2003 Family Cabin Purchase

[Mike Jacobson]

Investment Info:

Single-family residence buy & hold investment in Hackensack.

Purchase price: $125,000
Cash invested: $125,000

Family Cabin on a Lake in Northern Minnesota. Rented it out for the first 4 years to help afford the remodel.
Value tripled by 2005. 2007 to 2017 did not rent out. Began to VRBO this property in the summer of 2017.
Pulled $257,000 out to purchase a hotel in October 2005.

[Mike Jacobson]

@Bob Langworthy Thank you, as you know or will find out transferring a "family" cabin to the next generations can be a big issue.  Have a plan in place with Family stability as the priority.  Conflict almost always happens.