Another CASH COW $

[Pete Galyon]

Investment Info:

Single-family residence buy & hold investment in Ellijay.

Purchase price: $300,000
Cash invested: $70,000
Sale price: $450,000

BRRR method using an STR property that has projections in the 75k gross range

UPDATE -- did rent well. Used it for a personal home way more often than anticipated> Loved being there with friends and family.

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

This market is fun and interesting. There are so many options for great investments in both of the areas I serve ( Gatlinburg and also Blue Ridge GA) I love being able to get a report from the property manager on every turn to know if there were issues or positives about the previous stay.

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

On market. Offered at asking price $265k ( those days are gone LOL) and got my commission as well :)

How did you finance this deal?

20% conv

How did you add value to the deal?

Stunning furniture and features, two bathroom reno and pretty much new everything walls in.

What was the outcome?

136k in profit over 2 years

Lessons learned? Challenges?

know your HOA and make sure they are favorable toward STR. This one was, but could have been a shock to a newby

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

I am an agent who has sold hundreds of Air BNB and have amazing and creative partners including lending