Betting on a pile of dirt that worked out better than I thought!

2 Replies

I'm excited to share my latest real estate success story! My husband and I are full time vacation rental investors. About a year ago, we invested in Margaritaville Resort Orlando which at the time was a big pile of dirt with a sales office trailer. We purchased a 3 bedroom cottage there with another couple that we're friends with for $319,000 and put 20% down over the course of the year. We closed on it in March and a realtor told us it's worth about $395,000! Not too shabby for taking a bet on a pile of dirt for only $60,000ish down!  We're holding onto it to rent it out and will hopefully refi soon to get some of our money back out. Taking risk like this can be nerve wracking as hell but I'm so grateful when it works out! 

Originally posted by @Larry T. :

@Wendy Schultz You can't necessarily trust what a realtor tells you.  You have to have hard numbers to back it up.  Congrats on getting started, though!

 You're right that I don't have recently sold comps to compare it to so it's only the opinion of the realtor but since we're not planning to sell, I'll still take it as a win. 

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