WILMINGTON NC AIRBNB

[Chris Tarpey]

Investment Info:

Single-family residence buy & hold investment in Wilmington.

Purchase price: $180,000
Cash invested: $35,000

This deal was brought to us by a wholesaler. Wanting to get into the Wilmington market, and seeing the Airbnb potential here, we got it under contract. Renovations start on this one 9/20/22, but we are excited to go in and do a light cosmetic renovation before furnishing and getting it on the market for Airbnb!

PP: $180,000
Reno: $25-30k (including furnishing)
ARV: $260,000

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

We have been looking for an Airbnb to start in Downtown Wilmington.

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

Wholesaler through an online FB group.

How did you finance this deal?

Hard money thanks to our friends at Lima One Capital and flip proceeds.

How did you add value to the deal?

We will do a cosmetic renovation to this, repairing the porch and pool/hot tub, upgrade lighting and paint throughout.

What was the outcome?

Renovations start next week, should be a quick turn and get it furnished.

Lessons learned? Challenges?

Patience when finding the deal that works for you! It took us nearly 18 months to find a property in Wilmington that had value and was the right location.

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

As always a great lending team and Lima One and local attorney!

[Quintin McGee]

Congratulations. Nice deal! How did you go about finding the contractor(s) for the reno?