John Clegg
West Newton, PA (USA)
Role(s):
Founder/Owner/Principal
Clegg abnb
Find More Startups
Startup
Location:
West Newton
Industry:
Real Estate
Year Founded:
2020
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Sole Proprietorship
Description:
I have had a remodeling construction company for 5 years now. I bought a property to turn into a abnb. There are already several of them in the town it is located and are very successful. The house I bought needs completely remodeled. I can do the work but would need the money for payroll and material to do so. I paid $35,000 for property and was told it would be valued at $120,000 to $150,000 when finished by several realitors. That would be resale alone. I replaced the roof that was the main problem for any decline. It has a in ground pool inside of the house,it over looks the entire Town,it is at a dead end round on the hill by a creek and it is located 20 minutes from Pittsburgh 5 minutes from 51 and 5 minutes from 70 main highways. It is a up and coming suburbs. It has a distillery and a brewery. A high end bar and located right off the yougheny bike trail. I am a member of a nonprofit improvement board for the town and have ties with all the borough workers and good friends with mayor and police force. Only saying that because sometimes properties can have problems with townships and I would not. It could easily go for $250 to $300 a night. I would need $80,000 to finish the property to completion and would take me 3 months. Which would be perfect because it would be available for spring and summer rentals. It is also located by the yougheny river. If All else fales and it doesn't work out the property could still be sold for $150,000. In which $35,000 and my work and investors $80,00 we would still see a profit. $115 investment there would still be $35,000 profit in which I would be happy with $10,000 and my investment money back. So $105,000 would be Left. I have pictures and a clear plan for the remodel and ready to start tomorrow.