Fairway to Heaven (short term rental)
Investment Info:
Condo buy & hold investment in Welches.
Purchase price: $250,000
Cash invested: $60,000
2 bedroom/2 bath condo on the Mt Hood Resort golf course. Great views, updated, main floor.
What made you interested in investing in this type of deal?
I knew that this development was a great short term rental opportunity especially since it is on a golf course and located within close proximity to skiing on Mt Hood. I like that its a condo with an hoa that covers snow removal and utilities so there is less maintenance on this condo. I also really like this property because there is a lot of winter activity (skiing, snowboarding, etc) as well as summer activity (hikes, biking).
How did you find this deal and how did you negotiate it?
I'm a real estate agent and knew that sellers were interested in selling.
How did you finance this deal?
conventional financing - I lived in it for a year.
How did you add value to the deal?
updated with paint and new light fixtures
Lessons learned? Challenges?
I was fortunate to capture the appreciation rates this year on the mountain ~ the best in the surrounding Portland area!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate broker and have a great lender that I would highly recommend!