Single-family residence buy & hold investment.
Purchase price: $305,000
Cash invested: $35,000
Single family residence on 4.4 acres w/ private lake and beautiful mountain views. Bought at $305K with all closing costs paid by the seller. Appraised at over $360K when we closed! This is our new primary residence but we just built out a 1,055 square foot basement apartment (about $35K) which will be our mountain lake Air BnB! :D
What made you interested in investing in this type of deal?
It was an amazing home for the family but with so much future potential with a huge unfinished basement, it's own private entrance and a separate concrete parking pad on that side of the horseshoe driveway.
How did you find this deal and how did you negotiate it?
Found it on MLS and it was priced a fair bit higher. Gathered good data, and made a great deal.
How did you finance this deal?
Conventional financing w/ the seller paying all closing cost. Then, since I'm the Realtor on the buying side, I got a $9,000+ check back from my brokerage as a refund on my commission for buying my primary residence.
How did you add value to the deal?
First, we bought it at a great price. Bought at $305K, seller paid all costs, a $9,000+ commission rebate since it was my primary residence and I'm a Realtor. It appraised with over $55K in equity! After all that, we finished about half of the basement into a 1,055 square foot, 2 bed, 1 bath apartment suite which we will use as an Air BnB!
What was the outcome?
It's the perfect home for my family and the perfect location for a high-quality Air BnB. Greene County, VA is in the top 10 of all counties in Virginia for short-term rental income as our history, wineries and breweries, and beautiful Blue Ridge Mountain views bring allot of people down to visit.
Lessons learned? Challenges?
Once is a blue moon you manage to find an amazing opportunity waiting to be pounced on. When that happens...POUNCE!!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an active licensed Realtor in the state of VA so that certainly helped the process! :D
@Walter Key congratulations man I'm happy for you and the family!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you