Our First STR with a Waterfront Condo on Lake Conroe

[Cameron Kotara]

Investment Info:

Condo buy & hold investment.

Purchase price: $245,000
Cash invested: $19,500

2 Bedroom/2 Bath STR on Lake Conroe

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

Strong cash flow projections, waterfront so likely to appreciate over time, lower startup costs buying a condo for our first STR, currently living nearby so it is easier to manage while we learn the ropes.

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

This was an off-market deal found by calling local real estate agents and was negotiated by offering all cash and a quick close.

How did you finance this deal?

Using a HELOC for the purchase price and self financing the renovation costs.

How did you add value to the deal?

Renovating to a high standard than the nearby comparable properties and taking professional photography to enhance the listing on Airbnb.

What was the outcome?

Profitable first two months and counting!

Lessons learned? Challenges?

Hire a painter next time, it will save lots of time and headache.