condo for summer rentals

[Jason Sulcer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $20,000

Air BNB rental at Virginia Beach ocean front

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

I moved to Washington DC for a job and needed a place to stay every other weekend to see my son. This property has a full condo upstairs that I AIR bnb during summer try to attract long term rentals in the winter. It has a studio apartment on the ground floor that i keep for my personal use.

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

I found it through a regular property search.

How did you finance this deal?

I used a TSP loan fo rhte down payment.

How did you add value to the deal?

I have a personal space for me to go to the beach during the year. Without this property I would have spend thousands in hotels and air bnb fees to see my son.

What was the outcome?

I have the property and the property pays for its self, I need to consider way to improve real estate.

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

I worked with Nick Russo from Towne Mortgage and Melody Workman was the realtor.