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

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. Although the timing of the market played in my favor, the momentum this initial sale gave me was very motivating to continue my real estate journey!

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!