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Updated over 2 years ago on .

Michael Glaspie's profile image
Michael Glaspie's profile image
Michael Glaspie
  • Real Estate Consultant
  • from Fayetteville, NC
  • Member since Mar 5, 2017
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User Stats

151
Posts
143
Votes
Michael Glaspie's profile image
Michael Glaspie's profile image
Michael Glaspie
  • Real Estate Consultant
  • from Fayetteville, NC
  • Member since Mar 5, 2017
Connect
Michael Glaspie
  • Real Estate Consultant
  • Fayetteville, NC
143
Votes |
151
Posts
Real Estate Deal Analysis & Advice

Old Mansion Turned into STR! (Updated with Photos)

Michael Glaspie
  • Real Estate Consultant
  • Fayetteville, NC
Posted

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fayetteville.

Purchase price: $350,000
Cash invested: $150,000

The oldest home in the city turned into an 8-unit short-term rental! We ended up spending more on renovations than expected, however, the property is refinanced and cash-flowing. We ended up leaving a significant amount of equity in the deal. Many more repairs than anticipated.

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