Villa Villa Coola

[Lee Ouellette]

Investment Info:

Single-family residence other investment.

Purchase price: $240,000
Cash invested: $70,000

3 Bedroom 2 bath Single Family on .75 acres in Pensacola Florida.

https://www.airbnb.com/rooms/1171011382027219420?source_impression_id=p3_1736452605_P3kScQf5lnGHb475

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

I wanted to create an STR experience and bring my bold ideas to life. I spent my twenties in the area and have seen the economic growth. The property has a large barn RV pad and hookups. I plan on converting the barn into another sleeping space and indoor/outdoor rec room. We put up a Volleyball court in the back and plan on bringing in sand when the time is right. For the price, the property has a lot to offer.

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

I found the house on Zillow and ended up going through an agent. Due to the age of the home and the appraisal we ended up closing at 10k less than the asking price.

How did you finance this deal?

My husband and I financed the deal ourselves.

How did you add value to the deal?

I dedicated three months to remodeling the interior myself, transforming the space with a vibrant Retro Tiki vibe featuring splashes of color and creative design. Each room has its own unique theme and personality, making the home truly one of a kind. I personally created all the artwork displayed throughout the property, and my partner and I tackled all the remodeling and landscaping work ourselves

What was the outcome?

The property took off immediately. I managed my own Airbnb account for the first 3 months after handing it over to Evolve. I was renting it for $300 a night and Evolve has been listing it for $120 or less.

Lessons learned? Challenges?

I would not use our money for the next project. After 5 months we had a bad water leak under the house. We are now appealing a denied claim with the insurance company. It has been very challenging and the property sat for 3 months waiting for the claim to be processed. Old pipes and lots of lessons learned. The house is currently listed today, mold is contained under the house.
Mold is an issue in FL and needs to be considered.

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

Yes, we worked with a Real Estate agent in Pensacola. I highly recommend her.