- Votes |
Single-family residence buy & hold investment in Big Bear Lake.
Purchase price: $320,000
Cash invested: $41,000
This property is a short term rental in the Moonridge area of Big Bear Lake California.
What made you interested in investing in this type of deal?
I live in Santa Monica and cannot afford to buy a home here with the wages afforded to a clinical therapist.
How did you find this deal and how did you negotiate it?
I found this deal using a real estate agent who lives in Big Bear, CA. Big Bear is a secluded and exclusive community and I found using zillow and redfin MLS to be an inadequate and inaccessible form of looking for deals fo this particular location.
How did you finance this deal?
Traditional mortgage as a first time home buyer paying 12% for the down payment
How did you add value to the deal?
I have been working to convert the property into a working short-term rental by renovating the bathroom, kitchen, and both bedrooms.
What was the outcome?
I am in the process currently.
Lessons learned? Challenges?
Finding a property in the right location for a good price was difficult as the market was so hot. The price of this home was lower because it needed work... more work than I knew.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My loan is through Quicken Loans and my real estate agent was too busy for my liking.