New STR Property in Upstate NY

[Sanderson Mittnacht]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $645,000
Cash invested: $95,000

STR Property up in the Catskills of NY near Hunter/Windham mountain.

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

Cash flows and future vacation home.

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

MLS & minimal negotiations outside of some stuff from the inspection

How did you finance this deal?

15% Down

How did you add value to the deal?

None at the moment outside of adding a hot tub. Might eventually redo roof to add more solar and kitchens/bathrooms.

What was the outcome?

Breaking even atm but hoping the busy seasons bring some great cash flows.

Lessons learned? Challenges?

Still working on my Airbnb strategies. Might have an issue with the roof which was unexpected (should have done more due diligence on it).

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

Jessica Surbeck was my realtor.