Recognizing the unique features of the residence, which was already appropriately zoned for vacation rentals and designed for entertainment, they decided to capitalize on its charm. The four parties each purchased a 25% interest in the property, forming a partnership that would soon transform the place into a sought-after destination.
With a strategic approach, they decided to cater to different markets throughout the year. During the fall months, they targeted hunters, offering them a unique and comfortable lodging experience. In the spring and summer, the focus shifted to wedding parties, capitalizing on the scenic beauty of the surroundings for unforgettable celebrations.
Setting a reasonable rate of $200 per night per person, they found success quickly. For instance, when a group of 8 hunters booked the property for a week, the income for that period reached a substantial $11,200.
To diversify their revenue streams, the property featured a very large shed that proved to be a valuable asset. During the hunting season, they leased the shed to an outfitter and gunsmith for $1000 per month. This additional income contributed to the overall profitability of the venture, and dramatically increased the appeal of the property as a hunter’s paradise.
The dramatic 360-degree views and stunning architectural details of the property provided the perfect backdrop for wedding photos
During times when the property wasn't occupied by tenants, each of the four owners enjoyed the tranquil retreat at virtually no cost. The income generated from the vacation rental easily covered the operating expenses, allowing them to relish the beauty of the residence without financial strain.
Buoyed by their initial success, the partners began contemplating expansion. The idea of replicating this enterprise in other locations became a serious consideration, as they envisioned creating a network of high-value vacation rentals catering to different markets and seasons. Their venture not only provided a profitable business but also offered a lifestyle where they could balance work and leisure in the midst of Colorado's scenic splendor.
If you like this scenario, check out the listing for this property and give us a call for more info, or have your real estate broker reach out to us.