2003 Family Cabin Purchase
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $125,000
Cash invested: $125,000
Family Cabin on a Lake in Northern Minnesota. Rented it out for the first 4 years to help afford the remodel.
Value tripled by 2005. 2007 to 2017 did not rent out. Began to VRBO this property in the summer of 2017.
Pulled $257,000 out to purchase a hotel in October 2005.
What made you interested in investing in this type of deal?
Grew up here and love the place.
How did you find this deal and how did you negotiate it?
My father stopped by and said he was selling the family Cabin. It had been in the family since 1960.
How did you finance this deal?
Refinanced the triplex that we had just paid off.
How did you add value to the deal?
Completely remodeled the cabin, you can view it on VRBO/HomeAway. Property ID# 1095071
What was the outcome?
I was able to leverage this property to get into a 62 room hotel of my own. I was also working full time as a Fireman.
