Today, we’ve got an exciting update to share – a journey that’s been full of hard work, strategic decisions, and an incredible outcome. Let’s dive into the story of our ski chalet adventure in Vail, Colorado!
A Dream Realized
Back in November 2020, we invested in this amazing 5-bedroom mountain home ski chalet, a dream come true! We dedicated ourselves to transforming this property, pouring our hearts and souls into extensive renovations and improvements.
We replaced kitchens, mechanics, updated the electric, and even craned in hot tubs – all in the pursuit of creating a breathtaking retreat for visitors seeking a cozy mountain getaway.
Turning Dreams into Profits
And the hard work paid off! In 2022 alone, this property generated close to $260,000 in income through short-term rentals. The delighted faces of our guests were a testament to the magical experience we’d crafted in our chalet.
Facing the Challenge
However, as time passed, we realized the property needed significant exterior attention. It was a tough decision, but we knew it was time to move on. Unfortunately, our first agent didn’t guide us effectively, and we faced challenges and lost a few hundred thousand dollars along the way.
A Ray of Hope
But then, we met Kyle, our second agent, who took charge and steered us toward a successful closing! Thanks to Kyle’s expertise and dedication, we were able to sell this property for a little over $4.5 million!
A New Beginning
But the story doesn’t end there. Before we sold, we stumbled upon an incredible opportunity – a new home in East Vail. It was a steal and listed at the wrong time while we had all the crazy interest hiked back to back, and no one was purchasing then. This home is virtually brand new, slightly smaller, but with an elevator and close to parks for our family.
The Art of Real Estate Maneuvering
As all our equity was tied up in the chalet, we opted for a reverse 1031 exchange, seizing this fantastic deal and making the move smoothly. We bought Sandstone, the first home, for $2.45 million, put $1 million dollars and a thousand hours of work, and then sold her for about $4.5 million. We then rolled all the proceeds from the sale into the new home, which now has well over 60% equity.
A Smart Investment Move
Using the reverse 1031 tool cost us about $50,000, but we were able to snag a home at a bargain. This made perfect investment sense.
Our journey from a dream ski chalet in Vail to a savvy real estate investment in East Vail has been a rollercoaster ride. We’ve learned the importance of choosing the right agent, making strategic decisions, and seizing opportunities when they arise. If you enjoyed our story and want to embark on your real estate adventure, don’t forget to watch our video, where we share more insights and details about our incredible journey.
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