Updated almost 7 years ago on . Most recent reply
Camp Stardust Vacation Rental
Investment Info:
Single-family residence buy & hold investment.
Vacation Rental
What made you interested in investing in this type of deal?
Privacy, waterfront, views
How did you find this deal and how did you negotiate it?
Local real estate website. VERY interesting story on how we negotiated with the owner - it was unfinished (just exterior done, no floors, walls or kitchen yet). He ended up renovating it for us, at our specs, while we awaited financing approval from the bank. Very stressful as we weren't sure we would be approved and he had to pay for all the renovations, but it worked out very well in the end. Cabin life did a 5 page spread on this cabin and the story.
How did you finance this deal?
Investment loan 30 yr mortgage
How did you add value to the deal?
Generator, landscaping
What was the outcome?
AWESOME - generates $75K plus a year
Lessons learned? Challenges?
This is very remote. Getting housekeeping is very difficult. Winter driveway is woodsy and hilly and extreme weather up here - also very challenging.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Local realtor
