Turn Key STR in Florida

[Michael Ellingson]

Investment Info:

Single-family residence other investment in Sacramento.

Purchase price: $460,000
Cash invested: $100,000

5 Bed/5 Bath Short Term Rental home located in Champions Gate in Davenport, FL that we rent out to Disney Vacationers.

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

Wanted a property that cash flowed and gave us the opportunity to get away from the snow and cold for a few weeks out of the year.

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

Found it on the MLS, Had been on the market for a loooooong time. Needed some repairs got it under contract well under asking price during the time where everything seemed to be going under contract in 24 hours for over asking price

How did you finance this deal?

With a lender at a great interest rate %

How did you add value to the deal?

Lots of sweat equity spent about 3 weeks doing some upgrades to make it a turn key property and 5 star guest experience

What was the outcome?

Still own the property and it is cash flowing nicely!

Lessons learned? Challenges?

Biggest lesson is that I wish I would have started in real estate investing a lot sooner

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

Tim Slominski from Draper and Kramer Mortgage. He is the best!