Turn-Key Air BNB in Pensacola in the outskirts of the city. Seller lives next door. They flipped this house with full rehab and ran it as an Air BNB for the last 2 years with a 95% occupancy rate and a 4.99 rating with 130 ratings. They were able to provide me with income documentation and occupancy numbers from Air BNB. The house was expertly decorated and furnished and all of this was negotiated into the deal. From wall hangings to the record player and games, including bath and beach towels, and all dishes, cookware, YOU NAME IT! We had them put on a new roof. And discovered during inspection that septic system was bad, they replaced the whole thing at no additional cost to me. I flew out for closing, all I had to do was stock the place with 6 months supply of cleaning products, and ammenities. Changed out thermostat and front door lock with smart devices so I could monitor from home. Closed on May 8th and had my first booking for memorial day weekend. The neighborhood is a little bit away from desirable locations, but the solid 2 years of booking history and exceptional reviews outweighed this. House is in a peaceful location away from busy traffic. 12 minutes to airport, 25 minutes to pensacola beach and alabama beaches. I intend to keep this property and maintain it's great status on Air BNB! What a great experience!

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

I started my journey with a house hack air bnb in my basement of my primary residence, also I wanted a vacation home in Florida. I knew that I could pull off my first deal as an STR, this was the path I went.

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

Caleb Drake and Hannah Hurt with EXP 5 Pillars.

How did you finance this deal?

I pulled a heloc from my primary residence.

How did you add value to the deal?

It was sort of turnkey, but during negotiations we added a new roof and septic system. However, The property has a hollow block detached garage that is very large. I plan to turn this into a 2nd BNB on the property.

What was the outcome?

House is booking on air bnb!

Lessons learned? Challenges?

I Need to listen to agents better. This was in many ways a humbling experiance. Do not try to think you know more than them if you are not an agent yourself! Especially if you live long distance. One major challenge for me that gets overlooked on the podcast is that it took me about 6 months to get approved by a lender even after I had secured the funds. If you are thinking about getting your first deal and you want traditional financing, make sure you start now to get your approval letter.

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

Caleb Drake and Hannah Hurt with EXP 5 Pillars! Super Awesome.