Single-family residence buy & hold investment.
Purchase price: $445,000
Cash invested: $68,000
Short Term Rental
How did you find this deal and how did you negotiate it?
MLS, offered all cash signt unseen!
How did you finance this deal?
How did you add value to the deal?
Full Renovation, interior design
Hello,we are currently in the market as well..any advice??
Hi! It’s honestly a tough time to get a deal in Big Bear because of low inventory. I think if you wait till end of season more will come on market. Keep watching though you never know when a deal may pop up! We have seen a history of bubbles in Big Bear the homes don’t appreciate like the do in LA because of the rental market - at least we have seen a pattern of highs and lows about every 5 years and we are at a high right now. That being said we found a deal in August so you never know. Let me know if you have any questions.
Do you STR it??Hows it going with that now?
Thank you so much
Yes very hard to find right now in big bear . Look into sugar loaf too. Lower price point and maybe more to pick from .
@ehlen baylon Yes I still have the STR. We have made $65K in the last 75 days so We are looking for another! :)
@Jo-Ann Lapin I just do not know what the non-covid market in sugar loaf is like? Any insight. These prices are artificially inflated and I see the market coming back down within the next 3 years. I would be nervous about Sugar Loaf but would love to hear more about non covid rentals there.
@Amanda Jacobellis i agree! big bear is super inflated right now. we were in the market to purchase in big bear lake. We were subjected to multiple bidding wars. And it wasn't just $10-20k overasking, It was over $50k!.Obviously we didn't get one. We did not ,however, consider sugarloaf as part of our areas for STR investment. For us, it is too far from the main ski resorts & overall it is a lower class neighborhood. @Ehlen Baylon i would definitely wait until prices are calmed down. if you're looking to airbnb, you definitely need prime location.
From my research, non-covid occupancy was only 30%...of course depending on areas. Some rentals did better than others if they have nicer home decors & prime location. We knew a relative recently sold her cabin in moonridge. And she did exceptionally well during COVID times. Even then, she knew to sell her cabin because....yup prices are super inflated! Definitely not a buyer marker!
@Nadia O. We are ready and think the market will come back to reality in April or May. Keep watching!
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