Updated about 4 years ago on . Most recent reply
Short Term Vacation Rental
Investment Info:
Single-family residence buy & hold investment in Canyon Lake.
Waterfront Short Term Vacation Rental in a cozy cove of Canyon Lake, Texas
What made you interested in investing in this type of deal?
Stumbled upon the land and saw the view was amazing with water access.
How did you find this deal and how did you negotiate it?
For sale by distressed owner
How did you finance this deal?
Financing was tricky because the land had a very old mobile home on it. Finally found an independent bank in Bulverde, TX who would lend on it as if it were vacant.
How did you add value to the deal?
We removed the mobile home and cleaned up the brush to enhance the view. Then built a 2670 SF modern home on the property that sleeps 10-12.
What was the outcome?
Construction is nearing completion and it's beautiful.
Lessons learned? Challenges?
Designers have value!! Hire a designer in the beginning of the project to make architectural changes that they believe will add aesthetically, such as moving light fixtures, changes to kitchen cabinets, shower niches, etc. Then have the designer come back after sheetrock to oversee installation of all of their wall treatments, tile & fixture selections because many of ours were sold out by the end of construction which created a snowball effect and a need to make many new selections.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with Sonora Bank out of Bulverde, TX and Connie Roberts of Onyx out of Austin, Tx.