Listing Gone Viral after Rehab with Test Subject Property

[Crystal Ball]

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $380,000
Cash invested: $65,000

Beating a $1M proof of funds and an uncapped escalation clause by waiving inspection, I was able to get this gem as a primary appraising $15k to my favor BEFORE the rehab which will add another $50k equity. The listing went viral when I tested it as a flip with my ex-husband as the tenant. We've had a lot of fun with this property and have some WILD ideas coming up for use as house hack next with a bouncy house and RV! :)

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

Location and price. I own two more doors here on the East End of Panama City Beach where you can walk to the lagoon or beach in 5 minutes. It is all short term allowed, super close to great restaurants, marinas, diving, the state park, and the best of what PCB offers in a wonderful neighborhood.

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

First day on MLS I snagged it. Beat multiple offers by waiving inspection.

How did you finance this deal?

10% down primary income statement loan.

How did you add value to the deal?

Complete reno in 10 days to interior with new vanities, flooring, fixtures, and appliances. Countertops and backsplash were done 3 weeks later, and landscaping is being done now. Converted pool to saltwater, got the hot tub working, added a backyard gym.

What was the outcome?

Fantastic home and will be able to house hack this summer for short term rentals as we are adding an RV in the driveway and a bouncy house in the backyard!

Lessons learned? Challenges?

The MLS boards do not like creative listing descriptions. Apparently reality TV shows, the press, and the general public do very much. :)

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

Definitely would not recommend the ones I worked with on this transaction. Except the title company who is wonderful as always and closes many transactions for me - Deanne Taylor, Meg Whitener, Summer Holt with Defender Title.