Destin Condo Buy and Hold / STR

[Account Closed]

Investment Info:

Condo buy & hold investment.

Purchase price: $266,000
Cash invested: $9,400
Sale price: $450,000

This was my first real estate purchase, nearly a year after graduating college. I purchased this condo in Destin using a VA loan, in the Spring of 2021, putting in just over $9,000 of closing costs. I lived in it for about a year, renting it out on Airbnb for a few months before selling for a profit of nearly $160,000 16 months later. I also gained valuable Airbnb hosting experience after moving out as my personal residence.
Although I got very lucky with the market timing, this initial success in real estate has provided me with some great momentum and motivation to keep the journey moving!

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

I knew condos did fairly well in the Destin area, despite the bad rap they often get from real estate investors.

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

I found this deal through a stellar Destin real estate agent who connected me to the right property.

How did you finance this deal?

I financed this with a VA Loan.

How did you add value to the deal?

Before moving, I put in new floors, paint, and furniture in order to charge top dollar.

Lessons learned? Challenges?

Being an Airbnb host can be a very time consuming job- if you aren't hiring out management it seems like you always need to be near your phone. However having systems in place to ensure you guests are happy and questions are answered in advance can reduce this drastically.

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

I worked with Matt Gardner, a stellar real estate agent in the panhandle I recommend time and time again!

[Matt "Roar" Gardner]

Quote from @Duane Richards:

Awesome experience! I purchased my first STR in Orlando last year, and with some modest success, I've been looking for another market and have considered Destin. What are the market conditions looking like at the moment? I'm imagining the demand for rentals there is still high for STR nights booked.

 Thanks for the shoutout, @Account Closed!

@Duane Richards - As an investor and agent in the area, I'll confirm that the rental demand continues to be quite strong.  We're about to start our high season next month, and that'll be the true test of the market rental demand.  Anecdotally though, reservations seem to lining up with previous year's performance at this point :)