Property Manager looking for opportunities
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $110,000
Cash invested: $40,000
A cozy 2 bed 1 bath that I like to call the little engine that could because it has surpassed all expectations with its performance. My introduction into real estate and my favorite home.
What made you interested in investing in this type of deal?
I was about to graduate college and was looking into getting into real estate. Thankfully I had a great resource in my father who has been in the short term rental game for a long time, and he helped me take the leap.
How did you find this deal and how did you negotiate it?
We looked in the Poconos for awhile, this was a total gut and flip. That's how we were able to get it so cheap, it took about 3 months to completely renovate.
How did you finance this deal?
We had enough cash to buy it all in cash since the price was so low, we split the cost and split the revenue 50/50.
How did you add value to the deal?
We did a total flip. New paint, new floors, new beds, new bathroom, new kitchen, new fenced in backyard, new firepit, new hot tub and hot tub platform, all of it.
What was the outcome?
We have been extremely successful in the Pocono market with this property, going very strong since 2021 with a high occupancy rate and a great team around us. We plan to hold this for a long time, and I now even manage the property myself which has been a great experience. I am looking to really expand into this real estate business, I am looking for both a mentor in the space, and to expand my property management business myself. The way the economy is looking, this is the path I want to be on.
Lessons learned? Challenges?
It was a grind. It was my first time doing anything like this, I had to sacrifice a lot of time, and there were definitely learning curves for me. But the process itself was a normal flip. Just the grind that goes along with a flip when you do all of the work yourself. We had a contractor bail on us, and we actually had to go out there and somehow get the hot tub on our platform because we had our first guests coming the next day. So that was an adventure.
