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Updated 7 months ago on .
#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
- 9,349
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Villa Foster the first STR
#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $175,000
Cash invested: $34,000
Sale price: $750,000
Single family Vacation rental direct sail boat access. Purchased with 1031 exchange.
What made you interested in investing in this type of deal?
Wanted to move portfolio to Florida. Vacation rentals extremely lucrative. And our family loved visiting when not rented.
How did you find this deal and how did you negotiate it?
MLS with local realtor. Took two trips down 2 months apart. Prices went up 20% with each visit. So paid asking without negotiation
How did you finance this deal?
Conventional
How did you add value to the deal?
Added an enclosed dining room. Added a power boat and rented it along with the weekly house rent.
What was the outcome?
Amazing experience for family. Great rental income. Flexible when we needed a break from living on our boat.
Lessons learned? Challenges?
Don't be scared to sell a property subject to rental bookings
- Dave Foster
