Short Term Rental in OBX

[Phillip Brown]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $630,000
Cash invested: $100,000

Vacation rental in Corolla, NC. Found through MLS. Sellers listed with only 2 photos, photos showed the home to be much worse than it was. We offered day 1 on the market with a timeline on the offer.

Property is 3/2 on 1/2 acre with a pool in a great neighborhood

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

we had proof of production from family/friends in the area. We knew we wanted a beach house as a short term rental investment.

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

Found it through the MLS, negotiated on day 1 on the market with a timeline on our offer. This was May 2021 and the property was poorly marketed.

How did you finance this deal?

Second home financing, conventional loan

How did you add value to the deal?

Paint, updated decor and fixtures, added pool heater

What was the outcome?

House has great short term rental income, Pure cash flow of just over 10k a year.