Vacation Rental turned to Flip

[Lewis Anderson]

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $150,000
Cash invested: $20,000
Sale price: $200,000

This is a short-term rental property that will be rented to vacationers in Florida. When Real Estate prices went up, I sold the home in order to cash in on the profits.

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

It was close to the beach so that people on vacation would come and stay. It was also a nice cozy area as well as quiet.

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

My real estate agent knew the area well and got me a killer deal for it.

How did you finance this deal?

conventional vacation loan

How did you add value to the deal?

repaired the roof and repainted the inside as well as furnished the place. Also installed a washer and dryer.

Lessons learned? Challenges?

I learned where to look when looking for home. Particularly when it comes to the most expensive stuff to repair such as the roof, air conditioning and other things such as a septic tank.