Unique STR with Unclear Direction Forward

[Caleb Wise]

Investment Info:

Single-family residence other investment.

Old (1921) single-family farmhouse on 10 acres with a wedding venue located on the property. Renovating a barn to create STR property for wedding couples or guests to stay on the property. Living in and renovating the farmhouse while contemplating using it as a B&B STR.

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

The property already had a cash-flowing business located on the property with no real-estate options. I saw this as an opportunity to continue the existing business and also create some ADUs or rent the single-family house.

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

I bought the property off-market from a family friend. Negotiation was simple and cordial because the seller wanted us to have the property.

How did you finance this deal?

$0-down VA loan keeping cash on hand for much needed repairs.

How did you add value to the deal?

Cleaning and clearing the over-grown property. Mostly cosmetic repairs while the venue business is increasing cash on hand to fund larger repairs.

Lessons learned? Challenges?

Just take it one small project at a time. Looking at all the work that needs to be done can get overwhelming.