids took over...things went downhill after that. The 2nd one closed the doors and kept everyones money. Both of these companies were long term companies with good reputations. We now have it with a small company and they do almost all of the repairs without charging us. It is a mom and pop company and we are treated better with them. Most rental companies charge 35 or 40% and charge you for all repairs or the cost of their maint. dept. to repair it. Also, these medium to large companies also charge for all other misc. charges, such as linen, lawn care, pest control. If you find a company where you provide sheets and towels...get ready. I had 5 sets of sheets stolen in a 2 year period....and we won't even begin to talk about the towels. I have knowledge of 2 rental companies that were highly recommended that closed their doors within the past 2 years...and they left with all the money.

Unless you get the cabin really cheap... you will not come out ahead. We bought our cabin knowing we could pay the note and all monthly expenses whether we rented it or not.

Our cabin is a very nice and fairly new cabin...but you compete with so many others. The economy has really hit the cabin rental business hard.

Looking back....we would not have bought the cabin.

I think your idea of buying something cheaper and slowly remodeling is the best idea. That is what we should have done.

I agree with one of the posts above. You must get the cabin inspected before you buy it. modcut

Good luck

[cabincruiser]

I am retired and also looking to downsize, smell the fresh air, see real trees, enjoy a walk through the beautiful countryside with my dog and sit on the porch til dawn, BUT, don't know a thing about buying a cabin. Have seen three I like, but again, this is a job that you do in person, not with photos. Finding a reliable and knowledgeable real estate agent would be the first thing I'd do and, again in person.

My questions concern whether all places have city water and sewer, electricity, air-conditioning, good streets, whether or not the way in and out of town is really accessible. Am taking the time to research as I can't sell or look til October but that's good. Can anyone fill me in on experienced downsides of having a cabin versus a home in town? Surely the views are worth everything. Feel free to teach this old lass something about them thar hills in Tennessee/Kentucky, nr. the mountains, feel free.

[linnemj]

We are in the process of buying a 2,100 square foot ranch house outside of Maryville, TN. We decided not to look at cabins for 2 reasons - the upkeep on a wood exterior - staining, ect as well as the fact that most cabins have multiple levels and we wanted a one floor home. We are also retired and found that many cabins do not have a garage and are located on hillsides which can be difficult to deal with as you age.

Good luck with your search - there are many beautiful cabins in Eastern TN.

[hiknapster]

Originally Posted by linnemj

We are in the process of buying a 2,100 square foot ranch house outside of Maryville, TN. We decided not to look at cabins for 2 reasons - the upkeep on a wood exterior - staining, ect as well as the fact that most cabins have multiple levels and we wanted a one floor home. We are also retired and found that many cabins do not have a garage and are located on hillsides which can be difficult to deal with as you age.

Good luck with your search - there are many beautiful cabins in Eastern TN.

Also, you'll be surprised how many insurance companies will not insure log cabins.

[Dave_n_Tenn]

I've had success with my cabin. Had it since 2006, so going on 10 yrs. I looked all over E. TN and M. TN. for the "right" fit for us = 2 yrs looking. At first, having limited understanding of log cabins and the real estate market, we were all over the place with ideas and wants. Learned a lot, built a matrix of sorts to help us stay on track. My wife, a successful real estate agent for going on 30 yrs, struggled to grasp the market and her emotions. When we found the area we wanted we searched for a local "guy" who was a real estate agent who also had a cabin rental business.

He loves where he lives and owned a cabin (Blount Co.)
He wasn't a sales person in the traditional sense so we hit it off well.
He had a successful cabin rental business for many years and understands how it all works.

Find the right person to help, who fits your situation. I would recommend you do not do it on your own.