First Investment Property Complete! Let's Go!!

[Steve Redd]

Investment Info:

Condo buy & hold investment.

STR in the Pointe Royale community of Branson, MO.

https://www.vacasa.com/unit/69207#

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

My family visits Branson several times each year. This was an opportunity to provide us with a "vacation home" that could work for us while we are not using it.

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

Property was listed on the MLS. A local Agent/Investor represented us in the purchase.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

Complete rehab. Not a surface was left untouched. We fully furnished and decorated the unit to make it as attractive as possible to STR tenants.

What was the outcome?

We've only been live for 8 weeks, but 48 out of 60 available nights have been booked. Let's Go!!

Lessons learned? Challenges?

I definitely underestimated the rehab cost, and had to cover it with our cash reserves. We left more cash in the deal than planned. Because we don't live in Branson (3.5 hrs away), we were only able to work on the rehab over the weekends. We still did all the work ourselves to reduce the cost of rehab, but we sacrificed a LOT of time to get it done.

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

Jon Holloway was an excellent agent. He is an STR investor in the area, and was very helpful in finding property management, lenders, insurance, etc.