First Offer = First Investment

[Chase Carter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $375,000
Cash invested: $47,000
Sale price: $400,000

We bought a turn key ready home in the lower Moonridge section of Big Bear Lake. The location is everything! Within walking distance of the zoo, food/coffee shops, the golf course, and Big Bear Mountain!

As most know, the market has been/was wild when we made the offer. Most properties were going within 48 hours of hitting the MLS with multiple offers. We had been studying the market for several months and saw this home had been on for 6 days with no offers. We submitted our first offer EVER and ended up getting the house. We have our inspection with the City tomorrow in order to obtain the permit needed to start renting the property out on Air BnB.

We are actively studying the Big Bear market in addition to several other travel destination spots. My team and I looking to obtain 2 more STR's by the end of the year. If anyone is interested in teaming up with us, let me know!

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

We have family who have been managing short term rentals in the area for years with strong returns

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

MLS- we weren't afraid to ask for everything we wanted and funny enough the sellers didn't oppose to one thing.

How did you finance this deal?

it was a family affair- my grandfather, best friend and I went in three ways on a 2nd home allowing us to leverage 10% down

How did you add value to the deal?

solid communication with my partners and agent

What was the outcome?

very easy, stress free escrow (although it took longer than we'd like) and us getting everything we wanted (from price to furnishings)

Lessons learned? Challenges?

don't be afraid to go out and make offers! study your market- even if it's 15 minutes a day! and location is everything when it comes to STR's as far as what I've seen.

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

yes always! Melissa Grote - REMAX Big Bear is the best agent on the mountain! Tell her Chase Carter sent you!