Hunter Mountain Short Term Rental

[Ryan Pettus]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $500,000

https://www.airbnb.com/rooms/926279302046011853?check_out=2023-07-31&check_in=2023-07-26&adults=7&guests=7&viralityEntryPoint=1&s=76&source_impression_id=p3_1688673042_mdOOMwdKJ%2FgWR1yC

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

Hunter Mountain is the biggest ski Mountain closest to NYC, with very heavy seasonal traffic. I am also a skier so I can take advantage when its not rented.

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

I have some agents upstate that ive used in the past that notified me and helped me negiotate the deal.

How did you finance this deal?

I used a HELOC from my other investment property to come up with the 25% downpayment, essentially costing me 0 out of pocket. nice right?

How did you add value to the deal?

We actually put more money into this deal than i originally wanted, we had retaining wall issues, so we redid the driveway, painted the entire interior, new sheetrock in areas, complete bathroom renovation, and all new furniture and decorations. Renovations took longer than expected because of issues outside our control, but we had a good cash reserve to account for these types of setbacks.

What was the outcome?

came out beautiful and started renting immediately when we listed it, and usually the off season is very slow so this is great

Lessons learned? Challenges?

everything takes longer than expected, be sure you have a large cash reserve for delays and hidden costs that always pop up. Dont get discouraged !

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

yes actually, Lloyd was my mortgage guy and he was great! one of the best in the business.

Lloyd Moua
Mortgage Loan Originator | 1915259

The Mortgage Shop, LLC
1016 Dolly Parton Pkwy Unit 8 | Sevierville, TN 37862