Our Short Term Rental is a Shoe Inn!
Investment Info:
Single-family residence other investment.
The Haines Shoe House (https://www.hainesshoehouse.com/) is an amazing short term rental in York, PA. Check us out and book today!
What made you interested in investing in this type of deal?
Who can pass up the opportunity to purchase a Shoe House?
How did you find this deal and how did you negotiate it?
I knew the owner, and he was ready to sell. It previously was an Ice cream shop, and we changed to a Short Term Rental. It was a hard property to provide Comps for! But we settled on a price we were both happy with.
How did you finance this deal?
A got a loan from a local credit union.
How did you add value to the deal?
We fixed up the property and made it into a cute short-term rental and fully furnished it. We also added a hot tub and other amenities.
What was the outcome?
People absolutely love staying at this property because it is so unique. We stay fully booked in the summertime and probably about 75% booked the rest of the year.
Lessons learned? Challenges?
Having the entire exterior of this property be stucco is challenging within the Northeast environment. We've had to patch and repair the stucco several times already in the last few years. Stucco is not meant to be a roof material, especially in wetter climates like Pennsylvania so we have to make sure we stay on top of the maintenance.
