Updated about 1 year ago on . Most recent reply
Portage Lakeside Cabins
Investment Info:
Other commercial investment investment.
Purchase price: $470,000
Cash invested: $70,000
300' of lake frontage on 5 acres with 5 rentable units as STRs. A 6th unit is unfinished. The property also had room to add 3 RV pads.
What made you interested in investing in this type of deal?
The location, its my hometown and it's secluded solitude. I love being able to help people immerse themselves in the quiet of nature.
How did you find this deal and how did you negotiate it?
I was watching this specific market to find an STR close to my sister. The seller dropped the price from 640K to 500K. We negotiated through a realtor to settle at 470,000 with 10K cash back at closing for some needed repairs.
How did you finance this deal?
A commercial loan through a local credit union. 15 year note amortized over 25, so there's a baloon payment at 15.
Lessons learned? Challenges?
Be more confident and be more aggressive! AirDNA STR data is not always accurate.
