Finally Closed!! Rustic Retreat Cabins are open for business!

[Timothy Doenges]

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Mount Nebo.

Purchase price: $300,000
Cash invested: $10,000

Short-term rental cabins near whitewater rafting, fishing, climbing, hiking, ATV trails, and many other outdoor attractions. 5 minutes from Summersville Lake, 20 minutes from New River Gorge Bridge, and around 20 minutes to several iconic state and national parks. 

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

My wife has 3 years of hospitality experience, and after "catching the bug" listening to podcasts and investing in a few small houses near us, she decided she wanted to "go back to work" and operate some short term rentals.

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

We found this deal off-market. We took the seller's terms in exchange for him carrying the down payment for purchase.

How did you finance this deal?

Financed through a local Small Business Development fund (15%) and a small community bank (70%), with the owner carrying the remaining 15%.

How did you add value to the deal?

Previous owner had no online footprint. We purchased the cabins and immediately put them on AirBnB, and have already increased occupancy 20% year-over-year.

What was the outcome?

Immediate increase in occupancy

Lessons learned? Challenges?

We were reminded again that you only need two of the following in order to bring value to real estate transactions: time/hustle, knowledge, and money. We brought the hustle and the knowledge, and other parties brought the money, and now we are operating a short-term rental business!

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

I am a real estate agent, but this purchase was conducted off-market.

[Nathan Smith]

Congrats @Timothy Doenges! Glad to see you working hard for these. I knew someone would pick these up soon. Best of luck to you!

[Anthony Hosea]

Holy smokes you never told me you had something cooking in the pot haha! Congratulations bro!