Offer accepted on another rental property

[bjl584]

We just got some good news last night that an offer we made on a rental property has been accepted.
It was a low-ball offer. The owner had passed, and the son apparently just wanted rid of it.

We'll be spending the fall/winter doing rehab and get it online in the spring of 2027.
This will be our second short term rental.
It's in the same general area as the first one.

[myrdale]

This is a major step towards ultimate financial freedom and definitely worth a congrats!!

I'd be very interested in the overall financials as the project continues.

[bjl584]

This is a major step towards ultimate financial freedom and definitely worth a congrats!!

I'd be very interested in the overall financials as the project continues.

I'll definitely be posting updates along the way.
Most of the initial rehab, I will be doing myself.
Some of the larger projects will be contracted out, but those are longer term

[Fishindude77]

Are these single family home rentals?

[kork13]

Congrats!! I believe the first is a lake cabin in the Smokey Mtns?

Post photos as you do the rehab!

[riverwed070707]

Congrats! +1 for sharing the numbers!

[bjl584]

Are these single family home rentals?

Single family short term rentals (Airbnb)
Both are 2 bedroom, 1 bath

[bjl584]

Congrats!! I believe the first is a lake cabin in the Smokey Mtns?

Post photos as you do the rehab!

They are in north eastern Pennsylvania

Plenty of photos to come........

[bjl584]

updating this.

Closing is set for OCT 2

I've made several calls to building suppliers for materials for the renovation

My wife found a really cool AI App that does design for you
I haven't messed with it, but you basically take a picture of an existing room or space and tell the AI what you want to do. It spits out a renovated space based on your specs.

[bjl584]

There was a delay in closing on the seller's side due to a required dye test from the township.
That is over with and we are set to closer this Friday OCT 9

[disneysteve]

Congrats. Are you managing everything on your own or do you have a property manager? Especially with short term rentals, I imagine it's an awful lot of work. Not quite as bad with long term tenants but with new people coming every few days or every week or two, there's a lot to handle.

[LivingAlmostLarge]

congratulations and wow

[bjl584]

Congrats. Are you managing everything on your own or do you have a property manager? Especially with short term rentals, I imagine it's an awful lot of work. Not quite as bad with long term tenants but with new people coming every few days or every week or two, there's a lot to handle.

We established a team of people who manage the day to day.
Lawncare, cleaning, and minor repairs are all handled in this manner.

I also have a contractor that we use for major projects (deck, new roof, etc)

Everything else is done by my wife
She sets up the door codes and coordinates the cleaning schedule.
We control the door lock, the cameras, the lights, and the HVAC via apps, so we can set up all those things for guests remotely.

The new rental is 2 miles from the current one, so we will be using the same network of people to manage this one as well.

I personally try to stop at the property every month or so (it's 2 hours away, so if I am in the area and no one is there, I will pop in)

[bjl584]

Successful first weekend at the new property.
I spent the weekend sorting through items in the garage and basement, doing yard work (clearing brush and cutting grass), and I power washed the siding.
We also reached out to our contractor to fix some rotten wood on the exterior, and we took a lot of measurements for interior work that is to come this winter.
Our HVAC guy also stopped by to work up a quote for a new heating and air unit.
A lot of furniture was left behind, and most of it is from the 1920's and has some value to collectors.
We're sitting on a few thousand dollars worth of antique pieces that we need to decide what to do with.

[LivingAlmostLarge]

wow that's amazing. Congrats! We also spend the weekend assembling furniture and other things