The Swell Life Beach House

[Kelsey Ardoin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $531,000
Cash invested: $60,000

Purchased as a fully-furnished, fully-decorated beach house in Crystal Beach

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

Nearly turn key, beachside, and in my favorite neighborhood in Crystal Beach.

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

My client decided not to buy the house, so I did.

How did you finance this deal?

Conventional 10% second home loan. Yes, you can have more than one second home. They just have to be in different markets, and more than 50ish miles from your primary.

How did you add value to the deal?

It was a secondary vacation home, and it is now a STR. It has a converted fourth bedroom that wasn't 100% complete. We have finished out that space to increase occupancy from 10 to 14, sleeping 14 people comfortably (not on couches).

What was the outcome?

It's a money maker!

Lessons learned? Challenges?

If you're going to use the Schlage Encode in a coastal climate, add a homemade gasket to inside and outside of lock to prevent condensation that ruins the electronics.

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

Yes, me!