My First Investment Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $369,000
Cash invested: $65,000
This is a beautiful mountain chalet located in North Goergia Mountains. I am currently renting it out as a short term rental. I am currently working on getting my review base up, so next year I can be crushing it!
Looking forward for my next deal this year!
What made you interested in investing in this type of deal?
Watching multiple you-tube videos and listening to podcasts, that showed me that out of state investment is possible and the fact that me and my wife felt in love with the area after our anniversary road trip last year
How did you find this deal and how did you negotiate it?
I found this deal on Redfin. I was able to negotiate 3% in concessions based on the inspection report, but we purchased it for a full asking price
How did you finance this deal?
Using second home loan with 10% downpayment
How did you add value to the deal?
Installed new AC, added additional furniture and decorations, to make it more appealing as short term rental.
What was the outcome?
So far we had pretty slow winter and spring, but as summer got here the bookings are up. My main focus for the first year is to get as many positive reviews as possible and I am always ask people to refer their friends and family to us and offer them additional discuounts
Lessons learned? Challenges?
I do not really have any lessons so far, I just think I got caught with the pretty rough timing, out interest rate is pretty high and the industry itself got saturated, but I think if we stay the course and follow the strategy of growing reviews and customer base, we should be successful
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with one agent for a while, but we were not able to find any deal and she had some personal reasons why she could not continue to work with me. I found this deal myself and got the agent through agent finder and just told her to write up the offer. She seemed pretty good agent, but I just feel like I did not have enough experience with her to give a well-rounded feedback.
