All Forum Posts by: Jimmy Stretz

@Todd Goedeke it's an investment property first and a friends and family vacation spot secondly. The HOA is $487 a month. The average annual gross rental income for a platinum one-bedroom condo is $36,000 and rents out an average of 170 nights per year. Probably 75% of that is earned during the winter months and 25% is during the summer months. It will take us an estimated 405 rented days to get a 20% cash on cash return plus HOA fees.

Investment Info:

Condo other investment.

Purchase price: $745,000
Cash invested: $400,000
Sale price: $745,000

Amazing 1 bed/2bath East Vail Creekside condo at the Vail Racquet Club. Listen to Gore Creek virtually year-round. VRC Platinum-rated short term rental residence offers the highest rental revenues possible. This Mountain Modern condominium has high-end finishes in kitchen and bathrooms including heated floors and custom built-ins in the living room. Private storage locker adjacent to residence. Also, it's easy to get to Vail Village and Lionshead with the free Town of Vail East Vail Bus.

What made you interested in investing in this type of deal?

Proximity to Vail Mountain Resort. Platinum-rated short term rental residence offers the highest rental revenues possible. And the amenities. Olympic sized pool, hot tubs, on-site restaurant, yoga, pilates, gym, steam, sauna, and management company to take care of it all.

How did you find this deal and how did you negotiate it?

I've been targeting the Vail Racquet Club ever since my stay there during the Vail Alpine Ski Championships in 2014. We were able to put a deal together 10 years later after the sale of a different property in Aurora, CO. Using a 1031 Exchange we were able to defer capital gains taxes and upgrade to the VRC. A win-win!

How did you finance this deal?

HELOC loan.

How did you add value to the deal?

Buying fully furnished and jumping into the VRC Short Term rental program straight away.

What was the outcome?

A property that we can cash flow, and use as a vacation home. Pares well with the Epic ski pass.

Lessons learned? Challenges?

Stay patient, stay focused, and strike when the timing is right.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a licensed real estate agent in the State of Colorado. Please connect with me if I can help you buy or sell a home here in Colorado!

Investment Info:

Condo other investment.

Purchase price: $745,000
Cash invested: $400,000
Sale price: $745,000

Amazing 1 bed/2bath East Vail Creekside condo at the Vail Racquet Club. Listen to Gore Creek virtually year-round. VRC Platinum-rated short term rental residence offers the highest rental revenues possible. This Mountain Modern condominium has high-end finishes in kitchen and bathrooms including heated floors and custom built-ins in the living room. Tasteful furniture package included. Turnkey. Private storage locker adjacent to residence. Incredibly easy access to this home having no stairs from the parking area to the residence. Also, it's easy to get to Vail Village and Lionshead with the free Town of Vail East Vail Bus.

What made you interested in investing in this type of deal?

Proximity to Vail Mountain Resort. Platinum-rated short term rental residence offers the highest rental revenues possible. And the amenities. Olympic sized pool, hot tubs, on-site restaurant, yoga, pilates, gym, steam, sauna, and management company to take care of it all.

How did you find this deal and how did you negotiate it?

I've been targeting the Vail Racquet Club ever since my stay there during the Vail Alpine Ski Championships in 2014. We were able to put a deal together 10 years later after the sale of a different property in Aurora, CO. Using a 1031 Exchange we were able to defer capital gains taxes and upgrade to the VRC. A win-win!

How did you finance this deal?

HELOC loan.

How did you add value to the deal?

Buying fully furnished and jumping into the VRC Short Term rental program straight away.

What was the outcome?

A property that we can cash flow, and use as a vacation home. Pares well with the Epic ski pass.

Lessons learned? Challenges?

Stay patient, stay focused, and strike when the timing is right.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a licensed real estate agent in the State of Colorado. Please connect with me if I can help you buy or sell a home here in Colorado!

Stay patient @Kyle Pierrehumbert. 16 derogatory marks and occasional workers staying is enough for a no. Wishing you more prospective tenants come knocking on your door!

Hey Zach,

I currently have this property rented long-term.If I decide to develop the 2nd improvement, I'd consider both option but I think the area is better suited for an LTR.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Distressed property in a rural Missouri town near Loess Bluffs National Wildlife Refuge. This property is minutes from the Mighty Missouri River, the Nebraska/Missouri border and 2 hours from Omaha, Nebraska. There are three combined lots equalling 17,990 lot size. There are 2 improvements on the 3 lots, 1 of which is habitable, and currently rented out. There is opportunity to finish the 2nd improvement and rent that out as well, something to be considered in the near future.

What made you interested in investing in this type of deal?

Affordability.

How did you find this deal and how did you negotiate it?

I found this deal through family in the area. Negotiated the deal face to face.

How did you finance this deal?

n/a.

How did you add value to the deal?

I've only needed to make small repairs so far thankfully. The value is from scarcity in the area. There not many options to rent.

What was the outcome?

The outcome is having a cash flowing property in a unique part of the country.

Lessons learned? Challenges?

Learning a feet on the street approach to doing market analysis. Managing a property out of state is a tough challenge but it can be done.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No Missouri agents or lenders were used but I an a licensed real estate agent in the State of Colorado.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Distressed property in a small rural Missouri town surrounded by Loess Bluffs National Wildlife Refuge, Indian Cave State Park and Bilby Ranch Lake Conservation Area. This property is minutes from the Mighty Missouri River, the Nebraska/Missouri border and 2 hours from Omaha, Nebraska. There are three combined lots equalling 17,990 lot size. There are 2 improvements on the 3 lots, 1 of which is habitable, and currently rented out. There is opportunity to finish the 2nd improvement and rent that out as well, something to be considered in the near future.

What made you interested in investing in this type of deal?

Affordability.

How did you find this deal and how did you negotiate it?

I found this deal through family in the area. Negotiated the deal face to face.

How did you finance this deal?

n/a.

How did you add value to the deal?

I've only needed to make small repairs so far thankfully. The value is from scarcity in the area. There not many options to rent.

What was the outcome?

The outcome is having a cash flowing property in a unique part of the country.

Lessons learned? Challenges?

Learning a feet on the street approach to doing market analysis. Managing a property out of state is a tough challenge but it can be done.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No Missouri agents or lenders were used but I an a licensed real estate agent in the State of Colorado.

Investment Info:

Condo buy & hold investment.

Purchase price: $170,218
Cash invested: $34,043

Purchased as my primary residence that I've since turned into a rental property as a part of my buy and hold strategy.

What made you interested in investing in this type of deal?

Ideal location that's sandwiched between LoHi & Union Station Downtown Denver.

How did you find this deal and how did you negotiate it?

I knew East/West Management sales team. There was a long line to buy.Negotiations happened face to face in the sales office before the building was ever built.

How did you finance this deal?

Conventional 80/20 loan.

How did you add value to the deal?

Negotiated upgraded finishes.

What was the outcome?

Still using it as an investment property.

Lessons learned? Challenges?

It was tough to hang on to during the recession of 2008. I was able to do it and this investment helped pay for my International MBA, built incredible relationships within the community, and was our 1st family home until we grew out of it. It's been a fantastic investment property as well and I still take advantage of the pool, the parties, and the gym :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! I'm a licensed real estate agent in Colorado and I'm here to help others build wealth through real estate.