Retro Retreat is complete! Booking now on AirBnB, VRBO

[Nathan Gesner]

Investment Info:

Single-family residence buy & hold investment in Cody.

Purchase price: $155,000
Cash invested: $50,000

This is a 1975 mobile home but it has fantastic potential. It is located half-way between Cody and Yellowstone National Park which is a great location for a vacation rental and our own little get-away. It had a lot of pluses that other homes in the area do not, and it's impossible to find anything on 5 acres in this price range!

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

I wanted a vacation rental and a place that we could escape to on occasion. This home is perfect for both. It's only 20 minutes from home so I could use it as a weekend getaway or even a place to escape the office and catch up on bigger work projects.

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

It popped up on the MLS. Because I know the market well, I immediately recognized the potential for a good deal. I made an offer on it before even seeing it and beat out a couple other interested investors.

How did you finance this deal?

A local lender. Most lenders won't finance an old manufactured home but our lender knows us and we put about 1/3 down, so they gave us really favorable rates.

How did you add value to the deal?

UGH! This place was owned by the same single man for 44 years and he only used it on occasion for the last 5+ years. It was full of mouse poop and had food that was years beyond expiration. Original carpet, windows, cabinets, fixtures, etc. Even the clothes dryer had been there for over 40 years! We replaced windows, flooring, paint, cabinets, vanities, toilets, and more. We replaced the 1975 water heater, pressure tank, well pump, and added a water filtration system.

What was the outcome?

It looks 10x better and we're not offering it as a vacation rental. Prices will be low this year to get bookings and build a reputation, then we'll try to maximize next year. It will pay for itself, pay for our family to take a large vacation somewhere else each year, and provide a retreat for us throughout the year.

Lessons learned? Challenges?

If you know the market, you'll be ready to pounce when a deal presents itself!

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

I'm a REALTOR and represented myself. I should leave myself a review!