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.