Vacation Rental Cabins

[Sara Abernethy]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $340,000
Cash invested: $80,000

Bought three cabins in the Finger Lakes with the purposes of running them as vacation rentals.

The website is here if you want to visit us ;)
fingerlakescabins.com

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

I found this through the realtor I had used for a previous deal.

How did you finance this deal?

Commercial bank

How did you add value to the deal?

Only two of the three cabins were rented out - I converted the third cabin to a rental as well. Decor upgrades, the addition of private hot tubs, and a fenced in yard for dogs have all added to the marketability and the occupancy level of the property.

What was the outcome?

Revenues are significantly higher than when the previous owners owned it due to higher occupancy and the revenue from the third cabin.

Lessons learned? Challenges?

Having a staff run the property is a lot of work to manage! However, processes are starting to fall into place and it is getting better.

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

Yes! Grace Petrisin from Warren Real Estate has helped me with multiple deals. Young, hungry, and a real estate investor herself, she's the perfect partner for anyone in the Central NY area!