All Forum Posts by: Steele Dewald

Investment Info:

Condo buy & hold investment.

Purchase price: $1,025,000
Cash invested: $136,000

We purchased this unit off-market for 20% below market value. I had been talking to the seller for 5 months trying to get him to sell and he eventually felt as though it was time. The seller ended up investing in the deal. We are doing a 140k remodel and will be renting it for the foreseeable future. Investor returns will be between 6-8% in year one.

Investment Info:

Condo other investment in Park City.

Purchase price: $434,000
Cash invested: $15,000
Sale price: $590,000

We originally bought this property to hold it. It was a great rental for the first year pulling in 62k with an NOI of 16k. We bought it with 5% down so the return was healthy. We ended up selling for $590,000 when the market started to get hot. I loved this building and can't wait to buy another property there.

Investment Info:

Condo fix & flip investment.

Purchase price: $825,000
Cash invested: $163,000
Sale price: $1,790,000

This unit had a lot of untapped potential. It featured a big upper level that acted as one massive bedroom with a bunch of beds. It was also outdated which made it a perfect candidate for a fix and flip. We turned the upstairs into two distinct bedrooms with a sitting area in between the two. It turned out better than we had hoped. The unit was a fantastic rental. It brought in 100k in revenue over 3 months in the winter before we sold.

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

We were seeing a lot of success fixing and flipping units in this building. This was one of four that we bought in a very short time frame.

Investment Info:

Condo fix & flip investment.

Purchase price: $680,000
Cash invested: $184,000
Sale price: $1,325,000

At the time of this purchase, we were closing on a previous fix and flip that we knew would reset the market for remodeled condos in this building. We were able to close on it at $536 Per sq/ft with the hopes of selling at over 1000 a ft. We went a little bigger on the remodel because the location in the building wasn't great and we weren't able to add AC. I learned a great lesson on this deal, I will never again buy a unit until I am positive I can add AC. The HOA made it impossible to add

Investment Info:

Condo fix & flip investment.

Purchase price: $680,000
Cash invested: $184,000
Sale price: $1,325,000

At the time of this purchase, we were closing on a previous fix and flip that we knew would reset the market for remodeled condos in this building. We were able to close on it at $536 Per sq/ft. Given that we were closing on the other unit at 1,088 per ft I figured we could come close to that with this unit. We went a little bigger on the remodel because the location in the building wasn't great and we weren't able to add AC. I learned a great lesson on this deal, I will never again buy a unit until I am positive I can add AC. We ended up selling the unit for $1045 Per ft

Investment Info:

Condo fix & flip investment in Park City.

Purchase price: $585,000
Cash invested: $142,000
Sale price: $1,150,000

I bought a 1,100 sqft ski-in/out one-bedroom condo at the base of Park City Resort. Recently a two-bedroom sold for 760k. That two-bedroom is actually the exact same floorplan as the one-bedroom I bought only difference is that they added a bedroom. We ended up investing $142,000 into a full remodel. This investment ended up being more profitable than anticipated.

Investment Info:

Condo fix & flip investment in Park City.

Purchase price: $585,000
Cash invested: $142,000
Sale price: $1,150,000

I bought a 1,100 sqft ski-in/out one-bedroom condo at the base of Park City Resort. Recently a two-bedroom sold for 760k. That two-bedroom is actually the exact same floorplan as the one-bedroom I bought only difference is that they added a bedroom. We are going to put about 50k into a remodel and add a bedroom and hopefully sell it in the 780-790k range in 6 months. If it is renting well on Airbnb we may hold it for longer.

UPDATE:

We ended up selling this property for far more than expected. The final sales price was $1,150,000 in the month of August. We ended up doing a full remodel so the costs ended up at $142,000.

Investment Info:

Condo fix & flip investment in Park City.

Purchase price: $585,000
Cash invested: $142,000
Sale price: $1,150,000

I bought a 1,100 sqft ski-in/out one-bedroom condo at the base of Park City Resort. Recently a two-bedroom sold for 760k. That two-bedroom is actually the exact same floorplan as the one-bedroom I bought only difference is that they added a bedroom. We are going to put about 50k into a remodel and add a bedroom and hopefully sell it in the 780-790k range in 6 months. If it is renting well on Airbnb we may hold it for longer.

UPDATE:

We ended up selling this property for far more than expected. The final sales price was $1,150,000 in the month of August. We ended up doing a full remodel so the costs ended up at $142,000.

@Will Fraser I don't buy properties in developments or neighborhoods that have a 30 day minimum and I typically advise my investor clients not to either. Park City is getting much tougher on STR's. It's to risky to try and get around their regulations long term.

@Ryan Moyer Rents have moved with the prices. We have seen record numbers this summer and in our future bookings this winter. Our winter reservations thus far are up 30% over last winter (which was a record winter for revenue). Don't give up yet.