STR in Breckenridge, CO

[Dustin McQuate]

Investment Info:

Condo buy & hold investment.

Purchase price: $785,000

Completed a 1031 from Baltimore, MD (LTR) to Breckenridge, CO (STR).

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

We moved full-time to Breckenridge to enjoy the Rocky Mountains.

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

My wife is a Broker at Sotheby's International RE in Breckenridge and we both have experience with RE investing & financing.

How did you finance this deal?

1031 proceeds + traditional mortgage.

How did you add value to the deal?

Minor improvements, but the market appreciation here is where most owners get their equity.

What was the outcome?

STRing for a nice profit... and I have free parking (when we have no guests) within a block of a chairlift!

Lessons learned? Challenges?

Managing a STR requires a lot more time and energy than managing a LTR.... but it's been worth it.

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

Laurel McQuate
Broker Associate
Summit Area Specialist
Resort & Second Home Property Specialist

LIV Sotheby's International