Updated over 2 years ago on . Most recent reply
Buy and Hold Cabin
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $118,000
Cash invested: $125,000
This was the most extensive remodel we have completed. It is currently an AirBNB in New Mexico that sits on 5, flat acres. I would not say it has been profitable yet. BUT, we did a cost segrigation on the property that was put in service February of 2023 & will be taking an 80% loss upfront. Those funds will later be used this year to purchase a single family home. We do know there will be a recapture of that money whenwe sell this property. BUT, it is a great way to make your money work.
What made you interested in investing in this type of deal?
We have friends in the area and were just very impressed with the land. If we had the option to do it again. Not sure we would. Our biggest obstical was COVID and lack of workers. In the end the cabin came out amazing.
How did you find this deal and how did you negotiate it?
I am a Realtor, found it on the MLS
How did you finance this deal?
Heloc
How did you add value to the deal?
We totally remodeled the entire cabin
Lessons learned? Challenges?
Too many to answer- Everything was a challenge- In the end, it came out beautiful
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself and a Realtor in Ramah
