Cabin fixer in a hot vacation rental market

[Violet Sinclaire]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $335,000
Cash invested: $100,000

My first investment property is a single family home that needs some love. I purchased this with the intention of fixing it up, adding square footage, and adding my touch of modern design & glam.
We plan on renting this out and reaping the tax benefits.
New metal roof, kitchen remodel, new appliances, adding a W/D, re-framing upstairs, adding a 4th bedroom, new paint, added a deck, new fence, etc. We did it all and we DIY-ed most of it ourselves to save money on labor. Sweat equity, baby!

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

I found it via Redfin, I was tracking this market for ~6 months.
This property hits all of our criteria so we submitted an offer within an hour of seeing it in person.

How did you finance this deal?

10% down vacation home loan

How did you add value to the deal?

Sweat equity and fixing most of the things ourselves.
When we had to hire, we paid for labor.

Lessons learned? Challenges?

DIY life is not for the faint of heart!! Harsh winter conditions aka snow is terrible.

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

Yes, a FAST and responsive lender.