Land for future small home/short term rental
Investment Info:
Other buy & hold investment in Lago Vista.
Purchase price: $25,000
Cash invested: $25,000
A quarter of an acre near Lake Travis wanted to do a multibedroom Airbnb/long-term rental since it's right outside of Austin and an area that's blowing up with rentals in the Texas Hill Country. Holding the land until utilities and septic become available before building. May just be my "forever home" location.
What made you interested in investing in this type of deal?
Due to the move of Californians and New Yorkers, the land in the area went from 8k to 25k in less than 4 months. I knew that it would be a well-placed investment to resale land in the future or to build a short-term rental for Lake Travis/Hill Country visitors or those who want to be more in nature and escape Austin for a day or two.
How did you find this deal and how did you negotiate it?
I found it through researching land around Austin with Airbnb potential and underserved poplulation.
How did you finance this deal?
Cash
How did you add value to the deal?
Nothing yet.
What was the outcome?
Nothing yet.
Lessons learned? Challenges?
None, need to have land inspected by land survey guy to bring to builder.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Her name is Gwena Margolis and she works with Exp Realty in the Austin area. Extremely knowledgeable and well connected.