"The Lakehouse" Our Dream Investment
Investment Info:
Single-family residence buy & hold investment in Friendship.
Purchase price: $368,000
Cash invested: $73,600
This is our dream vacation home on 100' lake frontage of Castle Rock Lake in WI. We purchased this property first and foremost so we could enjoy the lake life with our friends and family but with the mindset that we will be using it as a short rental vacation home as well. The home was purchased as turn key so there was no need to do anything including furnish it. We are still updating things slowly as we have time. So far we are booked through the whole summer as well as off-season bookings
What made you interested in investing in this type of deal?
We had been wanting a vacation home on a lake
How did you find this deal and how did you negotiate it?
We walked in the neighborhood and noticed the sign in the yard which was just added
How did you finance this deal?
Traditional 2nd Home Mortgage
How did you add value to the deal?
We partnered with Evolve Vacation Rentals and made sure that we marketed very well with great images
What was the outcome?
It is renting way better than we anticipated
Lessons learned? Challenges?
We learned that we love this investment and may even shift our focus to this area to see if we can find more of these deals.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I used myself and could not have been happier, I would highly recommend using me for your next transaction:)