Oklahoma Vacation Home

[Brenda Pursley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000

My vacation home on Grand Lake

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

Bought a lake vacation home for my family

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

I already owned a home not on the water. I negotiated this property by trading my owned property for this one, as it was a brand new property in an area being developed.

How did you finance this deal?

Bank. I used the equity in my previous vacation home for the down payment.

How did you add value to the deal?

Nothing that I know of

What was the outcome?

I still own the home. It's on the water, and I have a 32 x 12 foot boat slip in the nearby community dock. I was able to get the HOA to approve the addition of another small dock right behind my house with a 23 x 8 foot slip 2 years ago. I enjoy this home very much.

Lessons learned? Challenges?

The problem is the HOA doesn't allow VRBO rentals, only year long leases so I wasn't able to generate cash with this property.

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

I worked with a great Keller Williams agent, but she died tragically a few years ago

[Robin Simon]

Congrats - would you ever buy in this market for pure investment purposes or do you think its mostly just a good market for a owner-use vacation home?