945 Sunset Road - Our First STR Adventure

[Adam Ward]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $460,000
Cash invested: $40,000

Purchased this home for personal use and a short term vacation rental

What made you interested in investing in this type of deal?

West Palm has been rated really high for short term rental. We have family there and we travel there a couple times a year and most likely will retire in the area. This is also where our other investments are located.

How did you find this deal and how did you negotiate it?

I found it on Zillow and ask my agent to go take a look. It was listed at $489k and we offered $460k and they accepted

How did you finance this deal?

10% down with a 2nd Home FHA loan

How did you add value to the deal?

Negotiated price under market value as home was appraised for $480k

What was the outcome?

They accepted the offer

Lessons learned? Challenges?

Getting insurance is really difficult in Florida, had to spend alot of time on the phone shopping around insurance pricing that we could afford.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes Brandon McCray was my agent and he was great