Updated almost 5 years ago on . Most recent reply
Cabin in Broken Bow, Ok
Investment Info:
Other buy & hold investment in Broken Bow.
Purchase price: $405,000
Cash invested: $100,000
Short term rental, cabin
What made you interested in investing in this type of deal?
A girls trip to the area for the first time
How did you find this deal and how did you negotiate it?
Another Bigger Pockets member referred me to the off market cabin. Met with the owners and he gave me a better deal since we weren't working with realtors
How did you finance this deal?
cash out refi.
How did you add value to the deal?
Being on top of things, providing everything the lender or seller needed as fast as possible. Always in communication throughout the process. Being patient
What was the outcome?
The cash out refi, purchase took forever but we got it done. Had bookings from the outset. Sellers and owners are happy
Lessons learned? Challenges?
Broken Bow is a small town with few resources. Things move slowly, like appraisals and inspections. Being patient was hard. Not to mention the additional demands from COVID.