Updated over 10 years ago on . Most recent reply
Three firsts for me this week
Been doing this for several years, but I signed contracts on two new houses this week that represent three firsts for me.
House 1 - tenant-occupied 4/2/2. My first purchase from a wholesaler, and my first purchase of a tenant-occupied house. I've been approached by a lot of wholesalers with dubious deals. I've watched this particular one for several months now, and his ARVs seem realistic (even low, in some cases) and repair costs seem in the right ballpark. He was doing a group tour and on-site auction of a house in a school district I regularly buy in. Went just intending to observe, but ended up pulling the trigger. I'll be figuring out the process of absorbing an existing tenant over the next week or two.
House 2 - My first vacation rental! It's 1.5 blocks from Cowboys Stadium. I've been looking for years to get something in this area. Saturday, as I was walking 10 blocks to the stadium for a concert from the discounted $40 parking spots, I pulled up Realtor.com, saw that one had popped up, and bought it the next day. It was priced a little high for a basic 900 sf 2/1/1 in that are, but as a vacation rental, the cash flow should be excellent. I'm very excited about this one.
Most Popular Reply
#1 Questions About BiggerPockets & Official Site Announcements Contributor
- BiggerPockets Money Podcast Host
- Longmont, CO
- 10,051
- Votes |
- 7,341
- Posts
#1 Questions About BiggerPockets & Official Site Announcements Contributor
- BiggerPockets Money Podcast Host
- Longmont, CO
@Michael Hayworth Congratulations on the three firsts! I think the Cowboys rental house is an awesome purchase. Someday they will be good again...
Since it is your first vacation rental, I will give you some unsolicited advice. The name of the game for vacation rentals is repeat customers. Make your place the best on the market by offering small, inexpensive extras, like instant oatmeal packets for breakfast, granola bars and bottled water for side trips. You can pick this up at Costco for almost nothing, but it means a lot to the people who are renting your place, and they will come back to you when they need another place to stay. Just make sure everything is individually wrapped.
Furnish the kitchen with dishwasher-safe everything. Have a set of children-sized dishes and utensils. Provide spices and basic meal-prep items, like vegetable oil so people don't have to go out and buy things to make pancakes in the morning.
