Lakehouse Short Term Rental

[Sherry Patterson]

Investment Info:

Single-family residence buy & hold investment in Fort Worth.

Purchase price: $756,000

Lake house that I made into 3 short term rentals and a wedding/event venue.

What made you interested in investing in this type of deal?

Great way to have a lake house and have someone else pay for it!

How did you find this deal and how did you negotiate it?

It was on the MLS! It needed work so I was able to get it at a great price.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

I divided the 3 story house into 2 units and there is a guest house to make a 3rd rental unit. I cleaned up the 4 acres and am advertising it as a wedding/event venue.

What was the outcome?

It got several bookings in the first 48 hours listed. Within a week I have one wedding booked and several more interested and a graduation party booked.

Lessons learned? Challenges?

Challenges with the neighbor. This will be an ongoing issue but I put up a nice metal fence between the yards to avoid the issue of them going into her yard. The guest house is going to need a lot more work than anticipated but we will get it done slowing with the income from the other 2 units.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a broker and did the deal myself.