Cabin in the Trees with a Peek A Boo Lake View

[Mary McGinty]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000
Cash invested: $40,000

Cabin in the trees with a peek a boo lake view, built in 1980 . Fruit tree and pines greet you as you pull up the long drive way to the brand new front deck with large picture windows. The home is impressive with its exposed vaulted beam ceilings and knotty pine walls. Brick fire place and wood burning stove. Ceiling fans and newer lighting through out. New flooring and updated kitchen. Covered patio with some landscaping. Large one car garage and yard for more boat or RV storage.

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

I was looking for a lake house in 2009, this was the time when there were a lot of foreclosures due to the 2008 real estate bust. I stumbled upon this bank owned property. I came up on someone else's unfortunate lose.

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

MSL

How did you finance this deal?

My money down with bank loan.

How did you add value to the deal?

The bank had upgraded the house, it was ready for my family to enjoy as a lake house.

What was the outcome?

Originally my family and I used this as a vacation home. As time went on and life changed we rented it out. So this was a win win for us. I self manage this property myself.

Lessons learned? Challenges?

It is considered to be in a gated community, with many, many trees and in high fire danger. With that being said, there were fees for being in a fire zone that were unexcepted. The gated community drives arounds making any home owner keep up with over grown shrubbery, which is not a bad thing. This was just new to me.