Wilton Manors / Fort Lauderdale Air BnB 4 Plex

[Nicholas Utesch]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $530,000
Cash invested: $780,000

4 plex in Wilton Manors/Fort Lauderdale Florida. One 2 bedroom 2 bath unit, One 2 bedroom 1 bath unit and two 1 Bedroom, 1 Bath Units. Located approx 2 blocks from Wilton Manor's famous Wilton Drive. All 4 units are AirBnB / Short Term Rentals. (Before and after pics included--Unit was a Yellow exterior (picture 2) and very dated on the interior (Pic 3) at time of acquisition.

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

Great location--2 blocks from Wilton Drive in Wilton Manors, Florida--lots of tourists like to visit this area to visit the bars / restaurants on Wilton Drive. Decent price at the time (although the property needed a lot of worked). We wanted to rennovate this and convert it from long term tenants to Short Term / AirBnB rentals

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

Thru an agent in South Florida

How did you finance this deal?

Commercial loan at 75% LTV originated by Mandy Hansen with MidFirst Private Bank in Oklahoma City

How did you add value to the deal?

Extensive Renovations--interior and exterior

What was the outcome?

The property is performing relatively well. Consistently averaging approx $12,000 in monthly income from all 4 units

Lessons learned? Challenges?

Florida contractors can be challenging. It is very challenging to get people to show up and do things on time in South Florida.