Anyone here looking at the Broken Bow area? Would live to make some connections and discuss the area.
Hey Kevin, I am closing on my first cabin next week and have a second being built right now. I live in frisco and plan on self managing as the PM up there charging 30% is absurd. The numbers are ridiculous and expecting a 20-30% COC return.
I am also very interested in Broken Bow cabin investing.
@Jonathan Paul Shortt who’s your realtor? And builder?
I did not use a realtor. I negotiated directly with the builder. His name is Jake Hensley. I believe this is is 2nd or 3rd 1 bedroom we are buying. We also are buying his next 1 bedroom which is 3-4 months from completion.
They come fully furnished and rent for 250 during the week and 300 on the weekends.
I found that very few builders up there like to work with realtors, so the absolute best thing you can do is just drive around and call from signage. Save the builder the agent fees and they will come off price a bit.
Don't rent to locals from Broken Bow. Alot of them come to my town for short term work at a refinery. It's been my experience that those locals are PSYCHOTIC MUTTS!
You can rent to a psychotic person, you can rent to a mutt; but you don't want to rent to a psychotic mutt.
@Jonathan Paul Shortt The family and I just went for our first visit to the area last weekend. I'm new to REI but I think this would be a good fit for my first STR. The area defiantly needs some more Eating establishments and better roads, but I think that will all come with time. Seems the perfect spot for a quick 3-4 day vacation for the metroplex folks.
@Paul Sandhu hahaha! All dfw people staying in these cabins man
@Kevin Ramsey will all come with time, the growth potential is spectacular. Those mountains and lake aren’t going anywhere. Talk to your lender about a 10% down vacation property program. Decreases cash needed and increases coc
@Jonathan Paul Shortt if you don't mind me asking what type of price per Sq Ft are you getting going directly through the builder? I've seen some listing on the MLS that are almost $400 per Sq Ft