We closed on the purchase of our second Hermit House redevelopment property today. It is a lovely two-story house in Pt. Venture.
The Lakeland house currently has a view of the lake only from one window in the master bathroom. In fact, you have to stand in the tub to see the lake. We hope to rectify that situation by adding a second-story deck that will be accessible from new doors out of the upstairs living area and a stair case from the existing backyard deck.
Our exit strategy for the property is currently in flux. We have several options, but all will remain on hold for the short term because Carol and Russell will rent the house for the short term. They sold their primary residence but haven’t found another suitable property. Investors tend to move a lot.
This house is an excellent example of a win-win. The previous owners needed to sell the house to move on with their lives. A previous attempt to sell at full market had failed. We were able to put cash in their pockets and enable them to pursue their life goals. And simply buying this house improves our balance sheet.
This is my favorite kind of deal: everybody wins.