We Found a Rental Property

we found a rental property

after a long search we finally found a rental property

We found a rental property. The search has taken close to a year, we saw a lot of places that needed too much work, and we were outbid multiple times on other places, but we finally found a place. Here is a brief overview of where we are in the process.

Needle in a Haystack

We had our offer accepted after one counteroffer from the seller. A lot of luck went into us finding this cabin. As you might know the housing market is crazy right now. It is extremely hard to find anything unless you move quick and are willing to pay more than asking. We were able to pick up this property for $5000 under asking, and that was right from Realtor.com.

Multiple factors went into us scoring this deal. First, the pictures did the place no justice. The property is nearly turnkey, but the blurry and poor photographs made it look like a fixer upper. A lot of the facts about the property were also wrong. The lot size, the details about the utilities, and the square footage were all incorrect.

As a result of all of this we were able to make a low offer without any competition. No one else had made an offer or even viewed the property in almost a month. The seller was eager to get out, so after one counteroffer we settled.

Getting the Property Ready

Closing is set for some time in early to mid-September. In the meantime, we have been buying furniture and other items for the cabin. The plan is to use the property as a short-term vacation rental. Therefore, it needs to be fully furnished and have things such as appliances, dishes, and linens.

There will also be a few minor repairs and upgrades to deal with once we take ownership. The market slows in the fall and winter, so we have some time to deal with everything. By Spring we will be fully up and running. Carrying costs are minor, so that isn’t a concern. All the research I’ve done shows that the property will pay for itself and then some by renting it out in season.

Long term we hope to add more properties to our portfolio and eventually finding a property manager to handle cleaning and minor repairs. But first we just want to get into this cabin and get it ready to rent.

Wrapping Up

It took time, but we found a rental property. I’ll be posting updates as things progress with closing and with getting the cabin rent ready. It is certainly an exciting time. Until next time.

Read Also:

Searching for Rental Properties

Financing Basics for First-Time Rental Property Owners

Should You Ever Buy Rental Property Sight Unseen?

Buying an Investment Property

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