Class A-Luxury Rental home

[Darryl Monticello]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $300,000
Cash invested: $530,000

Class A-Luxury Rental, We use online platforms, VRBO and Airbnb. We rent this house fully Furnished. All 5-star reviews from our guest. Booked all summer and we continue to rent it in the offseason.

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

We picked up the lot at a great value in a great location.

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

We purchased this property with a house that was severely damaged, property located on the Water.

How did you finance this deal?

Purchased the property with cash then financed the construction cost.

How did you add value to the deal?

New construction.

What was the outcome?

We were originally looking to flip this home but decided to take it off the market, we furnish it and convert it to a Luxury rental, it's working out great! We are now finishing another one about 1 mile away and using the same strategy.

Lessons learned? Challenges?

We should have installed an elevator. The House is very vertical.

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

Hollston Realty is the name of the real estate agency, My Partner is the broker of record and my wife is the real estate agent.