Vacation Home and Quasi Investment Property

[Greg Haygood]

Investment Info:

Condo buy & hold investment.

Purchase price: $400,000
Cash invested: $100,000

My family purchased a vacation home that we can rent out when we're not using it. It will cover approx half the carrying costs, and we have a "happy place" within a 3 hour drive.

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

We've vacationed here for a few consecutive years, and we love it. I wanted an investment that could provide the same satisfaction while also creating wealth for the family.

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

We found it during our 2019 vacation.

How did you finance this deal?

We used a traditional mortgage.

How did you add value to the deal?

We haven't added value. We made minimum upgrades and began to out.rent it

What was the outcome?

Before COVID hit, we maxed out the "high season" in January.

Lessons learned? Challenges?

TBD