WA Short Term Rental

[Daniel Nobile]

Investment Info:

Single-family residence buy & hold investment in Gold Bar.

Purchase price: $581,000

This is a 624sqft riverfront cabin located in Gold bar. Purchased this Cabin off market for $581k. It appraised for $700k right out of the gate before any renovations were done. Estimated rehab is $35k with an ARV of approximately $755k. I hired out the electrical, plumbing, and exterior chimney repairs. I did the dry wall, paint, new LPV flooring, new kitchen cabinets & appliances. The strategy with this cabin is to turn it into a STR based on the heavily trafficked location in Gold Bar.

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

I found this deal through an off market housing list sent by a wholesaler. The property had to be purchased in cash so I partnered with another investor who was able to purchase the property in cash then re sell it to me using conventional financing.

How did you finance this deal?

Conventional 10% down

Lessons learned? Challenges?

Some of the lessons/challenges were finding contractors, getting estimates, negotiating pricing, finding material and coordinating schedules so that multiple contractors could get their work finished efficiently as possible. I learned a lot by taking on some of the rehab projects myself which saved me money on the back end also.