Beech Mountain, NC Condo

[Preston Tiller]

Investment Info:

Condo buy & hold investment.

Purchase price: $175,000
Cash invested: $49,000

This will be an STR. 1/1, 500 sq ft and close to the slopes.

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

We are rookies when it comes to real estate investing but we plan on diving straight into the deep end. We decided to start with an STR to generate more cashflow upfront and use this income to fund some long term rentals and some raw land.

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

We found this deal listed on Zillow. We put 20% and were able to drive the sales price down by offering more due diligence. The seller was very money hungry so this was enough to persuade them to accept our offer at our ideal price.

How did you finance this deal?

Traditional financing. The property is considered a condotel so finding a lender was tough.

How did you add value to the deal?

We are doing some interior updates.

Lessons learned? Challenges?

Condotels are extremely hard to find traditional lenders to loan on. Dealing with sellers that are money hungry and not willing to work with you on unforeseen issues is a red flag. The sellers and their agent were incredibly unprofessional and a pain to deal with. Be very weary of young investors and agents as they tend to think they are God's gift to the world and know everything and have to have their way.

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

We worked with Lori Bryan of Antler Realty in Banner Elk, NC. We HIGHLY recommend her to anyone that is looking in the high country of NC.