Future Beach House for family use and STR investment

[Sherry McQuage]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $220,000
Cash invested: $220,000

Bought this "shell" of a house; seller had passed away unexpectedly during the renovation. Heirs let it sit for a few years. Had gone under contract a time or two...I think most people just weren't equipped to finish a property like this. Inside is taken down to the studs; some code violations as it sits. Working on getting a new septic permit so we can add onto it, and increase the bedroom count to 4. Will use as a family vacation house, and rent it out STR or MTR. Sits on a deep water ditch/canal.

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

Our investment partner is a family member, and he has a boat. We all wanted a "beach house", and when we found this property it's on a deep water ditch/canal.

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

Found on Realtor.com.

How did you finance this deal?

Cash, we split it 50/50 with family member.

How did you add value to the deal?

We will expand the septic, add 3 bedrooms and 2-3 bathrooms.

What was the outcome?

Just bought it....

Lessons learned? Challenges?

Working/hiring workers from 3+ hours away can be challenging.

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

Yes, I am a licensed agent in NC.