First Rental Investment

[Donnya Heyward]

Investment Info:

Condo buy & hold investment.

Purchase price: $74,000
Cash invested: $20,000
Sale price: $174,000

Condo is a 1 bedroom, 1 bath and 580 sq ft. located on the ground floor within a complex of 400 units. Had an HOA which allowed for owners to rent. I operated as an Airbnb for 3 years. The unit was walking distance to the pool and jacuzzi and also 2 doors down from the laundry room.

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

The location was known for frequent travelers and visitors due to great weather, food and activities. I decided to get a condo and operate as an Airbnb

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

Found deal with a local Real Estate Agent

How did you finance this deal?

Conventional loan with 20% down

How did you add value to the deal?

I did upgrades to the interior of the property and also sold all contents as a package deal to enhance the buyer. It would be move in ready.

What was the outcome?

Sold during inflation of the market to make a profit. Now looking to reinvest in Jacksonville FL to now grow my portfolio.

Lessons learned? Challenges?

STR require a lot of work and using a property manger would be a better choice as I was still working full time and trying to self manage.

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

The same Agent that sold me the condo helped me sell when I was ready to have listed on the MLS.