Mountain Resort Condo Vacation Rental

[RYAN JAMES FLYNN]

Investment Info:

Condo buy & hold investment.

Purchase price: $190,000
Cash invested: $50,000

Ski/Summer Mountain condo at the largest ski area in the East, and the largest mountain bike park in the East. Featuring exquisite Vermont food, beer, wine and cider, endless hiking, biking, ski and golf tracks make Killington a gem of the East Coast.

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

Love of being in the mountains, the year-round draw of activities and demand for people from cities to escape to the mountains for recreation.

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

Hunting for specific types of properties in 4 mountain towns - online research coupled with weekends and weekday in-market visits. We wanted 3 bedrooms, pet friendly, close to the mountain resort and nightlife, walking distance if available, and the unit had to have a strong HOA, need a lot of work - so we could negotiate the price down and add value - and be in a prime location for future development.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

We started with a 1980's time-warp and gutted the bathrooms, stripped the carpeting, painted every room and trim and brought the unit into the 2020's

Lessons learned? Challenges?

Learning where and when to scale back on investments. Going in, it's so tempting to go balls to the walls with renovation. It's important to know where the limits are for the amount of investment you're about to make.

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

Worked with:
- Tricia Carter and Ski Country Real Estate as our agent
- Matt Brachaud as the Real Estate Attorney
- The Killington Group for property management