From Investor to Father- All in 24 hours

[Tyler Southerland]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $169,000
Cash invested: $60,000

I purchased this townhome from a wholesaler who knew what my desired criteria was. We accessed the home and closed on it in the sellers desired time frame. The wholesaler made over $40,000 on this deal- yet I received a cash flowing short term rental that is worth over double what I bought it for, cash flows $50,000/gross annually & is located in one of the hottest beach towns across America. The perfect example of making a win-win scenario for all parties.

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

This was my second short term rental property in Panama City Beach, FL. It was a distressed property that needed a full remodel, which I enjoy re-creating a branded piece of history in our local neighborhoods.

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

A wholesaler brought the deal to me and the distance to the beach & current zoning potential sold me.

How did you finance this deal?

Hard money/ cash out refinance

How did you add value to the deal?

Full renovation, add a second bathroom, created a short term rental, CREATED the COMPS & was able to persuade all attached units to partake in the exterior updates to make our building unique on this street.

What was the outcome?

A cash flowing short term rental less than 1000 ft from the beach...my first daughter's very first investment property that will pay for her college (or fund her future business, if she prefers)

Lessons learned? Challenges?

Trust your gut and know your real estate markets

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

I am a Realtor in PCB, FL who specializes in investment opportunities and helping investors locate deals, renovate the properties, and manage them as short term rentals or resell- whichever seems to fit the script. Found a great group of contractors on this project that are still to this day, one of my preferred vendors.