Salty Lime STR

[Kris Realander]

Investment Info:

Condo buy & hold investment in New Albin.

Purchase price: $325,000
Cash invested: $35,000

Ocean vacation STR loaded with amenities

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

Building a STR portfolio on the coast of NC and with condos you get the alure for vacationers.

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

Was looking at a property for my parents, when I was approached by the owner of this property. He wanted a quick and off market sale, so we negotiated a deal right then and there. A hand shake later, the deal was made and my agent sent over the offer letter. Closed the deal in 23 days.

How did you finance this deal?

2nd home mortgage for this property to get it done quickly.

How did you add value to the deal?

Completely styled it with a Margaritaville / island vibe theme.

What was the outcome?

Property stays booked 7 months out of the year STR.

Lessons learned? Challenges?

Immerse yourself in the area you want to build your portfolio in and network / talk to everyone. You need to know ever property that has come and gone so you know a good deal when you find it or it finds you. Act quickly. Success loves speed.

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

Charity Messaoudi with The Charity Group NC has been my go to since moving to NC. She has done 3 deals for me and 1 for my in-laws. Highly recommended