Eric Shudak Rental Deal

 

Eric Shudak Rental Deal

Neighborlee Homes LLC in Mountain Top, PA

This was a victory all around! It was a true testimonial to the hard work my wife and I put into creating a reputation of a true fortune builder, high level, no-nonsense type of business. Since 2013, we have been negotiating with the owner of this 1933 stone cottage facing Lily Lake, a quiet lake located in Wapwallopen PA. She lived at the property for 32 years and loved our company. When we first set eyes on this diamond in the rough, we knew it needed the Neighborlee Homes love but convincing Carol to let go of her beautiful lake house was another story. Her dementia got the best of her and we ended up walking away because she thought we were trying to steal her house and kick her to live outside. It was heart-wrenching for us to see Carol\'s condition get the best of her. It was a no-brainer to walk away fearing the reputation of being house stealers, or something insanely negative. 4 years passed by when one day we had a call from an attorney letting us know that Carol has passed away, and she wanted us to get the house. However, it was NOT willed to us, and he was just being nice enough to let us know that it was being distributed on the hot sheet will be listed on the open market. AAAAUUUUUHHHHH!!! Well isn’t that nice of him to let us know!?!?! Anyway, our capital funds at this time were absolutely horrible. We were 2 weeks away from closing on our 6th rehab project that did nothing for our bottom line (a long story in itself but the valuable lessons learned will hopefully never be repeated). Our offer to purchase Carol’s house was the asking price, with financing contingencies in place and obviously NOT the strongest one on the table. As a matter of fact, we were 1 of 12 offers on day 1 of the listing and our hopes looked bleak. To our amazement, the attorney called us back the next day to let us know our offer was accepted. The executor of the estate knew about our 2013-2014 interactions with Carol when we were close friends and truly trying to keep her from losing her house to a nursing home. He knew Carol wanted us to get the house, plus he saw some of our other local rehab projects and excited to see what we were going to with this beautiful stone cottage at Lily Lake. We did not disappoint him. It will be 2 years this April since we closed on this $79k property that got the attention it needed with a $95k rehab budget. Today, Neighborlee Homes is proud to have its first vacation rental property located in the lovely hills of the Poconos. We had tremendous success renting this property to what we refer to the city folks getting away for the weekend. We have found that our area can boast a 4 season vacation market. Ski slopes, golf, gambling, fishing, hiking – you name it – available easily within an hour drive. We even created www.stonecottageatlilylake.com to showcase our work. Its also listed as a local attraction in the Luzerne county visitors guide. We were busy, to say the least. In the first year of operation we had a high vacancy rate but still netted a 17% return. Since August of 2018, when we revamped the marketing platforms and fired Airbnb for a technical glitch, every weekend has been booked and our guests are eager to return. CAW!!! Many other great stories came out of this one deal, making it Neighborlee Homes absolute favorite investment to date. I still need to post a couple more rehab projects WINS that occurred during our first vacation rental project. I cannot thank Fortune Builders enough for the support and knowledge they shared with us.

Rental Details

Property City: Wapwallopen
Property State: PA
Purchase Price: $163,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

After utilizing the rental analysis and learning about the huge opportunities in the rental market, we confirmed our initial thoughts of this property being a diamond in the rough. Using a previously purchased property as leverage and utilizing some of the ninja skills with our 401k accounts, we were able to close on this deal. None of this would be possible without the knowledge learned at FortuneBuilders.