Park City Townhome STR

[Aaron Bress]

Investment Info:

Townhouse buy & hold investment in Park City.

Purchase price: $960,000
Cash invested: $75,000

Short term rental located in close proximity to Salt Lake City and Park City downtown areas, all ski resorts, and a multitude of outdoor activities.

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

The ability to have a short term rental in a hot appreciating market which provides generous cash flow and benefits.

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

MLS and using CMA software

How did you finance this deal?

10% down payment and 2nd home mortgage

How did you add value to the deal?

Built in 2019 with no value add needed

What was the outcome?

Cash on cash return ranging from 10-15% in a rapidly appreciating market gaining 2-3% per month.

Lessons learned? Challenges?

Finding deals on the MLS are actually available.
Many quirks when transferring short term rental accounts, bookings, and the property.

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

We are RE agents and represented ourselves as buyers.
Used commission for cash to close, less downpayment.
For anyone shopping for investment properties in the SLC or Park City area, please find an agent since we are in an aggressive sellers market, sellers agents will NOT take unrepresented buyers seriously.