Short Term Rental purchase

[McLaren G Westland]

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