Pocono Short term rental

[Mike Kelly]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $297,000
Cash invested: $62,000

Bought property as a vacation/STR residence.
Used 2nd home financing
Rehabbed Property for 5 months.
Started as a STR on 3/15/21.

Airbnb Listing
https://abnb.me/YtPWwl11nnb

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

To have a vacation house that has potential to add monthly cash flow and is located in a desirable area.

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

Our agent notified us of this FSBO opportunity.

How did you finance this deal?

Down Payment from sale of a flip, and mortgage the remaindered on a 2nd home 30yr mortgage @ 3%.

How did you add value to the deal?

Added split units to every room
Updated Kitchen
Added Bar area in game room
Added recessed lighting
Rehabbed all 3 bathrooms
Paint whole house
Added LVP to entire 1st floor of house

What was the outcome?

Successful STR.

Lessons learned? Challenges?

running a short term rental is an active hospitality business! Need to have reliable staff near property (Cleaner/Handyman/Hot tub support/Electrician/Plumber).