Short term rental investment

[Georgeanna Tracey Newmones]

Investment Info:

Single-family residence other investment in Brigantine.

Purchase price: $979,000
Cash invested: $244,750

Luxury STR in a great community!

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

I wanted to invest in another stream of revenue different from the assets I previously owned.

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

Using my skills as a licensed agent, I found this deal as an "on the market" deal.

How did you finance this deal?

Conventional financing 25% down

How did you add value to the deal?

Purchased new furniture and decor, changed a few systems, and upgraded curb appeal.

What was the outcome?

The property is in a much better position for cash flow.

Lessons learned? Challenges?

Challenged with the original cost to furnish the STR as the budget was not really considered. I initially thought we would use some of the original furniture and decided after the purchase we needed to add value by giving a better experience and a better quality of furniture. We learned to really do a thorough inspection and run systems to ensure if they are working and may need to be updated.

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

I am a licensed agent (full-time), and my partner is a mortgage lender.