The current owners wanted a second home and knew, based on their previous experience working with MerGo, that they were going to enlist MerGo to help find, purchase, and manage their next vacation rental. For the past five years, the MerGo team has successfully been managing a short-term rental that they owned in Boston, MA and they knew that they would be the right team to help them monetize their next vacation rental. Focusing their search primarily in Cape Cod, MA, MerGo worked with the current owners to find and purchase a home that they would be able to use for their own personal vacations and when not in use would be able to list as a vacation rental and generate income.
MerGo assisted the owners with the purchase of their home in 2019 and negotiated a below asking purchase price, with a 60-day closing, while they were out of the country. This home was chosen after careful consideration of the location, rental opportunities, and potential income that it could garner given the current rental market. There were a few modifications to the home that were made prior to listing it for rentals including painting specific rooms, updating kitchen appliances, replacing the furniture, and designing and staging the home, all of which were made in order to increase utilization and guest satisfaction.
Since listing the property in early 2020, the owners have made over $40,000 in just 8 months and have seen an annual return of almost 20%.
Knowing that they wanted a home to primarily be used as a vacation rental and income property, the current owners needed to find a home that was going to be a good investment and also be desirable to vacation seekers. Focusing their search in the Berkshires, MA, the owners found a home that was in a great location, had good amenities for guests, and was easy to get to from many of the surrounding states. After financial projections were run, comps were identified, and alternative homes were seen, the owners decided to purchase their current home using MerGo as their broker.
The home was purchased in 2019 and underwent some slight remodeling and updating, including painting, installing new appliances, furnishing, designing, and staging before it was listed on any booking sites. Since hitting the market in early 2020, bookings have remained constant. The owners have seen average utilization rates of over 60% and an annual return of almost 25% (as of August 2020).
Lucas has been in the real estate business for nearly 10 years now, and he is totally crushing it. He constantly brings an incredible energy to every meeting & has such expansive knowledge on anything from rentals to residential to commercial.