Buy & Hold STR in Highland NY

[Jim Bilie]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $65,000

Purchased this asset as a buy & hold, current leveraging it as an STR

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

The location, its proximity to New Paltz, the numbers made sense and the exit strategy even more so.

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

Redfin, went with a buyer's agent referred by a family friend. Leveraged inspection notes to get closing credits and other price decreases.

How did you finance this deal?

Went the traditional route on this deal. Put in 15% down-payment

How did you add value to the deal?

Renovation, mostly cosmetic. One major component of it would be to redo kitchen + bathroom design within 3 - 6 months

What was the outcome?

Optimal for the most part! We're cash flowing already!

Lessons learned? Challenges?

Severely underestimated how tedious the underwriting process, and closing process would look like! Also, learned to not buy on emotions, and rely on the numbers and other STR criteria to pull the trigger on an acquisition.

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

Chris Sellers from Berkshire Hathaway is a rockstar agent!