First Investment targeting travel nurses

[Jeremy Reynolds]

Investment Info:

Condo buy & hold investment in Myrtle Beach.

Purchase price: $89,000
Cash invested: $10,000

Our first investment. Allows STR and LTR. Bought at $89k and put $10k into renovations. Starting with a LTR or Mid term (travel nurses, etc.). Rent rate is $1500/mo. We are cash flowing just over $700 per month. We're very happy with our first. Looking for our next one!

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

Price was great and I knew the type of return we could expect based on market conditions and by targeting travelling professionals

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

Found it on the MLS. Negotiated directly with the Listing Agent.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Removed old flooring and laid new waterproof LVP. Cut down bar top and replaced with granite. Repainted cabinet boxes as well as everything else in the unit including the ceiling. Upgraded to Stainless appliances. Furnished.

What was the outcome?

Beyond pleased with the outcome. Less than 1 month turn around time.

Lessons learned? Challenges?

I could manage more demo myself next time. Picking quality trades is key

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

I am a real estate agent and used a local lender that I use regularly for investor clients.