Savannah Short Term Rental

[Eric Prine]

Investment Info:

Single-family residence buy & hold investment in Savannah.

Purchase price: $325,000
Cash invested: $50,000

I bought this house and house hacked it before I knew that term. I moved from Savannah it was used as a long term rental. In 2015 we turned it into a vacation rental. Everything is above board and we have a Short Term Vacation Rental license from the city and pay all the city and state taxes and have a manager that runs it. We refinanced and pulled $80,000 out of it and are using that money to start our BRRR investing in Philadelphia. https://tinyurl.com/2p87bzwh

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

Dumb luck. it's our best property and we want to do more short term rentals.

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

MLS in 2005. just paid asking price.

How did you finance this deal?

this was back when they were giving away mortgages. $0 down. Now we have refinanced and pulled equity out.

How did you add value to the deal?

lots of upgrades and repairs over the years

What was the outcome?

great, cash flowing short term rental.

Lessons learned? Challenges?

the right manager is a must. I want to do more STR.

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

Mike Tavani of Guaranteed rate helped with the Refi.