NC mountain home

[Joshua Prestwood]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $675,000
Cash invested: $175,000

Vacation rental in the NC mountains

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

Love the area and we knew it would rent.

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

Facebook ad alerted us to a land sell. After years of not being able to buy an finished home in Banner Elk, we decided to buy a lot and build.

How did you finance this deal?

Construction loan which converted into standard 30 year mortgage.

Lessons learned? Challenges?

Building is hard. It presented many challenges and exhausted more cash than we planned on. Builders/contractors are frustrating to deal with.

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

First National Bank was our lender and they were very good to deal with.