STR Cabin up in the Mountains

[Matthew Delapiedra]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,325,000
Cash invested: $400,000

This is a short term rental. I have up in Flagstaff about a mile away from snowbowl ski resort.

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

I wanted to get into the short term rental space, and I thought that there was a gap in this market for luxury short term rentals.

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

MLS, the asking price was 1.5 million, at the time of the purchase the market was extremely hot as you know. They accepted an offer over mine, because I wasn't willing to bend, that offer fell through, and I ended up getting the property for $1,325,000.

How did you finance this deal?

Cash buy, put a mortgage on it right after.

How did you add value to the deal?

I have all of the top amenities for short term rentals, I built a barbecue and three remodelers in the backyard, along with put in a spa.

What was the outcome?

It’s been a big success.

Lessons learned? Challenges?

I could’ve done less in certain areas for sure, this was my first short term rental and all of my guests absolutely love how at home they feel, however, it took me too long to get to market.

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

Yes, absolutely, I have a great realtor and a great lender. Reach out if you’re interested, thank you and good luck to everyone on their investments this year!