All Forum Posts by: Caleb Wise

Hi  @Jaycee Greene thanks for the response! We've been slowly improving the wedding venue, raised the prices, and we'd be happy to stay at the size we are for now. It's just a side hustle for us right now. We have one ADU that we're fixing up and could be a nice upcharge for wedding parties to rent on the day before or day of their wedding. We're also thinking of adding a honeymoon suite cabin on the property that could be a good STR during our off-season.

I joined BP because a couple of friends that have invested in real-estate are telling me that I'm sitting on a gold mine. I purchased a 10-acre, riverside farm with a 1921 farmhouse (1 bath, 4 bedroom) off-market from a family friend. I thought the appraisal was low and I was getting a good deal, so we bought it. The property had an established, cash-flowing wedding venue already on it. I need help planning out my next moves to make the most of this "gold mine". 

Investment Info:

Single-family residence other investment.

Old (1921) single-family farmhouse on 10 acres with a wedding venue located on the property. Renovating a barn to create STR property for wedding couples or guests to stay on the property. Living in and renovating the farmhouse while contemplating using it as a B&B STR.

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

The property already had a cash-flowing business located on the property with no real-estate options. I saw this as an opportunity to continue the existing business and also create some ADUs or rent the single-family house.

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

I bought the property off-market from a family friend. Negotiation was simple and cordial because the seller wanted us to have the property.

How did you finance this deal?

$0-down VA loan keeping cash on hand for much needed repairs.

How did you add value to the deal?

Cleaning and clearing the over-grown property. Mostly cosmetic repairs while the venue business is increasing cash on hand to fund larger repairs.

Lessons learned? Challenges?

Just take it one small project at a time. Looking at all the work that needs to be done can get overwhelming.