We found this amazing home during a 4-day property search trip to North Idaho. We spent 2 days looking at properties in the Sandpoint, Idaho area around Lake Pend Oreille (pronounced "Ponderay"). There were some homes of interest there we were considering. Then we spent a couple of days looking at homes in the Bonners Ferry area, about 30 minutes from the Canadian border. As soon as we set foot on / in this property we fell in love with it. We could see the potential and the sellers had put a tremendous amount of work into the landscaping and everything. Close to two acres, right on the river and the most incredible variety of plants, flowers and trees that we had seen at any of the properties we looked at. Nothing else we had seen on the trip could compare with this home and the price was within the realm of possibility for us.

There was another buyer coming into town in the next couple of days for a second look so we jumped on it and got our offer submitted within the next 24-48 hours.

We purchased it unfurnished and then took a month to fully furnish it and set it up as a short-term vacation rental property for a time. That worked out really well and we had excellent monthly cashflow on the short-term rentals.

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

Prime location in town, acreage, large home, private river access/boat ramp, mature landscaping, water rights for use of river pump for landscape irrigation, potential for property improvements and other property use.

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

Looking at properties with out agent. We put together a solid offer package and due to other buyer interest in the property we came in with really clean offer docs. We made it clear that we were qualified and serious about getting it done asap.

How did you finance this deal?

Some cash down and a bank loan for the difference.

How did you add value to the deal?

As a licensed real estate broker I was able to help make the process a little smoother both for our agent and also for the sellers. Also, we were very responsive in getting docs back to our agent and lender so that we didn't slow anything down.

What was the outcome?

A smooth transaction and what we feel like was a good price for us.

Lessons learned? Challenges?

When you know the opportunity / deal is good, make it happen as quickly as you can. Also, have all the ducks in a row before looking at property, so that if you find one worth making an offer on, you are well positioned to do so. Don't waste anyone's time (including your own). Only go out looking at properties if you are ready and serious about taking something down.

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

Yes. We worked with a local agent and the seller was represented by a different local agent. I'm a licensed broker as well so it worked out well and made for a very smooth transaction with many real estate industry professionals involved in the deal.