Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago,

User Stats

6
Posts
6
Votes
McLaren G Westland
Pro Member
  • Real Estate Agent
  • Roanoke, VA
6
Votes |
6
Posts

Short Term Rental purchase

McLaren G Westland
Pro Member
  • Real Estate Agent
  • Roanoke, VA
Posted

Investment Info:

Condo buy & hold investment.

Purchase price: $95,000
Cash invested: $20,000

2/1 condo in desdirable development 8 minutes (walk) to the local hospital. Purchased for STR opportunity. BRRRRSTR for sure!
Deal description:
Purchased for $95K
Private Money Purchase with a 110K loan (Extra for rehab).
Complete rehab to turn into luxury condo for STR
ARV: $160K
STR rent: $2500/Mo for traveling nurses
Cash flow:1350/mo

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

Proximity to the hospital and the purchase price

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

Lead from a family member

How did you finance this deal?

Private lending then Ill refinance with traditional lending

How did you add value to the deal?

Complete rehab into a luxury condo

What was the outcome?

To be determined so stay tuned

Lessons learned? Challenges?

Pretty cut and dry with this one

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

No, I was the agent on the deal

  • McLaren G Westland