Costal Vacation Home-Wilmington, NC

[Esther Rosenberg]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $282,000
Cash invested: $94,189

Contributors:
Solomon Rosenberg

4 Bedroom, 1.5 Bath single family home
Currently being rented as a short term rental on Air BNB/VRBO.
This house was move in ready however I wanted to bring up the value and increase the aesthetic appeal.
Updates: full bathroom gut, granite kitchen counters, stainless steel appliances, new paint, LVP flooring throughout, new ceiling fans, new patio.

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

My research showed that Wilmington, NC was a great market for vacation rentals since it is a popular beach town.

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

I found the deal through a real estate agent who advised me on purchase price.

How did you finance this deal?

Mortgage and private money.

How did you add value to the deal?

Upgraded the kitchen, bathroom and overall look of the home

Lessons learned? Challenges?

Renovations cost more than planned. I will get more accurate numbers on my next project. Challenges were overseeing the contractors and workers during renovations and designing the home.

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

Real Estate Agent: Oliver Evans of Coastal Realty. I would highly recommend his services. He was honest, informative and had great communication throughout the process.