Updated 9 months ago on .
Unique STR with Unclear Direction Forward
Investment Info:
Single-family residence other investment.
Old (1921) single-family farmhouse on 10 acres with a wedding venue located on the property. Renovating a barn to create STR property for wedding couples or guests to stay on the property. Living in and renovating the farmhouse while contemplating using it as a B&B STR.
What made you interested in investing in this type of deal?
The property already had a cash-flowing business located on the property with no real-estate options. I saw this as an opportunity to continue the existing business and also create some ADUs or rent the single-family house.
How did you find this deal and how did you negotiate it?
I bought the property off-market from a family friend. Negotiation was simple and cordial because the seller wanted us to have the property.
How did you finance this deal?
$0-down VA loan keeping cash on hand for much needed repairs.
How did you add value to the deal?
Cleaning and clearing the over-grown property. Mostly cosmetic repairs while the venue business is increasing cash on hand to fund larger repairs.
Lessons learned? Challenges?
Just take it one small project at a time. Looking at all the work that needs to be done can get overwhelming.